In the Portland Real Estate Cafe’s November 2008 Market Update for NE Portland Real Estate you’ll notice that 105 homes successfully sold at a median price of $259K, 116 homes went under contract for sale at a median list price of $250K, and 269 were newly listed at at median list price of $275K. We exited the month with 1,174 NE Portland homes for sale.  At our November sales rate, it would take about 10 months to sell through this currently inventory.

The November median price is down 10% from October and -11% from Nov. 2007.  Closed sales volume is down 47% from last year and pending sales are off 25%.  The median price of the current inventory is $275K and that inventory has already aged to an average of 98 days.  The homes that were sale-pending in November were at a median list price of only $250,000, which suggests a median sales price in December of approximately $240K.  leaving  a $35,000 gap (13%)  between the median selling price and the median price of homes currently for sale.

The trends are getting worse, not better for the real estate market in Northeast Portland.   With all the inclement weather, we expect December reports will be significantly softer.

82% of November sales happened at prices below $400K.  Clearly the core part of the Northeast Portland real estate market is between $200K -$300K.