Portland Pre Foreclosure Sale Figures Up, but Home Prices Are Down

by on Foreclosures

Pre foreclosure sale figures as well as residential property sales improved in Portland, Oregon, last month. However, average and median prices of houses sold recorded a decline in January 2011 when compared with the same 2010 month and compared with the previous month. Inventories are also down, but remained higher than normal market levels.

The average price of houses sold in the metro area last month, including Portland home foreclosures for sale, was $248,900. The rate represents an 11.9% decline when compared with January 2010 and also represents a decline when compared with December 2010, with month-over-month difference at 10.5%. Meanwhile, the median selling rate was also down last month from a year ago.

The median rate of houses sold in Portland, such as Oregon foreclosures, declined last month by 10.4% from January 2010 to end at $215,000. Compared with December 2010, the median selling price was down 6.5%. According to local realtors, the lower prices are likely the primary reason for the higher number of houses sold in January, with most buyers taking advantage of the cheaper prices of dwellings.

The number of pre foreclosure sale and non-foreclosed property sales that were closed last month totaled 1,035, up by 5% when held against January 2010 figures. However, pending sales went down by 3% over the same period, while new listings also dropped. New listings declined by a massive 20.5% last month compared with the same 2010 period. Unsold home inventories also dropped in the metro area in January 2011.

The January 2011 inventory of bank houses for sale and other unsold residential properties dropped by a number equivalent to 1.3 months of supply when compared with the same 2010 month. A total of 11,697 residential properties in active listings were recorded last month, which equaled a supply of 11.3 months. Although the inventory of unsold dwellings dropped, the figure remained way above the six months of supply that characterizes a normal market condition.

Local realtors are hoping that pre foreclosure sale and other residential property sales will pick up come spring, which is the usual time that homebuyers go house hunting. They are also looking forward to a rise in prices as more buyers gain confidence and enter purchase transactions.

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