For the 12 months rolling average ending in May 2010 vs. the previous 12 months, the average price in the Portland Metropolitan area is down 9.7% according to RMLS. The average price declined from $315,200 to $284,600, and the median price fell from $256,600 to $242,900 for a decrease of 8.5% for the same 12 month period. At the end of May there were 14,372 active listings listed in the MLS representing a 7.0 month supply of homes, a considerable improvement from the 19.2 months in January 2009.
You will note on the chart below a massive (50.1%) drop off in sales for May vs April of this year. This was pretty much expected and is a reflection of the end of the Obama first time home buyer tax credit that ended at the end of April. This program simply pushed a lot of sales forward. We have noticed in June the sales pace has picked up somewhat.
We are also seeing a large increase in distressed property sales (short sales and bank owned homes) which is up to 35% of some of the Portland area markets. In ordrer to better serve our clients Alicia, Kathy and I have taken the courses necessary to become CDPE (Certified Distressed Property Experts) so we are well versed in assisting sellers and buyers with distressed home sales.
Sales vs. Listing Activity in the Portland Area January 2005 to Present
