May Market Report

May Residential Highlights

In May, sales activity in the Portland metro area picked up over last month. Compared with last May, however, activity continues to trend downward. From April to May this year, closed sales were up 17.8% (1,863 v. 1,582) and pending sales grew 2.6% (2,124 v. 2,070). New listings dropped 2.1% (5,182 v. 5,295). Comparing May 2008 with May 2007, new listings were down 12.1%. In addition, pending sales and closed sales were down 30.5% and 33.5%, respectively. See table below. At the month’s rate of sales, the 17,066 active residential listings would last 9.2 months, down from 10.3 months in April.

Year-to-Date

Comparing January-May 2008 with the same period in 2007, new listings were up 2.1%. Closed sales were down 35.2%, while pending sales were off of the 2007 mark by 33.8%.

Sale Prices

For the second consecutive month, both the average sale price and median sale price declined compared to the same month the year prior. The average sale price for May 2008 was down 4% compared to May 2007, while the median sale price dropped 3.2%. On the other hand, the average sale price and median sale price are both up over their April 2008 marks; the average sale price rose 3.1% ($335,000 v. 325,000) and the median sale price was up 4.5% ($287,500 v. $275,000).

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com