Early Results for February Market Activity

IrisThe exceedingly slow January results have raised some concern for those those in, about, or around the local real estate market.

Well, early (and unofficial) results for February show more of the same. The sales pace is picking up some, but does not compare well with February 2007 reports.

Just over 1,300 homes sold in the Portland metro area in February (although some stragglers will add a few to that number over the next couple days). In 2007 and 2006, the sales numbers were 1,899 and 2,038 respectively (over 32+% higher).

Additionally, the year-to-year comparison for median (or middlemost) price is just about flat at $279,000 compared to 2007. The monthly average price is around $347,000 (up from $326,700 in 2007). With the lower sales volume, it suggests that higher priced properties are pulling the average up.

Another interesting note, final sale amounts are running about 90% of the original list price on average. Sellers, get realistic about your pricing. This isn’t July 2007 anymore.

Remember, these are not final, official numbers released by the RMLS. But Excel pivot tables make quick work of just 1,300 sales. Come back around March 15 for final numbers and breakdowns by market area.

[tags] RMLS, market, activity, February, home, price, sales, average, median [/tags]

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March 4, 2008 · Filed Under Market Activity

Comments

One Response to “Early Results for February Market Activity”

  1. Portland Oregon Real Estate Agent Blog » Portland Market Activity - February 2008 on March 14th, 2008 7:46 am

    [...] I mentioned the other day, only a little over 1,300 properties changed hands in the Portland metro area in February, leaving [...]

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