Portland Real Estate Market – Early Review of April Results

With much anecdotal evidence and hearsay to the contrary, the reality for the Portland real estate market is that activity continues to move at a sluggish pace.

My early peek shows around 1,250 homes closing escrow in April, and over 1,700 homes going sale pending for the month. Although the number of sales and pending properties are up about 6% from March, these numbers are well below seasonal averages. (Closed sales for April 2006-2008 were 2,558, 2,594, and 1,582 respectively.)

Median and average prices will be down 17-18% from their peaks. The average price will come in around $291,000, down about 2% from last month. The median will likely come in around $250,000, up 1.5% from last month–the fifth month that the median has bounced between $246,000 and $259,000. Active inventory is basically flat or up just a smidge.

Does it signal the bottom? Leave your guess in the comments.

The RMLS staff will clean up the numbers and have them out by the 15th, and I’ll do a full post by market area at that time.

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May 6, 2009 · Filed Under Market Activity

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