August Residential Highlights
Market activity in the Portland metro area appears to have slowed in August, compared to the same period a year ago. Comparing August this year with that of August 2007, new listings dropped 27.1%. Closed sales were off last year’s pace by 30.7%, while pending sales also fell 22%. In a month - to - month comparison (July v. August 2008), new listings dropped 16% (4,398 v. 5,237). Closed sales were down 3.3% (1,770 v. 1,831) and pending sales decreased 4.7% (1,908 v. 2,003). At the month’s rate of sales, the 17,556 active residential properties would last approximately 9.9 months at the month’s rate of sales. This is down slightly from last month (10 months).
Comparing January-August 2008 with the same time in 2007, new listings decreased 5%. Pending sales and closed sales fell 30.8% and 33.9%, respectively.
The average sale price for August 2008 was down 6.7% compared to August 2007, while the median sale price dropped 7.3%. See table below. Month-to-month, the average sale price and median sale price are both down when compared with July’s levels; the average sale price dropped 2.7% ($331,300 v. $340,500) and the median sale price was down 2.8% ($280,000 v. $288,200).
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