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Portland, Oregon Months of Inventory
of Homes For Sale | The inventory
figure represents how long it would take to sell all the homes currently on
the market based on current activity. A six-month level is considered healthy.

December Residential Highlights: Sales activity in the Portland metro area
continued to show improvement in closed and pending sales when comparing this
December to the same month a year ago. Closed sales experienced a 10.3% increase,
while pending sales saw growth of 19.3%. However, there were 11.7% less newly
listed residential properties. Month-to-month, closed sales rose 6% (1,521 v.
1,612) when compared to November 2011, pending sales fell 14.4% (1,685 v. 1,443)
and new listings dropped 16.1% (2,026 v. 1700). At the months rate of sales,
it would take approximately 5.3 months to sell the 8,612 active residential listings.
Due to the drop of active listings in December, along with the rise in closed
sales, low inventory resulted. 2011 Summary: Comparing activity from
2010 with that of 2011, closed sales rose 4% and pending sales rose 6%. New listings
fell 25.4%. Total sales volume for 2011 was about $5.2 billion, down from $5.3
billion in 2010, and $5.5 billion in 2009.
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Sale Prices: The average sale price for December 2011 was down 6.2% compared
to December 2010, while the median declined 5.8%. Compared to November 2011, the
average price rose 0.5% ($259,400 v. $260,800) and the median fell 3.7% ($225,000
v. $216,600). For the year, the average sale price dropped 6.7% compared to 2010.
The median price fell 7.9%.
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2010 Summary: When comparing activity in 2010 with that of 2009, closed
sales dipped 0.2%. Pending sales were 2.1% lower, but new listings were up 3.0%.
Total sales volume for 2010 was $5.3 billion, down from $5.5 billion in 2009.
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2009 Summary: Comparing activity from 2009 with that of 2008, pending sales
increased 4%. Closed sales were 0.9% short of the 2008 total. New listings fell
18.8%. Total sales volume for 2009 was $5.5 billion, down from $6.3 billion in
2008, and $9.7 billion in 2007. | |
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2008 Summary: Comparing market activity in 2008 with 2007, new listings
decreased 8.7%. Pending sales dropped 30.8% and closed sales fell 32.1%. At $6.3
billion this year, total sales volume dropped 35% from 2007. |
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2007 Summary: Comparing market activity in 2007 with that of 2006, the
Portland metro area saw an 8.1% increase in new listings. However, pending sales
decreased 15.7% and closed sales dropped 13.1%. Portland had its third highest
total sales volume in residential real estate, at $9.7 billion, a 6.7% decrease
from the $10.4 billion in 2006. The average sale price increased 6.3% ($342,900
v. $322,600) and the median sale price appreciated 7.2% ($290,000 v. $270,500).
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2006 Summary: In 2006 there were 14% more new listings when comparing market
activity in 2006 with that of 2005. However, pending sales decreased 13.6% and
closed sales fell 13.4%. Portland had its second highest total volume in real
estate sales in 2006 with $10.4 billion compared to $10.6 last year. Further,
the average sale price increased 14% (322,600 v. 282,900) and median sale price
appreciated 13.9% ($270,500 v. $237,500). |
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2005 Summary: 2005 Years end saw an increase in overall market activity
with 13.1% more closed sales, a 10.7% increase in accepted offers and a 5.9% greater
number of new listings when compared with 2004. Further, we had a record breaking
total volume in real estate sales of $10.6 billion. Compared with 2004s
$8.1 billion that is an increase of 30.9%. The 15% increase in average sale price
($282,900 v. $246,000) and the 15% appreciation of median sale price ($237,500
v. $204,500) may also account for the increase. |
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At years end 2004, the Portland metro area observed 8.3% more accepted offers
than it had in 2003 Closed Sales also increased 6.6% . However, 2004 realized
a small decline in new listings, which were down 2.9% from 2003. 2004 was a landmark
year for the Portland metro area due to the fact that real estate sales that closed
in the Portland metro area generated $8.1 billion. Compared to 2003s $6.9
billion that is a sizeable increase of 17%. The 10.6% rise in average sale price
($246,00 v. $222,500) may account for a portion of the net increase. Furthermore,
the telltale 9.4% appreciation of median sale price ($204,500 v. 187,000) may
also account for the rise in total volume. |
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At 2003 years end, the Portland metro area had generated 2.2% more
new listings than it had in 2002. The only year to have generated more new listings
was 1998. No earlier record matched the areas 2003 performance for generating
pending sales (up 10.2% from 2002) and closed sales (up 12.0% from 2002). Sales
that closed in 2003 generated a dollar volume of $6.9 billion. Contrast that with
the $5.8 billion generated last year and youll witness the increase of 19.0%.
The jump in closed sales can account for part of that increase, but so can the
5.8% rise in average sale price ($222,500 v. $210,300) and the 5.1% appreciation
of median sale price ($185,000 v. $176,500). |
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In 2002 new listings rose 1.9%, regaining all of the ground lost in 2001. Other
categories pioneered new territory. Closed sales are higher than ever, and, compared
to 2001 alone, increased by 3.2%. Pending sales showed the same trend, increasing
by 2.2%. All of that closing activity resulted in $5.8 billion of residential
real estate activity, an increase of 6.9% over last years total of $5.4
billion. Aiding the increase in dollar volume was the increase in the areas
average and median sales prices. Average price for the twelve months of 2002 climbed
by 4.8% compared to 2001. Median price climbed 4.1% during the same period. |
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The year 2001 saw $5.40 billion in residential real estate sales for the Portland
metro area, up $500 million from the volume for 2000. Strong growth in the number
of closed sales made 2001 a record year. The 26,845 reported sales represent growth
of 8.9% from 2000 and more sales than any previous year. Pending sales grew by
a similar margin, up 9.1%. New listings, however, fell 1.6%. The number of new
listings entered into RMLS (45,298), has not been so low since 1996. Comparing
2001 to 2000, average sales price appreciated 1.2% to $201,000the first
time it has grown past $200,000. Median sales price has appreciated 2.3%, to $169,900.
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Approximately $4.90 billion in residential real estate sales occurred in 2000,
up about $100 million from the previous year. A 3.1% decline in the number of
closed sales was more than offset by the appreciation rate of 5.3% in average
sales price. In dollar volume, 2000 was the best year in RMLS history to
date. In other measures of market activity, 2000 was very similar to 1999. There
were 2.1% fewer new listings in 2000 than in 1999 and 1.2% fewer accepted offers.
The average sales price in the Portland market is creeping steadily towards the
$200,000 mark, ending at $198,600 for the twelve months of 2000. The median sales
price for 2000 was $166,000, a 3.6% increase over the $160,200 median in 1999.
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