No real surprise that Portland’s 2008 real estate activity ended with a thump. We’ve traditionally seen a slow down in our business during the holidays and then the Arctic Blast brought showings to an almost standstill. One of the few showings that we did have on a listing has resulted in a pending sale. None of our listings suffered any storm damage.
“The number of closed sales (987) hit its lowest point since February 1992 (905). Pending transactions (810) were at a record low since RMLS™ began reporting in 1992, the previous record was 845 in December 1994.”
Sales volume dropped 35% to $6.3B from 2007’s $9.7B. The Turner Realtors Team was down 13.3% for the same period. The slowdown in sales volume is universal across all RMLS reporting areas in the metro area. The only area reporting positive appreciation over a 12 month rolling average is West Portland’s paltry 1.9%. Every other area is in negative territory. Overall the average sales price is down -3.7% and the median price is -4.1% (rolling average as reported by RMLS).
These numbers have always seemed a little misleading. Whereas Case Shiller reports on previously sold units, the RMLS numbers reflect the entire pool of condos. It wouldn’t surprise me the average new construction condo in the metro area since 2004 is priced over $400,000. Prior sale condos would almost certainly paint a different picture.