The metro area RMLS stats showed us pretty much the same thing we saw in March except that the average and median sale prices increased by 2.4% and 2.3%, respectively. I’m always happy to see figures like that!
We’re still dealing with a rough comparison for April of 2011 to 2010 due to last year’s tax credits for new home buyers. Looking forward, though, if our market maintains its current momentum, we should see some better year-to-year comparisons toward July, by which time last year the credit had expired and the lion’s share of the first-timers had closed their deals.
Below is an excerpt from RMLS’s “Market Action” for April, 2011.
April Residential Highlights
While sales activity was down in April 2011 compared with April 2010, average and median sale prices increased compared with the previous month of March 2011.
Closed sales were down 17% in April 2011 compared to April 2010. Pending sales were down 33%, and new listings dropped 34.2%. See residential highlights table below.Comparing March 2011 with April 2011, closed sales dipped from 1,615 to 1,611 (-0.3%). Pending sales also decreased from 2,014 to 2,005 (-0.5%). New listings went up from 3,056 to 3,099 (1.4%).
At the month’s rate of sales, the 11,621 active residential listings would last about 7.2 months.
Sale Prices
Average sale price for April 2011 declined 5.2% compared to April 2010. Median sale price also fell 8.4%. See residential highlights table below.
Month to month, comparing March 2011 to April 2011, sale prices increased. Average sale price went up from $261,100 to $267,300 (2.4%) while median sale price also increased from $215,000 to $219,900 (2.3%).
Tags: market, portland, Real Estate, statistics
Avg. Sales Price: $289,800
Avg. Days on Market: 121
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