While not quite as dramatic as last month, sales activity in the Portland metro area continued to show improvement in January 2010 compared to the same month a year ago.
Closed sales were up 34.7% compared to January 2009 and pending sales rose 24.3%. However, new listings fell 6.2%.
Pending sales were also up 34.5% (1,535 v. 1,141) when compared to December 2009. On the other hand, closed sales fell 34.5% (986 v. 1,506) and new listings grew 87.1% (3,937 v. 2,104) driving inventory to double digits for the first time since May of 2009. At the month’s rate of sales, it would take approximately 12.6 months to sell the 12,449 active residential listings.
The average sale price for January 2010 was down 5% compared to January 2009, while the median sale price declined 4%. Compared to December 2009, the average price decreased 3.7% ($282,400 v. $293,300) and the median fell 0.9% ($240,000 v. $242,200).