December RMLS Updates for Portland, Oregon

(February 12, 2010 • Portland Real Estate • 0 comments

Here are the latest RMLS Updates for the Portland market:

December Residential Highlights

Sales activity in the Portland December Residential Highlights Sales activity in the Portland metro area showed marked improvement this December compared to the same month a year ago. Closed sales were up 52.6% compared to December 2008 and pending sales rose 40.9%. New listings also rose 11.9%.

On the other hand, compared to November 2009, closed sales fell 16.1% (1,506 v. 1,795). Pending sales dropped 14.1% (1,141 v. 1,328). New listings fell 15.8% (2,104 v. 2,499). At the month’s rate of sales, it would take approximately 7.7 months to sell the 11,597 active residential listings.

2009 Summary Comparing activity from 2009 with that of 2008, pending sales increased 4%. Closed sales were 0.9% short of the 2008 total. New listings fell 18.8%. See residential highlights table below. Total sales volume for 2009 was $5.5 billion, down from $6.3 billion in 2008, and $9.7 billion in 2007. See ‘Annual Sales Volume’ graph on page 7. Sale Prices The average sale price for December 2009 was down 2.5% compared to December 2008, while the median sale price declined 4.2%.

Compared to November 2009, the average price rose 7.3% ($293,300 v. $273,300) and the median grew 1.3% ($242,200 v. $239,000). For the year, the average sale price dropped 12.2% compared to 2008. The median price fell 11.2%. See year-to-date information in the table below. *Inventory in Months is calculated by dividing the Active

Listings at the end of the month in question by the number of closed sales for that month. Inventory in Months* 2007 20082009 January 6.2 12.8 19.2 February 5.2 10.4 16.6 March 3.8 9.1 12 April 4.4 10.3 11 May 4.5 9.2 10.2 June 5 9.5 8.2 July 5.7 10 7.3 August 6.2 9.9 7.8 September 8.6 10.4 7.6 October 8.4 11.1 6.5 November 8.3 15 7.1 December 8.5 14.1 7.7 Percent Change of 12-Month Sale Price Compared With The Previous 12 Months Average Sale Price % Change: -12.1% ($289,900 v. $329,900) Median Sale Price % Change: -10.8% ($247,000 v. $277,000) For further explanation of this measure, see the second footnote on page 2.metro area showed marked improvement this December compared to the same month a year ago.

Closed sales were up 52.6% compared to December 2008 and pending sales rose 40.9%. New listings also rose 11.9%. On the other hand, compared to November 2009, closed sales fell 16.1% (1,506 v. 1,795). Pending sales dropped 14.1% (1,141 v.1,328). New listings fell 15.8% (2,104 v. 2,499).

At the month’s rate of sales, it would take approximately 7.7 months to sell the 11,597 active residential listings.

2009 Summary

Comparing activity from 2009 with that of 2008, pending sales increased 4%. Closed sales were 0.9% short of the 2008 total. New listings fell 18.8%. See residential highlights table below.

Total sales volume for 2009 was $5.5 billion, down from $6.3 billion in 2008, and $9.7 billion in 2007. See ‘Annual Sales Volume’ graph on page 7.

Sale Prices

The average sale price for December 2009 was down 2.5% compared to December 2008, while the median sale price declined 4.2%. Compared to November 2009, the average price rose 7.3% ($293,300 v. $273,300) and the median grew 1.3% ($242,200 v. $239,000).

For the year, the average sale price dropped 12.2% compared to 2008. The median price fell 11.2%.See year-to-date information in the table below. *Inventory in Months is calculated by dividing the Active Listings at the end of the month in question  by the number of closed sales for that month.

Inventory in Months* 2007/ 2008/ 2009

January 6.2/  12.8/ 19.2

February 5.2/ 10.4 /16.6

March 3.8 9.1 12

April 4.4/  10.3/  11

May 4.5/  9.2/  10.2

June 5 9.5 8.2

July 5.7/  10 7.3

August 6.2/ 9.9/  7.8

September 8.6/  10.4/  7.6

October 8.4/  11.1/ 6.5

November 8.3/  15/  7.1

December 8.5 14.1 7.7

Percent Change of 12-Month Sale Price

Compared With The Previous 12 Months

Average Sale Price % Change:

-12.1% ($289,900 v. $329,900)

Median Sale Price % Change:

-10.8% ($247,000 v. $277,000)

For more information on real estate in Portland, Oregon. Please contact LaDonna Miller- Broker Oregon First Real Estate (503) 310-9076 ladonnamiller@earthlink.net