As can be expected, the Portland Real Estate Forecast for 2011 has high and low points. While home sales activity was down in April 2011 compared with April 2010, the average and median prices increased compared with the previous month of March 2011. This increase in the average and median value is good for people interested in listing their homes for sale in the metro area. The months of real estate inventory is at the lowest point in almost 3 years which may make now the perfect time to sell your home. The combination of relatively low residential housing inventory and average home prices improving when compared to previous months may make now the perfect time to list your home.
2011 Market Update
Residential Forecast 2011
We like to make sure our clientele have all the information they need to make an educated decision. It is important to know what the residential housing forecast looks like because there can be many changes to the Portland real estate market as time goes on. Below are useful graphs, statistics and comparisons for you to see the exact status of market and what the 2011 residential property forecast looks like. Please use our site to help you however possible and when the time is right be sure to call us to speak with knowledgeable and friendly professionals.
Average Days On The Market
Listed Homes Vs Sold Properties
Looking at the fact that the number of active listings was down over 34%, it is no surprise that closed transactions were down too. Buyers want selection when for their purchase. It can be difficult to find the right home that fits their needs. Closed transactions were only 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.
Number Of Active Residential Listings
This graph shows the active residential listings over the past three calendar years in the greater Portland, Oregon metropolitan area.
Number Of Active Real Estate Listings
This graph shows the total active listings over the past three calendar years in the greater Portland, Oregon metropolitan area.
Past 5 Years Of Closed Transactions
This graph shows the closed sales over the past five calendar years in the greater Portland, Oregon metropolitan area.
Real Estate Market Comparison Portland, OR March-April
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.
Market Comparison 2010-2011
Comparing January-April 2010 with the same period in 2011, sales activity was down. Closed sales decreased by 6.6% (5,900 v. 5,513). Pending sales went down by 19.7% (8,476 v. 6,806), and new listings fell 30.9% (17,918 v. 12,378). Additionally, the average sale price fell 8.1% ($279,700 v. $257,000), and the median sale price dropped 10.4% ($239,900 v. $215,000).