When looking at the April 2011 numbers for Portland real estate transactions, the average sale price has increased 2.4%. The average sale price went up from $261,100 to $267,300 while the median sale price also increased from $215,000 to $219,900. When you compare the same month of the prior year, the average sales price was down 5.2%.
While February to March 2011 had a large jump in the number of closed sales, the numbers were pretty stable looking month over month. Closed sales dipped from 1,615 to 1,611 (-0.3%) and pending sales also decreased from 2,014 to 2,005 (-0.5%) for April 2011 compared to the month before. New listings went up from 3,056 to 3,099 and increase of only 1.4%.
Sales activity was down when comparing January-April 2010 with the same period in 2011. Closed sales decreased to 5,513 down from 5,900. A 19.7% drop in pending sales (8,476 v. 6,806) was large amount. A larger number of new listings fell to 12,378 from 17,918 (30.9% ). In addition to those figures, the average sale price fell 8.1% ($279,700 v. $257,000), with the median sale price dropped 10.4% ($239,900 v. $215,000).
With the 11,621 active residential listings for the month of April 2011, it would take about 7.2 months to clear these homes from the market.
To see how last months data looked, click here.
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Originally posted on West Linn Real Estate.