Wednesday, December 16, 2009

Portland RMLS Market Action Report – November 2009

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for November 2009 was $239,000; this is a 10% decrease from the median sale price for November 2008.

The Portland residential real estate market peaked in August 2007 with a median sale price of $302,000. Prices have now fallen 21% from that peak.

Months of supply (total inventory/monthly sales) sits at 7.1 months compared to the 15.0 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 closed sales for the month multiplied by the months of supply. There are currently 12,744 homes for sale; this is a decrease of 18% from the same month the year before.

The third chart shows closed sales by month. There were 1,795 closed sales during the month; an increase of 72% from the same month the year before.

The fourth chart shows new listings by month. There were 2,499 new listings during the month; a decrease of 7% 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 15.0% from the current median for the ratio to reach 3.0.


Few Comments:
Sales are up 70% because the stimulus/tax credit deadline has now passed. We could see this surge in the pending sales for October and November which were up 34% and 60% respectively. November pending sales are up only 20% over last year. Clearly the increase in sales was temporary and next month will return to the depressed levels.
The median sale price is now down to $239,000, the last time it was this low was June 2005.


1 comments:








Josi Bunder

said...

Home listings and homes for sale near your area.
Find your perfect property advertised by owner and real estate agent.
More details homes for sale in pensacola fl