RMLS MARKET ACTION REPORT FOR OCTOBER 2010

Comparing October 2010 to October 2009, closed sales decreased by 35.7%. Pending sales and new listings also fell by 21.5% and 9.4%, respectively. The number of closed sales and new listings are the lowest they have been in October in a comparison of the past three years (see graphs on pages 3 and 4).

A comparison of October 2010 with the previous month, September 2010, shows closed sales decreased by 7.7% (1,292 v. 1,399). Additionally, pending sales grew by 3% (1,632 v. 1,584), and new listings fell by 12.1% (3,119 v. 3,549).

At the month’s rate of sales, the 13,805 active residential listings would last approximately 10.7 months. Inventory in October 2010 rose by 4.2 months compared to October 2009 (6.5 months).

The average sale price for October 2010 declined 2.4% compared to October 2009. The median sale price also fell 4.7%.

On a month-to-month basis, comparing October 2010 to September 2010, the average sale price went down 1.1% ($276,800 v. $279,900) and the median sale price also dropped 2.7% ($233,500 v. $240,000).

When comparing January- October 2010 with the same period in 2009, closed sales increased 3.7%. Pending sales were 3.4% lower, but new listings were up 4%.

Click here to download the entire October 2010 RMLS Market Action Report for the Portland Metro Area