Sneak Peek at October 2008 Portland Real Estate Market Results

Under That Tree, photo by Black Dog PhotographyAn early look at October’s results for Portland’s real estate activity may surprise some.

Closed sales were down about 22% from a year ago, but running ahead of the year-to-date pace of roughly -30%. The median price will actually come in above last month’s result (+3%), as will the average sale price. The 12-month comparison will be down about -5% for the median, and -4.2% for the average, but isn’t sliding to oblivion.

These numbers are bound so shift a little before RMLS scrubs and locks them down for the month. The full report is due around the 14th of November, but unless there are some serious discrepancies in the database, I see pricing on a bit of a plateau prior to the winter housing hibernation.

The bottom? Don’t even say it. But better than expected.

Photo courtesy of Black Dog Photography, used under Creative Commons license.

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November 6, 2008 · Filed Under Market Activity

Comments

6 Responses to “Sneak Peek at October 2008 Portland Real Estate Market Results”

  1. adibble on November 7th, 2008 6:19 am

    hey, that photo is in my college alumni magazine! Are you related to Swarthmore?

  2. Ron Ares on November 7th, 2008 8:25 am

    According to the photographer, it was taken here in the Portland Japanese Gardens.

  3. uncle_git on November 7th, 2008 9:46 am

    The slowing of sales drops doesn’t really surprise at all – we were deep into the slowdown this time last year – the pace of drops will level off – the level of sales will stay depressed for some time to come. There is only so long you can keep up 30% YOY drops until your sales bottom out no matter how depressed the market.

    The price increase however does surprise me – could be a statistical bump or we could be showing some resilience – too early to tell.

    I’d love to see the breakdown of sales in different price ranges – what I’ve noticed in California is that sales in the lower price brackets drop off first and pick up first during the cycle – this understates initial drops and overstates the price declines later in the cycle as the bottom part of the market picks up again.

    To be honest my expectation is for prices to continue to slide over the winter.

  4. t on November 7th, 2008 4:05 pm

    love the photo/art of the tree

  5. squeezed on November 10th, 2008 12:42 pm

    These are sales that occured during the summer. RMLS asking prices are a more current indicator and tell a different story.

    Timber!!!!

  6. squeezed on November 10th, 2008 12:42 pm

    occured=occurred

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