The average sale price of Portland real estate for May 2011 showed a minor drop (1.8%) from the prior month. The average sale price went down from $267,300 to $262,400 while median sale price increased from $219,900 to $220,000 (0.1%). When comparing May 2011 to the same month the prior year, the average sales price was down 4.8%.
Portland real estate had an increase in the number of closings and pendings for May 2011. Closed sales increased to 1,742 from 1,615 (8.1%) and pending sales also increased to 2,167 from 2,005 (8.1%) compared to the month before. New listings went up to 3,338 from 3,099 and increase of only 7.7%. When comparing May 2011 to May 2010, closed sales were down 15% and new listings dropped 4.1%. During the same period, pending sales climbed by 45.1%. That could mean there will be a large number of closings in June 2011
At May 2011's rate of sales, the 11,825 active residential listings would last about 6.8 months. That is the lowest it has been in 19 months.
Sales activity was still down when comparing January-May 2010 with the same period this year. Every category was lower than the prior year. Closed sales decreased by 9.3% (8,069 v. 7,321). Pending sales went down by 9.6% (9,792 v. 8,853), and new listings fell 26.4% (21,583 v. 15,878).Additionally, the average sale price fell 7.3% ($278,500 v. $258,300), and the median sale price dropped 9.1% ($239,900 v. $218,000).
To see how last months data looked, click here.
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Originally posted on West Linn Real Estate.