The average sale price of Portland real estate for Ocotber 2011 fell 3.5% from the prior month of September 2011. The $9500 decrease in average sale price ($268,200 to $257,800) is typical for this time of year. Portland real estate sales will start to slow in October and remain slow until at least February. When comparing September 2011 to the same month the prior year (October 2010), the average sales price were down 6.5%.
Portland real estate activity decreased the number of closings and new listings from the prior month. Closed sales decreased from 1,586 to 1,474 (-7.1%). New listings fell from 2,501 to 2,433 (-2.7%). Pending sales were up a bit (0.9%) from 1,861 to 1,878.
When comparing Ocotber of 2011 to October from last year, closed & pending sales were up. A percentage shift of 14.1% for closings and 15.1% for pendings. Meanwhile, new Portland real estate listings dropped by 22%.
At October's rate of sales, the 10,012 active residential listings would last about 6.8 month up a tenth of a percentage point from last month.
When comparing January through October of 2011 to the same time period last year we see an uptick of closed and pending sales. Closed sales were up by 2.1% and pending sales increased by 4.5%. New listings fell 26.3% nearly 11,000 in that same time frame.
To see how last months data compares, click here.
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Originally posted on West Linn Real Estate.