2009 RESIDENTIAL REVIEW
Metro Portland, Oregon
December Residential Highlights
The year ended quietly as sales activity in the Portland metro continued to slow. However, the level of inventory dropped after reaching a record high in November.
The number of closed sales (987) hit its lowest point since February 1992 (905). Pending transactions (810) were at a record low since RMLS began reporting in 1992, the previous record was 845 in December 1994.
Comparing December 2008 with December 2007, closed sales fell 34% and pending sales dropped 34.2%. New listings also decreased 17.4%.
At the month’s rate of sales, the 13,882 active residential listings would last 14.1 months if no new listings were to enter the market. That is a slight decrease from last month’s record high of 15 months.
2008 Summary
Comparing market activity in 2008 with 2007, new listings decreased 8.7%. Pending sales dropped 30.8% and closed sales fell 32.1%.
At $6.3 billion this year, total sales volume dropped 35% from 2007’s $9.7 billion.
Fourth Quarter Summary
Comparing the fourth quarter of 2008 with that of 2007, new listings fell 20.3% (8,326 v. 10,450*). Closed sales, on the other hand, dropped 32.1% (3,598 v. 5,298) and pending sales fell 35.8% (3,061 v. 4,766).
© Copyright RMLS™ 2009. All Rights Reserved.
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| Q |
During what months of the year do most people move from one home to another?
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| A |
Most moves occur between the months of May and September. |
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