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.


Josi Bunder


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