The average sale price of Portland real estate for July 2011 rose 3% from the prior month of June 2011. The $9000 increase in average sale price ($267,100 to $275,100) is the second month in a row prices went up. The median sale price increased from $222,900 to $227,200 (1.9%). Even with the two month increase in sales prices, when comparing July 2011 to the same month the prior year (July 2010), the average sales price were down 7.4%.
Portland real estate could not continued its increase in the number of closings for another month. Closed sales decreased from from 1,958 to 1,709 (-12.7%) while Pending sales decreased from 2,001 to 1,928 (-3.7%). The good news for sellers is that listings went down again from 3,143 to 2,942 (-6.4%).
When comparing July of 2011 to July of 2010, closed & pending sales grew, 21% and 18.4% res;pectively. Meanwhile, new Portland real estate listings dropped by 27% over last July.
This months home inventory is down 3.8 months from July 2010. At July 2011′s rate of sales, the 11,970 active residential listings would last about 7 months.
Sales activity was down when comparing January-July 2010 with the same period this year. Closed sales went down by 4.3% (down 500 sales), Pending sales decreased by 1.4% (down 183 units), and new listings fell 26% (down over 7600 listings). The average sale price fell 5% and the median sale price dropped 5.4%.
To see how last months data looked, click here.
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Also posted on Lake Oswego Real Estate.