Market Action Report Portland, OR

Sales activity in the Portland metropolitan area continues to improve in March 2010 compared to the same month a year ago. When comparing March 2010 with March 2009, closed sales rose 51.9%. Pending sales jumped 46.7% and new listings increased 35.3%. Comparing March 2010 with the previous month, February 2010, closed sales drastically increased 77.2% (1,799 v. 1,015) and pending sales grew 29.8% (2,402 v. 1,850). New listings increased 27.8% (4,987 v. 3,902). At the month’s rate of sales, the 14,042 active residential listings would last approximately 7.8 months, the lowest of the year.

Sale Prices
The average sale price for March 2010 fell 5.6% compared to March 2009. The median sale price dropped 3%. On a month-to-month basis, comparing March 2010 to February 2010, the average price increased 2.6% ($280,300 v. $273,100) and the median price grew a slight 1.6% ($238,900 v. $235,000).

First Quarter Report
Comparing the first quarter of 2010 with that of 2009, increases can be seen across the board. Closed sales grew 37.3% (3,892 v. 2,834). Pending sales also went up 39.2% (5,594 v. 4,018) and new listings rose 13% (13,072 v. 11,566).