May Residential Highlights
When comparing sales activity in the Portland metro area in May 2010 to the same time last year, May 2009, closed sales increased 43.7%. Pending sales and new listings both decreased by 24.1% and 10.2%, respectively. On a month-to-month basis, when comparing May 2010 to April 2010, closed sales grew 5.6% (2,050 v. 1,941) while pending sales fell 50.1% (1,493 v. 2,991). New listings also dropped 26.2% (3,482 v. 4,713). At the month’s rate of sales, the 14,372 active residential listings would last approximately 7 months, the lowest inventory has been since August 2007 October 2009.
Sale Prices
The average sale price for May 2010 decreased 5.5% compared to May 2009, while the median sale price also went down 4.4%. See residential highlights table below. When comparing May 2010 to the month prior, April 2010, the average sale price fell 2.3%($275,500 v. $282,100) and the median sale price decreased slightly by 0.4% ($239,000 v. $240,000).
Year-to-Date
Comparing January-May 2010 with the same period in 2009, closed sales increased 42.7%. Pending sales also rose by 28.3% and new listings went up 10.4%. View the rest of the report here.
