Portland Real Estate Market Update

Residential Highlights
While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April.

Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%.

On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637). Closed sales also rose 10% (1,302 v.1,184). New listings increased 3.3% (3,808 v. 3,685).

Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007).

Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 - up from 14,158 in March.

Sale Prices
The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%.

Month-to-month, the average sale price and median sale price were mixed when compared with
March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400).

Affordability
Housing in the Portland metro area was at its most affordable point since December 2004 in March.

If you have any questions about the real estate activity in your neighborhood please contact me.