The average sale price of Portland real estate rose 1.8% from the prior month during June 2011. The $4700 increase in average sale price ($262,400 to $267,100) is a welcome change. The median sale price increased from $220,000 to $222,900 (1.3%). When comparing June 2011 to the same month the prior year (June 2010), the average sales price was down 7.8%.
Portland real estate continued its increase in the number of closings for the second month in a row. Closed sales increased from 1,742 to 1,958 (12.4%) while pending sales decreased from 2,167 to 2,001 (-7.7%). New listings also went down from 3,338 to 3,143 (-5.8%). When comparing June of 2011 to June of 2010, closed sales were down 2.7% and pending sales were up 23.7%, while new listings dropped 22.4%.At Junes 2011's rate of sales, the 11,817 active residential listings would last about 6 months. That is the lowest it has been since 2007.
When comparing sales activity for April-June 2010 with the same period this year, the numbers were up and down. Closed sales decreased by 11.8% (6,191 v. 5,462). Pending sales went up by 2.3% (5,842 v. 5,978), and new listings fell 21.6%. the average sale price fell 6.1% ($282,300 v. $265,200), and the median sale price dropped 8.3% ($240,000 v. $220,000).
To see how last months data looked, click here.
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Originally posted on West Linn Real Estate.