The Portland Metro area market continued to show decreases in activity in November. However, while closed sales were the lowest since February of this year, they decreased by only 1% from the previous month. Pending sales were also higher than November of the past two years. Closed sales were down 28.7% compared to November 2009, but pending sales were up 7.4%. New listings dipped down 1%.
Comparing the previous month of October 2010 with November 2010 shows closed sales decreased from 1,292 to 1,279 (-1%). Additionally, pending sales fell from 1,632 to 1,426 (-12.6%), and new listings dropped from 3,119 to 2,437 (-20.7%). At the month’s rate of sales, the 13,103 active residential listings would last approximately 10.2 months. Inventory in November is the lowest it has been since June of this year.
The average sale price for November 2010 declined 0.5% compared to November 2009. The median sale price also fell 2.5%. On a month-to-month basis, comparing October 2010 to November 2010, the average sale price went down from $276,800 to $271,900 (-1.8%) and the median sale price also dropped from $233,500 to $233,000 (-0.2%). This marks the third straight month average sale prices have fallen (see graph on page 5).