The average sale price of Portland real estate for December 2011 rose 0.5% from the prior month of November 2011. That is a $1200 increase in average sale price ($259,400 v. $260,800). When comparing December 2011 to the same month the prior year (December 2010), the average sales price were down 6.2%.
Portland real estate activity increased %6 the number of closings in December compared to the prior month from 1,521 to 1,612. New listings fell from 2,026 to1700 (-16.1%) and pending sales were down (14.4%) from 1685 to 1,443.
When comparing December of 2011 to December from last year, closed & pending sales were up. A percentage shift of 10.3% for closings and 19.3% for pendings. Meanwhile, new Portland real estate listings dropped by 11.7%.
At December’s rate of sales, the 8,612 active residential listings would last about 5.3 months. That is a three-year low in inventory and a 72% drop from the three-year high of 19.2 months in January of 2009.
Summary of 2011 Sales Data
Looking at 2011 compared with 2010, the total sales volume was about $5.2 billion. This was down a notch from the $5.3 billion in 2010, and the $5.5 billion in 2009. In 2011, Closed sales rose 4% and pending sales rose 6% while new listings fell 25.4%.
To see how last months data compares, click here.
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