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View Russ' Recommended Vendors December Residential Highlights Sales activity in the Portland metro area continued to show improvement in the closed and pending sales when comparing this December to the same month a year ago.
Closed sales experienced a 10.3% increase, while pending sales saw growth of 19.3%. However, theer were 11.7% less newly listed residential properties.
Month-to-month, closed sales rose 6% (1,521 v. 1,612) when compared to November 2011, pending sales fell 14.4% (1,685 v. 1,443) and new listings dropped 16.1% (2,026 v 1,700).
At the month's rate of sales, it would take approximately 5.3 months to sell the 8,612 active residential listings. Due to the drop of active listings in December, along with the rise in closed sales, low inventory resulted.
2011 Summary Comparing activity from 2010 with that of 2011, closed sales rose 4% and pending sales rose 6%. New listings fell 25.4%.
Total sales volume for 2011 was about $5.2 billion, down from $5.3 billion in 2010, and $5.5 billion in 2009. See 'Annual Sales Volume' graph on page 7 of complete report.
Sale Prices The average sale price for December 2011 was down 6.2% compared to December 2010, while the median declined 5.8%.
Compared to November 2011, the average price rose 0.5% ($259,400 v. $260,800) and the median fell 3.7% ($225,000 v. $216,600).
For the year, the average sale price dropped 6.7% compared to 2010. The median price fell 7.9%. See year-to-date information in table below.
Portland MetroResidential Highlights
New Listings
Pending Sales
Closed Sales
Average Sale Price
Median Sale Price
Total Mkt Time*
2011
December
1,700
1,443
1,612
260,800
216,600
142
2011
YTD
34.084
20,670
19,682
263,300
221,000
143
2010
December
1,925
1,210
1,462
278,000
230,000
145
2010
YTD
45,691
19,498
18,926
282,100
239,900
132
Change
December
-11.7%
19.3%
10.3%
-6.2%
-5.8%
-2.6%
Change
YTD
-25.4%
6.0%
4.0%
-6.7%
-7.9%
8.2%
* 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.
