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Early Returns – July 2008 Portland Real Estate Results
While ‘official’ results are over a week away, a review of Portland’s real estate activity for July shows a consistent pattern from previous months.
| July 2008 | June 2008 | July 2007 | |
| Median Sale Price | $288,500 | $289,000 | $295,000 |
| Average Sale Price | $341,400 | $348,800 | $352,400 |
| Closed Sales | 1,790 | 1,877 | 2,731 |
While the numbers from RMLS will be slightly different as sale information trickles in over the next few days, it’s clear that the market has settled into a Groundhog Day-like 30-35% decline in units sold each month and softly declining median and average prices. For example, the median price across the Portland metro area for July (flat vs. last month) is down 4.5% from the peak in August 2007, and off 2.3% from July of 2007.
I haven’t looked at pending sales or accumulated inventory, but Jeff Kempe suggests that inventory will be the same as last month (~9.5 months) and pending sales are showing accelerated price declines that may be reflected in August’s results.
The RMLS report should be out by August 15.
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