Sales activity in the Portland Metro area showed improvements in closed and pending sales this August compared with August 2010. Closed sales grew 30.7% in August 2011 compared to August 2010. Pending sales were up 29.6%, and new listings dropped 24.8%. Comparing July 2011 with August 2011, closed sales increased from 1,709 to 1,805 (5.6%). Pending sales also went up from 1,928 to 2,187 (13.4%). New listings went down from 2,942 to 2,879 (-2.1%). At the month’s rate of sales, the 11,276 active residential listings would last about 6.2 months.

Sale Prices

Average sale price for August 2011 declined 9.2% compared to August 2010. Median sale price also fell 10%. Month to month, comparing July 2011 to August 2011, sale price activity fell slightly. Average sale price went down from $275,100 to $271,800 (-1.2%) while median sale price decreased from $227,200 to $225,000 (-1%).

Year-to-Date

Comparing January-August 2010 with the same period in 2011, results were mixed. Closed sales decreased by 0.5% (13,185 v. 13,114), while pending sales increased by 2.8% (14,248 v. 14,645). New listings fell 26% (34,043 v. 25,189).

NORTH PORTLAND —-
Previous Month’s Average Sales Price: $246,100.
Year-to-Date Average Sales Price & Appreciation: $221,100, -4.7%.

NORTHEAST PORTLAND —-
Previous Month’s Average Sales Price: $282,900.
Year-to-Date Average Sales Price & Appreciation: $270,300, -4.4%.

SOUTHEAST PORTLAND —-
Previous Month’s Average Sales Price: $232,600.
Year-to-Date Average Sales Price & Appreciation: $213,900, -7.2%.

WEST PORTLAND —-
Previous Month’s Average Sales Price: $394,900.
Year-to-Date Average Sales Price & Appreciation: $390,300, -2.5%.

BEAVERTON —-
Previous Month’s Average Sales Price: $217,600
Year-to-Date Average Sales Price & Appreciation: $209,600, -12.5%.

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Amid a sea of negative headlines, there is a hint of good news in the latest Portland area housing report: a small uptick in the median sale price of homes sold in July.

The Regional Multiple Listing Service said in its monthly market action report that the median home sale price in July was $227,200. Granted, that’s a decline of 7.6 percent from a year ago, but it represents a 1.9 percent improvement from June’s $222,900 figure.

Click on the link below for the full story

http://www.oregonlive.com/business/index.ssf/2011/08/home_prices_edging_up_in_portl.html

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