April Showers Bring…More Showers

Anyone hoping for a spring bounce to the Portland area real estate market will likely be disappointed when ‘official’ numbers are released around the 15th.

Except, perhaps, active buyers looking to time the market to their advantage.

As of this afternoon, April 2008 unit sales were running at about 57% of April 2007’s result. By the time all the April lingering data gets entered over the next few days, the result will likely just reach the 60% mark. (Pending sales for April 2008 are down 38% from last years monthly total, so May’s sales result will look familiar.)

And it seems the doldrums are starting to have their effect on sales pricing (finally). The average sale price for the current results is $324,300 (vs. $336,700 last month and $338,200 last April). The median will come in around $275,000 (vs. $286,500 last month and $285,000 last April).

Inventory is growing, with active listings up 1,000 from the beginning of April to start May with 16,400 homes.

The numbers will likely change a little once RMLS scrubs the data, but you get the idea.

Photo by jekkyl, used under Creative Commons license.

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

7 comments May 2nd, 2008