Previous Month's Average Sales Price: $239,200 Year-to-Date Average Sales Price & Appreciation: $241,400, -11.0%.
October Residential Highlights
Sales activity in the Portland metro area continued an upward trend compared to same-month sales from a year ago. Pending sales were up 64% compared to October 2008 and closed sales rose 37.1%. New listings dropped 4.5%. The 64% jump in pending sales is the largest same-month increase since February 1996. The 2,009 closed sales this October was the highest total since August 2007 and its 37.1% same-month increase is the largest since January 2005. Compared to September 2009, closed sales increased 11.6% (2,009 v. 1,800), but pending sales dropped 9.1% (2,079 v. 2,286). New listings also fell 4.3% (3,443 v. 3,599). At the month's rate of sales, it would take approximately 6.5 months to sell the 13,101 active residential listings. This is the lowest mark for inventory since August 2007.
Year-to-Date
Comparing January-October 2009 with the same period in 2008, pending sales are up 1.8%. Closed sales are behind last year's total by 8.8%. New listings are down 20.5%.
Sale Prices
The average sale price for October 2009 was down 12.6% compared to October 2008, while the median sale price declined 10.9%. Month-to-month, the average and median sale price were mixed when compared with September levels; the average sale price was down 2.3% ($283,500 v. $290,100) and the median sale price increased 1.5% ($245,000 v. $241,400).
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*The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.
About Tony & Libby Kelly, MBA, M.Ed.:
Thank you for reading our market condition reports. We enjoy writing these reports and we hope you find them informative. Please feel free to contact us if you have any questions regarding real estate. We would love the opportunity to help you sell or buy your next home! We are a multi-million dollar producing group currently ranked in the TOP 1% of REALTORS in Portland Metro! We specialize in providing a superior level of professional services combining today's technology with yesterday's hands-on personalized care. Look for us on HGTV's "HOUSE HUNTERS" on Oct. 18th, 19th and 20th 2007! You can also listen to our monthly PODCAST at www.TonyandLibby.com or read our BLOG at www.TonyandLibby.blogspot.com.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
