Market Statistics for June 2011 in the Portland Metro

Posted by Gerry Mains - Managing Broker on Friday, August 19th, 2011 at 10:38am.

June Residential Highlights

While closed sales were down in June 2011 compared with June 2010, pending sales jumped compared with the same month a year ago, and inventory hit the lowest level since July 2007. Closed sales were down 2.7% in June 2011 compared to June 2010. Pending sales were up 23.7%, and new listings dropped 22.4%. Comparing May 2011 with June 2011, closed sales increased from 1,742 to 1,958 (12.4%). Pending sales decreased from 2,167 to 2,001 (-7.7%). New listings went down from 3,338 to 3,143 (-5.8%). At the month’s rate of sales, the 11,817 active residential listings would last about 6 months, a drop of 1.3 months since the inventory level in June 2010.

Sale Prices

Average sale price for June 2011 declined 7.8% compared to June 2010. Median sale price also fell 7.1%. See residential highlights table below. Month to month, comparing May 2011 to June 2011, sale price activity rose slightly. Average sale price went up from $262,400 to $267,100 (1.8%) while median sale price increased from $220,000 to $222,900 (1.3%).

Second Quarter Report

Comparing the second quarter of 2010 with the same period in 2011, sales activity was mixed. Closed sales decreased by 11.8% (6,191 v. 5,462). Pending sales went up by 2.3% (5,842 v. 5,978), and new listings fell 21.6% (12,456 v. 9,761). Additionally, the average sale price fell 6.1% ($282,300 v. $265,200), and the median sale price dropped 8.3% ($240,000 v. $220,000).

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Data courtesy of RMLS.

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