Wednesday, March 17, 2010

Portland RMLS Market Action Report – February 2010

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for February 2010 was $235,000; this is a 9% decrease from the median sale price for February 2009.

The Portland residential real estate market peaked in August 2007 with a median sale price of $302,000. Prices have now fallen 22% from that peak.

Months of supply (total inventory/monthly sales) sits at 12.9 months compared to the 16.6 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 13,093 homes for sale; this is a decrease of 8% from the same month the year before.



The third chart shows closed sales by month. There were 1,015 closed sales during the month; an increase of 18% from the same month the year before.

The fourth chart shows new listings by month. There were 3,902 new listings during the month; an increase of 12.4% 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 10.6% from the current median for the ratio to reach 3.0.



0 comments: