Portland Metro Area – Market Snapshot – Summer 09

I thought I’d pass along an update on the state of the real estate market year to date. Closed sales have increased over the same time last year, inventory levels have been decreasing since January, the affordability index remains low and first time home buyers still have the opportunity to snatch up the Federal Credit of up to $8000. Interest rates are still phenomenal, though up a bit from the record lows we’ve seen at the beginning of the summer.

Please keep in mind that these numbers are combined for all of the Portland Metro Areas. Though this will provide an idea of the condition of the market as a whole, real estate is always localized to individual cities and neighborhoods. Therefore statistics and trends will vary broadly between different areas.

Available Months Of Inventory

The biggest change we’ve seen this year has been in the available inventory levels. New listings coming on the market continue to decrease, with July’s new listings declining by 25.4% over June’s new listings. The overall months of inventory levels have dropped steadily since January of this year, making July’s 7.3 months of inventory the lowest since August 2007. With less homes on the market to choose from, sellers will sell their homes quicker and buyer’s will most likely be competing with other buyers for desirable well priced homes.

Closed Sales

Closed sales in July increased by a staggering 8.6% over July 2007’s closed sales. This was the first month this year that saw any increase over last year’s numbers. There were a total of 1,988 closed home sales this July putting the year to date closed sales at 9,566.

Average Sales Price

Average sales prices are down 15.2% when compared to the same time last year. Below are average sales prices throughout the Portland Metro Area.

North Portland                      $237,500

North East Portland             $280,500

South East Portland             $237,900

West Portland                        $413,900

Beaverton                                $237,200

Tigard                                      $299,500

Lake Oswego                         $469,600

& West Linn

If you’d like market data for your neighborhood or have questions please contact me. You may also see the full RMLS Market Snapshot Report by Clicking HERE.

Please contact me, Ruth Price – The Hasson Co. Realtors – 503.802.8845 for more information about the Portland market.

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