-
re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
Get Updates Automatically
Subscribe in a reader
Portland Area Market Activity – November 2006
The fall in Portland typically signals the start of the seasonal slowdown in the local real estate market. This year, in concert with a balkier market than in recent times, you might think indicators would be more cataclysmic.
In reality, the market is showing good balance, with its inventory gains flattening out and sales velocity consistent from last month.
At the end of October, new listings were up about over 20% and closed sales have fallen 14% compared to last year. The resulting inventory is now up to 11,533 listings in the Portland metro area, about double what was available at this time last year. At the current pace of sales, the inventory would run out in just under 5 months, roughly defined as a balanced buyer/seller market.
Average and Median Prices
The average sale price year-to-date in the market is now $318,200 (vs. $276,600 for 10/2004 through 11/2005). Half the homes in the metro area sold for more or less than the median price of $267,900 (up from $230,500 last year).
Appreciation
Over the past 12 months, Portland-area properties averaged 15% appreciation. Milwaukie/Clackamas and North Portland now have the highest 12-month appreciation gains at 21.2% and 19.7% respectively. Average sale price appreciation in West Portland and NW Washington County has softened dramatically to 11.4% and 10.7%. The median price is up 16.2% over last year.
Inventory
New listings are up over 20% compared to September 2005, but pending and closed sales were down 14.3%. and 12.6% respectively. At the current rate of listings to closed sales, the current level of homes would sell out in 4.6 months. The average time on the market for active properties in October was 47 days, versus 36 days this time last year.
Coming soon: I will post the year-to-date average sale prices and appreciation for the Portland metropolitan area through October 2006, sorted by community and average sale price.
[tags] Portland, Oregon, real estate, market, activity, home, housing, prices, appreciation, average, median [/tags]
Photo by Portland Ground: Pictures of Portland Oregon. Used under Creative Commons license.
Comments
2 Responses to “Portland Area Market Activity – November 2006”
Leave a Reply
[...] Here are Portland-area communities’ average and median sale prices (year-to-date), plus a comparison of 12-month appreciation rates as of November 1, 2006. For a full commentary, read my previous market activity post, or my Market Activity page at ronares.com. [...]
[...] The fall in Portland typically signals the start of the seasonal slowdown in the local real estate market. This year, in concert with a balkier market than in recent times, you might think indicators would be more cataclysmic. In reality, the market is showing good balance, with its inventory gains flattening out and sales velocity consistent […] Read more… [...]