Portland Real Estate Sales Fall to 15-Year Low

A Bird’s Eye View

Portland Real Estate Sales Fall to 15-Year Low

March 11th, 2009 by roostblog in Real Estate

According the DQNews.com, the news site of DataQuick, January home sales in the Greater Portland Metro Area fell to the lowest level for any month in the last 15 years. Known for its stable housing market over the last several years, the five-county region, which includes Clackamas, Multnomah, Washington and Yamhill Counties in Oregon and Clark County in Washington, also posted the first double-digit, year-over-year decline in its median sale price since records have been kept.

A total of 1,386 new and resale single-family homes and condos sold during January in the Portland-Vancouver-Beaverton metro area. That was a 25.8% decrease from the 1,868 that sold in December and a 41.1% decrease from the 2,354 sales in January 2008. The number of sales in January 2009 was the lowest for any month since at least January 1994, when DataQuick started to keep complete sales statistics for the Greater Portland Metro Area.

The median sales price for the area in January was $245,000; this was down 1.0% from $247,500 in December 2008 and down 12.5% from $280,000 in January 2008. This current median price was 15.2% lower than the $288,858 peak in August 2007.

Comments Tagged in: Homes-12748, Portland OR Real Estate

Mathew Bossert

That's unfortunate, Portland is a wonderful city and I think things will be on the rise again over the course of the next couple of years.

Katie

I agree with Bossert - we are actually seeing things pick up in the 200-300k range as of late. In fact, buyers have actually begun to bid over the asking price in these areas, with homes going as quickly as a day or two on the market. Looking forward to the next few months numbers reports.

PortlandRealtor

Even though the Portland homes for sale are not as strong as they were for previous years, I am continually seeing a large number of Portland homes on the MLS go pending and sold. Thanks to The Obama $8000 tax credit, everyone is taking advantage of this great opportunity.