The information is based on comparing the October 2010 activity in the Metro Portland Housing Real Estate Market to October 2011 activity. It is not a year-to-date comparison.
The chart really says what I've been thinking . . . Inventory in the Metro Portland Housing Market seems to continue to wane from October 2010 New Listing numbers.
What This Means for Oct '10 vs. Oct '11 AVERAGE Sales Prices?
And the odd thing is . . . the Average Sales Prices for Portland Housing is DOWN nearly $20,000 from Oct. 2010 as well.
October 2010 - Average Sales Price: $276,800
October 2011 - Average Sales Price:$258,700
The Average Sales Price in the Metro Portland Housing Market: DOWN -6.5%
What This Means for Oct '10 vs. Oct '11 MEDIAN Sales Prices?
Keeping with the <$20,000 difference between Oct '10 and Oct '11, the MEDIAN SALES PRICE in the Metro Portland Housing Market has also slipped:
October 2010 - Median Sales Price: $233,500
October 2011 - Median Sales Price: $217,800
The Median Sales Price in the Metro Portland Housing Market: DOWN -6.7%
What the Numbers Say:
- New Listings - DOWN -22.0%
- Pending Sales - UP 15.1%
- Closed Sales - UP 14.1%
Listings DOWN -22% in the Metro Portland Housing Market
Again, this is based on Oct. 2010 compared to CURRENT Oct. 2011. What this tells me is that:
- Buyers ARE out
- Buyers ARE closing transactions
- Buyers ARE not pushing pricing upwards
- Sellers are NOT listing their property
- Sellers are NOT selling and moving-up
Comparing September 2011 to October 2011
- New Listings were down from 2,501 in Sept. 2011 to 2,433 in Oct. 2011 :
- DOWN -2.7%
Market Time is Holding Steady
For both Oct. 2010 and Oct. 2011 the Average Market Time is: Approximately 135 days
Average: All sold prices are added together into a sum, the sum is then divided by the number of houses that sold.
Median: Median is a mathematical result that indicates that one half of the group is higher and one half lower.