Residential Review: Metro Portland, Oregon - November 2009 Reporting Period
November Residential Highlights In the Portland metro area this November, sales activity increased compared to the same month in 2008.
Closed sales were up 72.4% compared to November 2008 and pending sales rose 19.9%. New listings dropped 7%.
The 72.4% same-month increase in closed sales is the largest percentage increase on record for the area. The previous high was 56.9% in December 1996.
On the other hand, compared to October 2009, closed sales decreased 10.7% (1,795 v. 2,009) and pending sales dropped 36.1% (1,328 v. 2,079). New listings also fell 27.4% (2,449 v. 3,443).
At the month's rate of sales, it would take approximately 7.1 months to sell the 12,697 active residential listings. Year-to-Date Comparing January-November 2009 with the same period in 2008, pending sales were up 2.6%. Closed sales were behind last year's total by 4.1%. New listings decreased 19.9%. See residential highlights table below.
Sale Prices
The average sale pr ice for November 2009 was down 11.4% compared to November 2008, while the median sale price declined 9.8%. See residential highlights table below.
Month-to-month, the average and median sale price were down when compared with October levels; the average sale price was down 3.6% ($ 273, 300 v. $283,500) and the median sale price decreased 2.5% ($239,000 v. $245,000).
For FULL REPORT, Please see attached PDF file.