Downtown Portland Real Estate Market Trends – Oregon

News for Downtown Portland, OR - December 8th, 2011 5:49pm
October 2011 Residential Highlights
Similarly to last month, sales activity in the Portland Metro area showed improvements in closed
and pending sales this October 2011 compared with October of last year.
Closed sales went up 14.1% in October 2011 compared to October 2010. Pending sales saw a rise
of 15.1%, while there were 22% less newly listed residential properties. See residential highlights
table below.
A month-to-month comparison of the previous month of September 2011 with October 2011, shows
closed sales fell 7.1% from 1,586 to 1,474. Pending sales saw a slight increase of 0.9% from 1,861
to 1,878. New listings were down from 2,501 to 2,433 (-2.7%).
At the month's rate of sales, the 10,012 active residential listings would last about 6.8 months.
Sale Prices
The average sale price in October 2011 fell 6.5% when compared to October 2010. The median sale
price also was down by 6.7%.
Prices declined when comparing October 2011 to the previous month of September 2011 as well.
Average sale price went down from $268,200 to $258,700 (-3.5%), while median sale price
decreased by 5.6% from $230,800 to $217,800.
Year-To-Date
A comparison of January-October 2011 with the same period last year shows improvements in
closed and pending sales. Closed sales increased 2.1% (16,033 v. 16,372) and pending sales rose
4.5% (17,167 v. 17,939). New listings, however, saw a decline of 26.3%, falling from 41,051 to
30,243.
Sales Price Percent Change for Portland Metro Area
The Average Sale Price Percent Change is based on a comparison of the rolling average sale price
for the last 12 months (11/1/2010-10/31/2011) with 12 months before (11/1/2009-10/31/2010)... [ + Read Full Article ]

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