House Sales Increase as the Market Levels

September 16, 2011 6:23 pm

By Wendy Culverwell Business Journal Staff Writer – as published in the Portland Business Journal

Portland area home sales surged in August as prices continued their ongoing decline.

The Regional Multiple Listing Service on Thursday said both pending and closed sales rose about 30 percent compared to a year ago as the summer buying season wrapped up.

August inventory levels dropped to 6.2 months, the lowest levels in at least two years. The market is considered balanced between buyers and sellers when there is a six month inventory.

RMLS reported 2,187 pending sales and 1,805 closed sales in August, increases of 29.6 percent and 30.7 percent, respectively.

There were 2,897 new listings, down 24.8 percent from a year ago. The average price fell 9.2 percent to $271,800 and the median price fell 10 percent, to $225,000.

For the year to date, new listings were down 26 percent, pending sales were up 2.8 percent, closed sales were down 0.5 percent, the average price was down 7.2 percent and the median price was down 8.7 percent. It took an average of 146 days to sell a house, up 12.5 percent from the same period in 2010.

The average August price, by market:

North Portland, $246,100
Northeast Portland, $282,900
Southeast Portland, $232,600
Gresham/Troutdale, $199,200
Milwaukie/Clackamas, $251,000
Oregon City/Canby, $238,600
West Portland, $394,900
Northwest Washington County, $355,000
Beaverton/Aloha, $217,600
Tigard/Wilsonville, $274,500
Hillsboro/Forest Grove, $215,300