Portland Real Estate Market Update

November Residential Highlights

Sales activity continued to slow in the Portland metro area during November.

The number of closed sales dropped 39.9% compared to last November. The 1,041 sold properties was the lowest sales total since February 1993. Pending sales also fell 31.7% compared to last November. New listings decreased 20.2%.

Comparing November 2008 to October 2008, new listings dropped 25.5% (2,687 v. 3,605). Pending sales declined 12.6% (1,108 v. 1,268) and closed sales were down 28.9% (1,041 v. 1,465).

The inventory of homes grew to a record 15 months, assuming that the 15,611 active residential listings are sold at the month’s rate of sales (1,041).

Year-to-Date

Comparing January-November of 2008 to the same time period in 2007 there have been 31.8% less closed sales and 30.5% fewer pending sales this year. Additionally, there was a 8.3% decrease in the number new listings.

Sale Prices

The average sale price for November 2008 was down 10.5% compared to November 2007, while the median sale price dropped 7%.

Month-to-month, the average sale price and median sale price are both down when compared with October levels; the average sale price dropped 4.9% ($308,300 v. $324,300) and the median sale price was down 3.6% ($265,000 v. $275,000).

For more information about the local real estate market in your neighborhood, please contact me.

Source: RMLS Market Action News