Portland Metro/Tigard Real Estate News

In this forum we will offer discussions on a wide variety of subjects, but focus on Portland Metro and real estate. Hopefully our insights and experiences will inform, educate, challenge and entertain our readers week after week.

Tuesday, September 16, 2008

Market Report

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).



Year-to-Date



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.



Sale Prices



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).

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com
& OUR NEW PORTLAND METRO BLOG AT http//:www.TonyandLibby.blogspot.com (make sure you leave comments)

1 comment:

Theresa H. Hall said...
This comment has been removed by the author.