Russell Homewood,PC Real Estate Broker GRI (Graduate Realtor Institute) ABR (Accredited Buyer Representative) Diamond - Platinum Designation of the Million Dollar Club Business: 503/906.7139 Fax: 503/906.7539 Cell: 503/705.4584
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Specializing in Residential and Commercial Real Estate in Portland, Downtown - The Pearl, South Waterfront, NW, Beaverton, Tigard, Hillsboro, Lake Oswego, Tualatin, Sherwood, Milwaukie, Gladstone, Wilsonville and Oregon City. Experienced in New Construction, Vintage Homes, Condominiums & Commerical Properties! Serving Washington, Multnomah & Clackamas Counties.
Click HereMonthly Market Statistics. Or - See Summary Below! Valuable information on your community! Call or email me for more details on current market conditions.
May Residential Highlights Sales activity in May for the Portland Metro area continued to march upward compared to the prior month, but lagged behind 2008 levels.
Comparing May 2009 with the same month in 2008, pending sales were down 7.4% and closed sales decreased 23.4%. New listings also dropped 25.1%. See Residential Highlights table below.
On the other hand, comparing May 2009 with April 2009, pending sales grew 5.8% (1,967 v. 1,860). Closed sales also rose 9.6% (1,427 v. 1,302). New listings increased 1.9% (3,879 v. 3,808).
Inventory dropped to 10.2 months, down from 11 months in April - the fourth straight month of decline. Active residential listings in May rose to 14,493 - up from 14,328 in April. Active listings appear to be increasing at a slower rate than usual for this time of year.
Year-to-Date Comparing January-May 2009 with the same period in 2008, closed sales were down 28.1% and pending sales decreased 17.5%, New listings also dropped 23.8%
Sales Prices The average sale price for May 2009 was down 13% compared to May 2008, while the median sale price also dropped 13%. See Residential Highlights table below.
Month-to-month, the average sale price and median sale price both posted small gains when compared with April levels; the average sale price was up 0.1% ($291,400 v. $291,100) and the median sale price was up 0.4% ($250,000 v. $249,900).
Residential Highlights
Metro Portland
New Listings
Pending Sales
Closed Sales
Average Sale Price
Median Sale $
Total Mkt Time*
2009
May
3,879
1,967
1,427
291,400
250,000
147
2009
YTD
19,556
7,633
5,653
293,800
250,000
151
2008
May
5,182
2,124
1,863
335,000
287,500
-
2008
YTD
25,650
9,253
7,862
335,000
280,000
-
Change
May
-25.1%
-7.4%
-13.0%
-10.4%
-13%
Change
YTD
-23.8%
-17.5%
-12.5%
-12.2%
-10.7%
* Total Market Time is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, Total Market Time continues to accrue; however, it does not include the time that it was off the market.
