Median single family home sale prices followed a long, slow decline from Summer of 2008 from $350,000 and hit a bottom in March and April 2009 at around $310,000 showing a $40,000 (11%) decline. Since the beginning of may this has recovered $10,000 to a median sale price of $314,485.
Another factor: # of Days on the Market for sale properties showed a sharp decline in February from a high of about 147 to a low of about 80. This has now stabilized somewhat around 99-102 days. This is a reverse trend from those in most communities, but still shows a sign of stabilization for the past eight weeks.
The number of single family homes available for sale which has been as high as almost 5,500 in August of 2008 has since stabilized at around 4,250 since the end of February, 09 and has remained in that range since.
The neighborcity.com site is currently showing over 5,800 property listings in the greater Portland area and 2,300 foreclosures.
In many communities these numbers have already established a trend of stabilizing and increasing prices on the lower end spurred by first time buyer incentives and affordable housing costs for cash investors and first time buyers. This is confirmed in today's Wall Street Journal article.
Some of the above statistics are harbingers of some stabilization, but the sales numbers have yet to catch up with the trends in other communities.
Posts
