The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for July 2010 was $246,000; this is a 2% decrease from the median sale price for July 2009.
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 10.8 months compared to the 7.3 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 15,250 homes for sale; this is an increase of 5% from the same month the year before.
The third chart shows closed sales by month. There were 1,412 closed sales during the month; a decrease of 29% from the same month the year before.
The fourth chart shows new listings by month. There were 4,029 new listings during the month; an increase of 3% 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 14.6% from the current median for the ratio to reach 3.0.