Sneak Peek at March 2008 Results

The March numbers are still trickling in, but stable enough to draw some early conclusions as to the state of the Portland metro real estate market.

Sales
Compared to March 2007, residential sales are down 39%, continuing the 2008 trend of being 30-40% off last year’s monthly pace.

Average / Median Price
Despite the slow sales performance, pricing is up (!) ever-so-slightly up from March 2007. Average price was $337,200 vs. $336,300 (March 2007). The median is up $1,000 from March 2007 ($287,000 vs. $286,000). Note, however, that the average sale price in March is down about 2% from February’s result.

Pending Sales
Perhaps the bright spot, pending sales (homes under contract) are roughly equal to this time last year (within 100 units) at 2,960 pending. AMENDED: Like sold inventory, pending sales are actually down about 40% from March 2007–RMLS contacted me regarding a difference in reporting methodology.

Inventory
Around 15,700 homes are now being offered, somewhere around 9.5 months at the current pace of sales. March 2007 showed just 10,577 homes.

Market area data available next week.

Photo courtesy of draggin, used under Creative Commons license.

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8 comments April 9th, 2008