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Portland real estate market conditions July 2009
Posted by Anne Kadin in Portland Real Estate Market Conditions
Portland’s improving real estate market continues into July.
We continue to see good news in the real estate market with the July ’09 stats that are just out. There were 8.6% more 
closed sales in July ’09 over July ’08 and pending sales were also up 8.3% over last July’s numbers. That means August’s numbers should also be showing improvement.
The number of months of inventory (see the box to the right) is how we measure a buyer’s market vs a seller’s market. The very high amount of inventory we had been seeing is steadily moving downward each month. This is the 6th consecutive month where we see a reduced amount of months needed to sell all the homes on the market. Just for comparison, in July ’08 there was 10 months of inventory for sale.
According to a formula from the National Association of Realtors, housing prices in the Portland area are in the affordable range for families earning the median income.
All of these numbers are moving in the correct direction for a recovery in our housing market.
In the entire Portland Metro area:
The 12 month average appreciation rate is: -11.9%
This month’s Average Sales Price is: $288,600
This month’s Median Sales Price is: $250,000
Questions or comments about the market?
Email me Mailto:Anne@PortlandHomeSource.com
|
FOR SALE |
Beaverton & Aloha | Hillsboro | Lake Oswego & West Linn | Portland | Sherwood | Tigard & Tualatin |
| $150-250,000 | 518 | 280 | 132 | 2369 | 42 | 122 |
| $251-350,000 | 298 | 174 | 151 | 1959 | 55 | 222 |
| $351-450,000 | 123 | 61 | 129 | 1220 | 39 | 145 |
| $451-550,000 | 45 | 18 | 150 | 794 | 25 | 72 |
| $551-750,000 | 29 | 14 | 202 | 934 | 19 | 42 |
| Over $750,000 | 31 | 25 | 314 | 920 | 45 | 36 |
| Inventory in mos1 | 5.5 | 6.5 | 11.2 | 7.2 | 6.6 | 7.7 |
| Avg YTD Sale Price | 245,000 | 251,900 | 470,900 | 293,800 | 319,400 | 319,400 |
| Avg Sale Price % change2 | -9.7% | -11.9% | -15.8% | -13.1% | -10.3% | -10.3% |
1 Inventory in Months is calculated by dividing the Active Listings at the end of the month in question by the number of closed sales for that month.
2 % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before.
All statistical information comes from RMLSTM
