Friday, November 13, 2009

Portland RMLS Market Action Report – October 2009

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for October 2009 was $245,000; this is an 11% decrease from the median sale price for October 2008.

The Portland residential real estate market peaked in August 2007 with a median sale price of $302,000. Prices have now fallen 19% from that peak.

Months of supply (total inventory/monthly sales) sits at 6.5 months compared to the 11.1 months of supply for the same month last year. A balanced market has about 7 months of supply.

The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.

The second graph shows the total supply of homes available for sale. This is simply a calculation of the months closed sales multiplied by the months of supply. There are currently 13,058 homes for sale; this is a decrease of 20% from the same month the year before.

The third chart shows closed sales by month. There were 2,009 closed sales during the month; an increase of 37% from the same month the year before.

The fourth chart shows new listings by month. There were 3,443 new listings during the month; a decrease of 5% from the same month the year before.

The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would have to fall 17.0% from the current median for the ratio to reach 3.0.