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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
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Portland-Area Real Estate Market Activity – November 2007
The Portland-area real estate market appears to be holding its own, as November 2007 results reveal.
A slower sales pace than 2006 mean longer marketing times for home sellers. Homes sold in November averaged 67 days on the market. Between October and November, the housing inventory stayed flat at 8.3 months.
Nevertheless, prices continue to rise in most market areas, ever so slightly. On the whole, the 12-month average sale price appreciated 6.5% to $340,900, while the median rose 7.0% to $288,900 when compared to the 12-month period ending November 2006.
Below are year-to-date average and median sale prices, 12-month appreciation, and days on market*, sorted by market area:
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | DOM |
| Lake Oswego / West Linn | $562,200 | $465,000 | 5.1% | 80 |
| West Portland | $464,000 | $379,700 | 3.4% | 60 |
| NW Washington County | $418,700 | $385,000 | 3.5% | 58 |
| Tigard / Tualatin / Sherwood / Wilsonville | $375,100 | $339,900 | 5.1% | 70 |
| Milwaukie / Clackamas | $336,500 | $300,000 | -3.6% | 77 |
| Oregon City / Canby | $331,300 | $303,000 | 3.6% | 78 |
| Northeast Portland | $321,800 | $283,000 | 6.5% | 52 |
| Hillsboro / Forest Grove | $298,700 | $270,000 | 7.5% | 63 |
| Beaverton / Aloha | $288,600 | $260,000 | 3.4% | 66 |
| Southeast Portland | $286,100 | $250,000 | 8.3% | 53 |
| Yamhill County | $281,600 | $247,500 | 7.4% | 101 |
| Gresham / Troutdale | $281,200 | $259,900 | 7.7% | 90 |
| North Portland | $266,800 | $253,500 | 9.0% | 60 |
| Columbia County | $255,400 | $240,000 | 12.5% | 87 |
Additional observations:
Year to date, the total number of home sales is down just 12% over the same period in 2006. The oversupply in Happy Valley continues to drag down the Milwaukie/Clackamas appreciation numbers. Yamhill County passes Southeast Portland in average sale price year to date.
*Days on market (DOM) or average market time may exhibit reporting inconsistencies and should be used to analyze trends only. Source: RMLS, December 2007.
[tags] Portland, Oregon, homes, houses, sales, average, median, appreciation, days on market, real estate [/tags]
Comments
4 Responses to “Portland-Area Real Estate Market Activity – November 2007”
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Let me start out by saying that I am a generally optimistic guy.
The error in the DOM numbers are that the general realtor community does not want to publish the Total Days On Market (TDOM) numbers. The DOM (Days on Market) numbers are easily manipulated by simply canceling the old MLS number and opening a new number, thereby resetting th DOM. It is a big fat lie. The DOM number doesn’t mean squat.
If you indeed did TDOM, (when with the same realtor name listed), then you would get a true representation on how long it takes to sell a house on average regardless of price. It would set realistic expectations for all parties. Buyers, Sellers and Realtors.
The statement that it only takes 67 days to sell a house right now is misleading when it is manipulated so much and I think hurts the overall market.
However, we are a drive thru, over caffeinated society that wants everything yesterday. None of us never want to wait for anything. Especially if you are a speculator…
It is a fair statement. I would prefer to publish CDOM (cumulative days on market) stats, but they are difficult to track without significant data wrangling, which I don’t have time to do — ergo, the asterisk.
Ahhh, the Asterisk.
Did you hear that the guy who bought the Barry Bonds home run record breaking baseball (that beat the Hank Aaron record) wanted to give the ball to the Hall of Fame, but only if he could brand an ASTERISK on the ball.
Officials at the Hall of Fame didn’t have a problem with him doing it.
I sure like this BLOG. Keep up the good work. The effort is appreciated.
Thanks Jeff. By the way, these posts were written without the benefit of performance-enhancing drugs. Of course, we’ve heard that before…