September Residential Highlights
When comparing September 2007 to September 2006, new listings decreased 2.3%. Closed and pending sales fell 25.5% and 25.7% respectively. At September’s rate of closed sales, the
16,054 active residential listings would last approximately 8.6 months.
The 8.6 months of inventory is the highest rate since January 2000, when inventory reached 10.1 months. Additionally, inventory reached 8.5 months in January 2001.
Appreciation
Using the average sale prices for the twelve months that ended with September 2007 compared to the twelve months ending in September 2006, the average sale price appreciated 6.9% ($337,700 v. $315,800).
Using the same formula, the median sale price also appreciated 7.5% ($285,000 v. $265,000
Third Quarter Report
In third quarter of 2007, there were 3.4% more new listings than July- September 2006 (16,573 v. 16,023). Closed sales fell 13.7% (7,351 v. 8,519) and pending sales also dipped 19.6% (6,711 v. 8,342).
Correction
Due to a reporting inconsistency in August, the average sale price was $355,000, not the reported $366,900. The median sale price was $302,000 vs. $300,000. Also, the average sale price in area 156: Yamhill County was $273,400, not $564,500. This discrepancy didn’t affect other Portland area statistics such as appreciation, DOM, or inventory.
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