Market activity continues to be on the decline when compared to 2007. October pending sales fell 39.6% when compared to October 2007. The number of closed sales also fell 21.4%. Comparing October to September, we also saw a decline across the board. There were 25.6% fewer accepted offers and 10.7% fewer sales. With this lower rate of sales activity, the supply of properties for sale (inventory) would last approximately 11.1 months.
The median sale price for Metro Portland is $275,000, down from $287,000 in October, 2007 and the average days on market for listed properties is 127 days.
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