Market Statistics for August 2011 in the Portland Metro

Posted by Gerry Mains - Managing Broker on Monday, November 7th, 2011 at 11:59am.

August Residential Highlights

Sales activity in the Portland Metro area showed improvements in closed and pending sales this August compared with August 2010. (Please see “NOTE” below about increased pending sales.)Closed sales grew 30.7% in August 2011 compared to August 2010. Pending sales were up 29.6%, and new listings dropped 24.8%. See residential highlights table below.Comparing July 2011 with August 2011, closed sales increased from 1,709 to 1,805 (5.6%). Pending sales also went up from 1,928 to 2,187 (13.4%). New listings went down from 2,942 to 2,879 (-2.1%).At the month’s rate of sales, the 11,276 active residential listings would last about 6.2 months.

Sale Prices

Average sale price for August 2011 declined 9.2% compared to August 2010. Median sale price also fell 10%. See residential highlights table below.Month to month, comparing July 2011 to August 2011, sale price activity fell slightly. Average sale price went down from $275,100 to $271,800 (-1.2%) while median sale price decreased from $227,200 to $225,000 (-1%).

Year-to-Date

Comparing January-August 2010 with the same period in 2011, results were mixed. Closed sales decreased by 0.5% (13,185 v. 13,114), while pending sales increased by 2.8% (14,248 v. 14,645). New listings fell 26% (34,043 v. 25,189).

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Data courtesy of RMLS.

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