Kim Gellatly

Portland Real Estate Market Activity1 — September 2010

 

The real estate market activity for September is much in line with what was reported in August.

 

Compared to September of 2009 closed sales decreased 22.3% (slightly less than the decrease for August 2010). Pending sales also dropped by almost 31%, while new listings fell 1.4%.

 

For more detailed information, the list below summarizes the Portland housing market, including year-to-date figures for the metro areas.

 

 

September 2010

August 2010

Last Year September 2009

Median Sale Price

$240,000

$250,000

$241,400

Average Sale Price

$279,900

$299,300

$290,300

Closed Sales

1,399

1,381

1,800

Pending Sales

1,584

1,688

2,286

New Listings

3,549

3,829

3,599

Active Listings

14,714

15,000

13,667

Total Market Time *

131 days

126 days

131 days

Inventory (in months)

10.5

11

7.6

 

Below are the year-to-date** numbers for North and NE Portland, SE Portland and West Portland (which includes downtown).

 

YTD** Avg. Sale Price

Avg. Sale Price Change

Total Market Time*

New Listings

North Portland

$230,600

-1.90%

92

1,649

Northeast Portland

$285,000

-1.60%

104

3,641

Southeast Portland

$239,100

-4.60%

106

4,591

West Portland

$410,300

-6.50%

178

4,582

 

At September’s rate of sales, the 14,714 active residential listings would last approximately 10.5 months. Typically 5 or 6 months of inventory is considered balanced between buyers and sellers, so the current state of inventory is great for buyers looking to buy their first home in Portland—maybe even getting it at a bargain price!

 

 

*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 September 2010 with year-to-date statistics from September 2009.

 

1All data taken from Market Action, September 2010, a publication of RMLS.