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Portland, Oregon Months of Inventory |
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inventory figure represents how long it would take to sell all the homes
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 Sale Prices: The average sale prce 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). |
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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 Year’s 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 2004’s $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 year’s 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 2003’s $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 year’s 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 area’s 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 you’ll 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 year’s total of $5.4 billion. Aiding the increase in dollar volume was the increase in the area’s 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 $201,000—the 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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