MARKET ACTION APublicationofRMLS™, The Source for Real Estate Statistics inthe Portland Metropolitan Area MONTH IN REVIEW DECEMBER HIGHLIGHTS Real estate activity in the Portland Metro- politan Area basically repeated a seasonal pattern in December, with new listings and pending sales declining compared to the previous month and closed sales improving. Pending sales hit their lowest level since the inception of Market Action with 845 recorded, down 22.8% from the 1,346 pendings in November and 18.7% from the 1,039 of the same month in 1993. To add perspective, the drop in the number of pendings between November and December of 1993 was even more dramatic at 34.1%. There were 1,541 new listings entered into the RMLS ™ system in December, down 25.6% from the 2,071 entered in November, but slightly higher than December 1993 when 1,497 were entered. Closed sales registered at 1,610, up 6.4% from the previous month's 1/513 but 16.3% lower than the 1,923 sales in the comparable 1993 period. The average sales price was $134,400 in December, almost identical to the average sales price for the year Closed stings Sales Month 1541_| 1,610 Pending December 1994 Reporting Period as a whole of $134,200. That figure is 4.7% higher than the monthly average for December 1993 of $128,400. The median sales price for the month was $118,200, also 4.7% higher than the comparable median last year of $112,900. There were a total of 6433 active residential listings in the RMLS™ system at the end of December. AN OVERVIEW OF 1994 For the second year in a row, the Portland area experienced an excellent real estate mar- ket. A total of 22,444 homes closed with a total value of over three billion dollars. This repre- sents an increase of 5.6% over 1993. Pending sales ended the year 3.5% under pendings for the previous year (20,124 and 20,854 respec- tively.) New listings were virtually the same at 31,586 in 1994 and 31,713 in 1993, The average sales price in 1994 was $134,200, showing a gain of 8.8% over 1993 when the average sales price was $123,400. The median rose 9.3% from. $107,000 in 1998 to $117,000 in 1994, ‘ Medan sales Price rs lsales Price| Average Sales Market Time 134,400 | 118.200 Year To Date 31,586 ‘Month, 1497 _| 1,923 22,444 | 20,124 434,200_| 117,000 1,039 | 128,400 _| 112,900 ‘Year To Date 31,713 21,259 | 20,854 123,400. | 107,000REGIONAL REPORT - 12/94 complete SIDENTIAL Jcommenciat} Uo | mutT a listing of data by reg TaarTa Dae Year Toba | Vea To Dae] Voor TOD : 8 foor real estate activity w land metropol ‘Brae Price Sales g 5a ‘aso sssca 15. rad 2a oan jeaESHAN TROUTOALE TILWAUKYE: CLACKAMAS [LAKE OSWEGOT WEST LINN vest PORTLAND NORTHWEST —[ WA. COUNTY [BEAVERTON ALOHA [Tigao — — WILSONVILLE [RicséoROT FOREST GROVE coLuNeiA wor] oe] ws use sea] aa] ase lenan] re | vos [essen 7 [ac sas] et] 18 80700) 2622] 1525) 12001100) 7 | seo00) 197 a.100] 22 | 154s00} PyAMLL [COUNTY [vancouver “] Jcuank county. | ae | MOUNTAIN 15] 16] 4 8} sro] 220] toe] v4altonz0a} «| soaano Pn oe alelealtlelel-lCLOSED RESIDENTIAL SALES This graph represents the total volume of closed residen- tial sales for the entire Portland k ‘metropolitan aren JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC TE eevicus year I curent vear 124000 ae 122000, ete 120000 represents the +1800 median sales {a0 price forall 112000 hhomes sold in 110000 00000 the Portland 106000 metropolitan 108000 = 102000 00000 9000 96000 JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC ce cc ACTION