Real Estate Market Update

The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008.

Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%. Pending sales also fell 30.5%. New listings decreased 19.7%.

On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235). New listings, on the other hand, dropped 17.3% (3,471 v. 4,196).

At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.

Sale Prices
The average sale price for February 2009 was down 12.9% compared to February 2008, while the median sale price dropped 7.5%.

Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% ($298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).

Year-to-Date
Comparing January-February 2009 with the same period in 2008, closed sales dropped 35.8%. Pending sales also fell 29.1%. New listings decreased 17.2%.

If you have any questions about the local market in your neighborhood contact me today!

Jade Teahouse in Sellwood

This fantastic teahouse in Sellwood in SE Portland was opened by my parents and sister. Read the rave review by the Oregonian: http://www.oregonlive.com/dining/index.ssf/2009/02/cheap_eats_jade_teahouse_patis.html

I definitely recommend checking the place out!