The Portland real estate market continued to show decreases in activity in November. However, while closed sales were the lowest since February of this year, they decreased by only 1% from the previous month. Pending sales were also higher than November of the past two years.Closed sales were down 28.7% compared to November 2009, but pending sales were up 7.4%. New listings dipped down 1%. Comparing Portland real estate activity the previous month of October 2010 with November 2010 shows closed sales decreased from 1,292 to 1,279 (-1%). Additionally, pending sales fell from 1,632 to 1,426(-12.6%), and new listings dropped from 3,119 to 2,437 (-20.7%). At the month’s rate of sales, the 13,103 active residential listings would last approximately 10.2 months. Inventory in November is the lowest it has been since June of this year.
Year-to-Date
When comparing JanuaryNovember 2010 with the same period in 2009, Portland real estate closed sales increased 0.2%. Pending sales were 2.6% lower, but new listings were up 3.7%.
Sale Prices
The average sale price for Portland real estate in November 2010 declined 0.5% compared to November 2009. The median sale price also fell 2.5%.On a month-to-month basis, comparing October 2010 to November 2010, the average sale price went down from $276,800 to $271,900 (-1.8%) and the median sale price also dropped from $233,500 to $233,000 (-0.2%). This marks the third straight month average Portland real estate sales prices have fallen.
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Rich Peralta is a real estate professional in the Portland Metro Area.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Also published on Lake Oswego Real Estate.
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