December Residential Highlights
The year 2007 ended with a continued decrease in the number of transactions, but sales prices carried on with a slow, but steady rise. The number of closed sales was down 29.4% and pending sales also declined 32.5% when comparing December 2007 with December 2006. New listings also dropped for the third straight month, down 3.1%. At the month’s rate of sales, the 12,786 active residential listings would last approximately 8.5 months. Month-over-month, the average sale price increased 8.3% when comparing the month of December 2007 with that of December 2006 and median sale price increased 1.1%.
2007 Summary
Comparing market activity in 2007 with that of 2006, the Portland metro area saw an 8.1% increase in new listings. However, pending sales decreased 15.7% and closed sales dropped 13.1%. Portland had its third highest total sales volume in residential real estate, at $9.7 billion, a 6.7% decrease from the $10.4 billion in 2006. The average sale price increased 6.3% ($342,900 v. $322,600) and the median sale price appreciated 7.2% ($290,000 v. $270,500).
Fourth Quarter Summary
Comparing the fourth quarter of 2007 with that of 2006, new listings declined 43.7% (5,924 v. 10,525). Closed sales and pending sales also dropped 24.5% (5,298 v. 7,021) and 26.9% (4,766 v. 6,522), respectively.
Wednesday, January 23, 2008
December Market Report
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