The average sale price of Portland real estate for August 2011 fell 1.2% from the prior month of July 2011. The $3300 decrease in average sale price ($275,100 to $271,800) is the first decline in two months. The median sale price decreased from $227,200 to
$225,000 (-1%). When comparing August 2011 to the same month the prior year (August 2010), the average sales price were down 9.2%.
Please note that as a result of the effort by RMLS to standardize the reporting of Short Sales, some areas may show unusual decreases in active listings and increases in pending sales
Portland real estate activity bounced back and increased the number of closings and pendings from the prior month. Closed sales increased from 1,709 to 1,805 (5.6%) while pending sales also went up from 1,928 to 2,187 (13.4%). For the second month in a row listings went down, this time from 2,942 to 2,879 (-2.1%)..
When comparing August of 2011 to August of 2010, closed & pending sales grew quite a bit. A percentage shift of 30.7% for closings and 29.6% for pendings. Meanwhile, new Portland real estate listings dropped by 24% over last July.
At July 2011's rate of sales, the 11,276 active residential listings would last about 6.2 months, just a little less than last month..
Sales activity was down when comparing January-August 2010 with the same period this year. Closed sales decreased a hair by only 0.5% (down just 71 sales), Pending sales increased by 2.8% (down 397 units), and new listings fell another 26% (down over8800 listings).
To see how last months data looked, click here.
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Originally posted on West Linn Real Estate.