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.