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.

Thursday, October 16, 2008

September Market Report

September Residential Highlights

While sales activity in the Portland metro area continues to slide, the slope of the decline leveled off a bit in September. From August to September, closed sales have averaged a 12.9% decrease over the last five years. This year, however, closed sales only fell 7.3% (1,640 v. 1,770) from August to September. Pending sales dropped 10.6% (1,705 v. 1,908). New listings also decreased 4.5% (4,200 v. 4,398). Similarly, comparing September this year with September 2007, pending sales are down 11.7% and closed sales dropped 12.1% (see table below). That’s less than half the drop we saw at the same time last year. At the month’s rate of sales, the 17,006 active residential properties would last approximately 10.4 months.

Third Quarter Report

In the third quarter of 2008, there was a 15% decrease in new listings (14,089 v. 16,573) when compared to the same period a year ago. Closed sales fell 26.4% (5,409 v. 7,351), while pending sales dropped 18.5% (5,471 v. 6,711).

Sale Prices

The average sale price for September 2008 was down 5.6% compared to September 2007, while the median sale price dropped 5.8%. Month-to-month, the average sale price and median sale price are both down when compared with August levels; the average sale price dropped 4.8% ($315,300 v. $331,300) and the median sale price was down 4.6% ($267,000 v. $280,000).


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