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re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
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Friday Fun: Even More Portland-y Time Lapse
It seems Portland photographers are vying for the “Top Portland Time Lapse Video Award”. That’s fine with me.
Another beautiful example, Finding Portland:
Finding Portland from Uncage the Soul Productions on Vimeo.
Video by Uncage the Soul Productions.
Portland Real Estate Market Activity – March 2012
Portland area home buyers are snapping up properties at a higher rate and faster pace in 2012 thus far than they did in 2011. Through the first quarter, the metro area has seen a 12% increase in sold homes compared to last year–the best 1st quarter performance since 2007. Properties are taking a full month less to sell versus this time last year–a little over 3 months on average.
Overall, prices are still fluctuating. The average sale price for the metro area was $252,000, down from $261,00 in March 2011. Some market areas, however, are starting to show some year-over-year appreciation.
Listings continue to be exceedingly scarce, however, with just 8,391 properties or 5 months’ inventory available at the end of March. By comparison, March 2011 had 11,458 units on the market. Nearly 2,300 properties received acceptable offers and were noted as sale pending in March.
Here are the figures for March:
Market Summary
| March 2012 | Prev. Month – February 2012 |
Last Year - March 2011 |
|
| Median Sale Price | $215,700 | $211,000 | $215,000 |
| Average Sale Price | $252,600 | $255,100 | $261,100 |
| Closed Sales | 1,694 | 1,262 | 1,615 |
| Pending Sales | 2,272 | 2,109 | 2,014 |
| New Listings | 2,886 | 2,492 | 3,056 |
| Active Listings | 8,391 | 8,203 | 11,458 |
| Total Market Time * | 135 days | 138 days | 161 days |
| Inventory (in months) | 5.0 | 6.5 | 7.1 |
Below is activity by market area. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $380,600 | $323,400 | 0.8% | 160 |
| West Portland & Downtown | $378,900 | $310,000 | -4.4% | 156 |
| NW Washington County | $348,600 | $320,000 | 1.5% | 134 |
| Northeast Portland | $273,400 | $236,500 | -4.4% | 89 |
| Tigard / Tualatin / Sherwood / Wilsonville | $263,700 | $240,000 | -7.7% | 175 |
| Milwaukie / Clackamas | $238,700 | $210,100 | -6.7% | 134 |
| Oregon City / Canby | $227,100 | $207,800 | -3.1% | 140 |
| North Portland | $207,900 | $200,000 | -0.4% | 123 |
| Southeast Portland | $207,300 | $169,000 | -7.5% | 93 |
| Hillsboro / Forest Grove | $201,700 | $180,000 | -4.9% | 118 |
| Beaverton / Aloha | $199,000 | $176,000 | -7.7% | 142 |
| Yamhill County | $196,200 | $165,000 | -6.3% | 156 |
| Gresham / Troutdale | $189,800 | $167,000 | -9.1% | 151 |
| Columbia County | $158,900 | $163,000 | -9.9% | 151 |
Friday Fun: Another Portland Time-Lapse Vid
Put ‘time-lapse’ and ‘Portland’ in the same sentence and I’m hooked.
Here’s another from John Eklund. Watch it in full screen or from the Vimeo page for better resolution.
If you missed the earlier Portland time-lapse find by Lance Page, catch it here.
Hat tip to Rick Turoczy for the find.
Portland Real Estate Market Statistics – February 2012
A look back at Portland’s real estate market performance in February. March’s update will be available in the third week of April.
Market Summary
| February 2012 | Prev. Month – January 2012 | Last Year – February 2011 |
|
| Median Sale Price | $211,000 | $207,500 | $213,700 |
| Average Sale Price | $255,100 | $249,100 | $244,500 |
| Closed Sales | 1,262 | 1,224 | 1,074 |
| Pending Sales | 2,109 | 1,823 | 1,592 |
| New Listings | 2,492 | 2,613 | 2,883 |
| Active Listings | 8,203 | 8,514 | 11,746 |
| Distress Sales | N/A | N/A | 43% |
| Total Market Time * | 138 days | 136 days | 177 days |
| Inventory (in months) | 6.5 | 7.0 | 10.9 |
Below is activity by market area. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| West Portland & Downtown | $379,600 | $293,000 | -4.4% | 152 |
| Lake Oswego / West Linn | $379,400 | $320,000 | 0.4% | 152 |
| NW Washington County | $350,900 | $316,000 | 0.3% | 134 |
| Northeast Portland | $273,200 | $236,000 | -5.7% | 105 |
| Tigard / Tualatin / Sherwood / Wilsonville | $255,300 | $235,000 | -8.4% | 174 |
| Milwaukie / Clackamas | $233,800 | $206,000 | -6.9% | 153 |
| Oregon City / Canby | $221,800 | $200,000 | -5.9% | 127 |
| Southeast Portland | $211,200 | $169,500 | -7.8% | 114 |
| Beaverton / Aloha | $205,100 | $180,000 | -8.3% | 108 |
| North Portland | $202,100 | $195,900 | -1.8% | 93 |
| Gresham / Troutdale | $200,800 | $173,000 | -7.0% | 97 |
| Yamhill County | $199,200 | $167,000 | -7.4% | 170 |
| Hillsboro / Forest Grove | $198,300 | $179,000 | -7.8% | 117 |
| Columbia County | $148,400 | $154,500 | -11.2% | 228 |
Portland Real Estate Market Statistics — January 2012
Highlights of the inaugural month of the 2012 real estate season included strong closed and pending sale figures (the best January since 2007), a bump in new listings, and a reduction in market time. However, January results also revealed continued low inventory levels and a dip in the median sale prices from a year ago.
January and February are traditionally the slowest months in the market, so the smaller sample is partially to blame for the pricing decline. Twelve-month rolling calculations showed 6.9% and 6.1% declines in median and average prices when comparing Feb 2011 – Jan 2012 to Feb 2010 – Jan 2011.
With only 8,500 properties on the market at the end of January, buyers have little to sift through. It’s not uncommon to see 2 or 3 parties queued up on the porch to view close-in neighborhood listings, and multiple offers are back in style.
Here are the figures for January:
Market Summary
| January 2012 | Prev. Month - December 2011 |
Last Year – January 2011 |
|
| Median Sale Price | $207,500 | $216,000 | $215,000 |
| Average Sale Price | $249,100 | $260,800 | $248,900 |
| Closed Sales | 1,224 | 1,612 | 1,035 |
| Pending Sales | 1,823 | 1,443 | 1,489 |
| New Listings | 2,613 | 1,700 | 3,128 |
| Active Listings | 8,514 | 8,612 | 11,697 |
| Distress Sales | N/A | 35% | 43% |
| Total Market Time * | 136 days | 142 days | 160 days |
| Inventory (in months) | 7.0 | 5.3 | 11.3 |
Below is activity by market area. Please note that median and average sale prices are only for January 2012, so prices might seem wonky due to the light sample. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $364,800 | $300,000 | -1.3% | 176 |
| West Portland & Downtown | $366,300 | $290,000 | -5.5% | 176 |
| NW Washington County | $339,100 | $311,000 | -0.9% | 118 |
| Tigard / Tualatin / Sherwood / Wilsonville | $260,900 | $235,400 | -8.6% | 166 |
| Northeast Portland | $268,300 | $219,800 | -6.2% | 109 |
| Milwaukie / Clackamas | $230,600 | $204,300 | -7.9% | 113 |
| Oregon City / Canby | $222,700 | $200,800 | -7.2% | 159 |
| North Portland | $195,700 | $200,100 | -3.1% | 67 |
| Southeast Portland | $225,400 | $170,500 | -8.4% | 110 |
| Beaverton / Aloha | $206,900 | $173,000 | -8.8% | 154 |
| Hillsboro / Forest Grove | $183,800 | $173,500 | -8.7% | 145 |
| Yamhill County | $158,800 | $139,800 | -9.8% | 121 |
| Gresham / Troutdale | $216,600 | $165,900 | -7.1% | 121 |
| Columbia County | $140,500 | $115,000 | -12.8% | 165 |
‘Stuff’ Portlanders Say
Riffing on the explosively viral ‘Sh*t Girls Say‘ video meme, it was only time before a Portland version emerged.
Given the Portlandia mania, it would be tough to pull off something totally fresh. A few clinkers here, but offset by a number of classic Portland truisms.
How long before the inevitable Vancouver, WA version?
Portland Real Estate Market Statistics — December 2011
Real estate sales activity continued its upward trend for the third straight month, as over 1,600 homes closed escrow in the Portland area in December. The strongest December in a few years, combined with a dearth of new listings, led to the market’s lowest total inventory since June 2006. January buyers were met with only 8,612 homes on the market. The past few years have seen closer to 12,000 units available at year end. At the current pace of sales, the remaining inventory would be exhausted in 5.3 months.
“Wait!” you say. “Doesn’t 5 or 6 months of inventory signal a seller’s market?” you ask. Yeah, that’s the weird dichotomy the market presents. Over a third of transactions are distress sales and prices are still declining (albeit at a slower rate). Yet, in close-in neighborhoods or in well-kept properties that are priced reasonably, you can count on quick sales and sometimes, multiple offers. Four of the 6 homes I showed last Saturday were sale-pending by Tuesday morning.
Month-to-month average and median sale prices are bouncing somewhat, but for the year vs. 2010, the market was down 6.7% on average and 7.9% at the median. I will share 2011 end-of-year stats later this week.
Here are the figures for December:
Market Summary
| December 2011 | Prev. Month - November 2011 |
Last Year - December 2010 |
|
| Median Sale Price | $216,000 | $225,000 | $230,000 |
| Average Sale Price | $260,800 | $259,400 | $278,000 |
| Closed Sales | 1,612 | 1,521 | 1,462 |
| Pending Sales | 1,443 | 1,685 | 1,210 |
| New Listings | 1,700 | 2,026 | 1,925 |
| Active Listings | 8,612 | 9,451 | 11,611 |
| Distress Sales | 35% | 31% | 37% |
| Total Market Time * | 142 | 135 | 145 days |
| Inventory (in months) | 5.3 | 6.2 | 7.9 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $428,500 | $370,000 | -1.4% | 166 |
| West Portland & Downtown | $384,800 | $324,200 | -6.2% | 165 |
| NW Washington County | $358,100 | $325,000 | -1.7% | 115 |
| Tigard / Tualatin / Sherwood / Wilsonville | $278,000 | $254,000 | -8.7% | 164 |
| Northeast Portland | $266,900 | $229,000 | -5.8% | 139 |
| Milwaukie / Clackamas | $240,000 | $220,000 | -7.8% | 141 |
| Oregon City / Canby | $233,400 | $211,100 | -8.0% | 156 |
| North Portland | $222,200 | $212,000 | -3.6% | 90 |
| Southeast Portland | $214,700 | $181,500 | -9.7% | 112 |
| Beaverton / Aloha | $213,000 | $195,000 | -9.7% | 116 |
| Hillsboro / Forest Grove | $206,300 | $189,500 | -9.2% | 149 |
| Yamhill County | $198,800 | $173,100 | -10.1% | 180 |
| Gresham / Troutdale | $195,700 | $178,000 | -8.4% | 147 |
| Columbia County | $159,400 | $145,500 | -11.9% | 150 |
Portland Real Estate Market Statistics – November 2011
The year end draws near and the Portland residential real estate market will end 2011 on a stronger note than 2010 — at least when measured by sales volume. Sales in November 2011 were 19% above last year’s pace and were actually 3% higher than October’s result.
However, available inventory, at just 9,451 units is at the lowest level since the summer of 2006. At the current pace of sales, the market would exhaust supply in 6.2 months. Nearly a third of homes sold in November could be described as ‘distress’ sales — either a short sale or bank-owned foreclosure.
Prices are slightly softer than a year ago, down about 4.6% on average and 3.4% for the median. The average home sale in November was $259,400. That is 27% off peak prices from the summer of 2008.
On that note, below is the grisly 11-year view of median home prices and various rates of appreciation since 2000. After some stabilization in 2009 and a sharp decline in late 2010, 2011 showed some signs of recovery despite some seasonal choppiness at the end.
Click for larger view
Here is a closer look at 2010 and 2011.
Click for larger view
Here are the tables for November:
Market Summary
| November 2011 | Prev. Month - October 2011 |
Last Year - November 2010 |
|
| Median Sale Price | $225,000 | $217,800 | $233,000 |
| Average Sale Price | $259,400 | $258,700 | $271,900 |
| Closed Sales | 1,521 | 1,474 | 1,279 |
| Pending Sales | 1,685 | 1,878 | 1,429 |
| New Listings | 2,026 | 2,433 | 2,473 |
| Active Listings | 9,451 | 10,012 | 13,103 |
| Distress Sales | 31% | 30% | 32% |
| Total Market Time * | 135 | 136 | 140 days |
| Inventory (in months) | 6.2 | 6.8 | 10.2 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $425,500 | $369,900 | -3.3% | 179 |
| West Portland & Downtown | $386,100 | $325,000 | -4.1% | 131 |
| NW Washington County | $356,300 | $320,000 | -3.7% | 133 |
| Tigard / Tualatin / Sherwood / Wilsonville | $280,000 | $257,500 | -7.7% | 139 |
| Northeast Portland | $267,900 | $230,000 | -5.2% | 108 |
| Milwaukie / Clackamas | $239,400 | $219,800 | -9.9% | 130 |
| Oregon City / Canby | $232,900 | $211,000 | -10.3% | 132 |
| North Portland | $221,600 | $212,000 | -4.4% | 110 |
| Southeast Portland | $215,500 | $182,800 | -9.5% | 124 |
| Beaverton / Aloha | $213,100 | $195,000 | -11.6% | 131 |
| Hillsboro / Forest Grove | $207,000 | $190,000 | -9.2% | 141 |
| Yamhill County | $198,900 | $174,500 | -7.4% | 183 |
| Gresham / Troutdale | $196,200 | $178,000 | -8.1% | 135 |
| Columbia County | $159,600 | $146,500 | -11.0% | 168 |
Portland Real Estate Activity & Statistics – October 2011
The Portland real estate market begins its annual hibernation, with activity subsiding and prices taking a nap as well.
Compared to September, closed sales dropped 7%, the median price dipped 6.7% and the average slumped by 6.5%. The average sale price in October was $258,700 and the midpoint weighed in at $217,800 — the lowest levels since the market thawed in early 2011.
Nearly a third of closed sales were short sales or bank-owned foreclosures. November closings should be on par with October, however, with a slight rise in pending sales over October’s totals. The average time on market is around 4.5 months.
On a year-to-date basis, closed sales are up 2.1% and pending sales up 4.5% over 2010. However, new listings are off 26.3% from last year. Active inventory is the lowest since February 2007, starving motivated buyers for choices. Starting November, less than seven months’ inventory exists, around 10,000 homes.
Market Summary
| October 2011 | Prev. Month - September 2011 |
Last Year - October 2010 |
|
| Median Sale Price | $217,800 | $230,800 | $233,500 |
| Average Sale Price | $258,700 | $268,200 | $276,800 |
| Closed Sales | 1,474 | 1,586 | 1,292 |
| Pending Sales | 1,878 | 1,861 | 1,632 |
| New Listings | 2,433 | 2,501 | 3,119 |
| Active Listings | 10,012 | 10,666 | 13,805 |
| Distress Sales | 30% | 26% | 33% |
| Total Market Time * | 136 | 131 | 131 days |
| Inventory (in months) | 6.8 | 6.7 | 10.7 |
Below is activity by market area on year-to-date basis.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $429,100 | $370,000 | -3.4% | 135 |
| West Portland & Downtown | $388,700 | $328,400 | -3.4% | 149 |
| NW Washington County | $357,300 | $321,000 | -3.0% | 86 |
| Tigard / Tualatin / Sherwood / Wilsonville | $279,400 | $258,500 | -6.9% | 138 |
| Northeast Portland | $267,300 | $229,000 | -5.4% | 111 |
| Milwaukie / Clackamas | $239,500 | $219,100 | -10.5% | 118 |
| Oregon City / Canby | $232,400 | $210,000 | -11.4% | 214 |
| North Portland | $219,900 | $209,500 | -6.0% | 122 |
| Southeast Portland | $214,000 | $180,600 | -8.5% | 135 |
| Beaverton / Aloha | $212,800 | $194,900 | -12.1% | 119 |
| Hillsboro / Forest Grove | $207,600 | $190,000 | -8.8% | 135 |
| Yamhill County | $199,600 | $174,800 | -6.4% | 184 |
| Gresham / Troutdale | $195,800 | $178,000 | -8.2% | 122 |
| Columbia County | $161,100 | $150,000 | -12.4% | 174 |
Please note that median and average sale prices are year-to-date. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Friday Fun – Portland At Night, Time-Lapse Video
I’m a sucker for time-lapse video, especially if Portland scenes are involved. Here’s a beaut:
Photography by Lance Page. Music soundtrack provided by Andrew Parish.
