August numbers are in for the Portland real estate market. As you’re searching for your first home in Portland, keep an eye on these numbers. It may not affect your decision to purchase, but it is a good way to know what to expect in your quest for the perfect home.
Compared to a year ago (August 2009), closed sales decreased 25%. Pending sales also dropped by almost 22%, while new listings rose 1.3%. For more detailed information, the list below summarizes the Portland housing market, including year-to-date figures for the metro areas.
|August 2010||July 2010||Last Year August 2009|
|Median Sale Price||$250,000||$246,000||$249,900|
|Average Sale Price||$299,300||$297,000||$296,300|
|Total Market Time *||126 days||121 days||135 days|
|Inventory (in months)||11||10.8||7.8|
It’s also interesting to look at similar numbers for specific areas of town. These are the year-to-date** numbers for North and NE Portland, SE Portland and West Portland (which includes downtown).
|Avg. Sale Price||Avg. Sale Price Change||Total Market Time*||New Listings|
As a buyer this may all be good news; there is more on the market to choose from and there very well may be some motivated sellers out there. So, keep yourself informed of what is happening in the metro area real estate market, and the dream of owning your first home in Portland will quickly become a reality.
*Total Market Time is the number of days from when the property went on the market to when an offer was accepted.
**The Year-to-Date section compares year-to-date statistics from August 2010 with year-to-date statistics from August 2009.
1All data taken from Market Action, August 2010, a publication of RMLS.