September 2011 Portland Metro Market Action

15 09 2011

 

 

Good News!  Sales are up over last year both in the pending sales category and the closed sales category.  They are also up over last month by 5.6% in the pending homes and 13.4% in the closed homes.

 

 

Bad news.  Prices are down again 9.2% over last year in the average sale price and 10% over last year in the median sale price.  Compared to last month, the average sale price is slightly down -1.2% and the median sale price is down -1%.

Once again, the inventory is a big deal.  It is currently at 6.2 months for September 2011.  We have seen this only 3 times in the past four years: June 2011, August 2007 and January 2007.  Remember the last two were still good markets for both buyers and sellers. Inventory is calculated by dividing the amount of homes for sale by the closed sales.  If nothing were to come on the market, it is predicted that it would take 6.2 months for the remaining homes for sale to sell.

The inventory hot spots are North Portland (4.7 months), NE Portland (4.9 months) and Beaverton/Aloha (4.8 months).  The heavier spots are West Portland (7.2 months). Lake Oswego (7.0 months) and Milwaukie (7.9 months).

Dramatically increased sales are good news either way you slice it.  The average and median price being down for the month is hovering at -1% which is not bad when it comes to getting a house sold.  That is only $1000 per $100,000 in real numbers. 

Compared to Last Year

Inventory down 4.8 months.

Closed sales up 30.7%.

Pending sales up 29.6%

New listings down 24.8%.

 

Compared to Last Month

Closed sales up 5.6%

Pending sales up 13.4%

New listings down 2.1%

  

 2011 September Market Action

The Full Report

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One response

12 02 2013
http://google.com

“September 2011 Portland Metro Market Action Real Estate Advocate” was in fact a terrific article
and I really was indeed quite satisfied to come across it.
Thanks for your effort,Winifred

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