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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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Portland Real Estate Activity – March 2008
For March 2008, the Portland-area real estate market showed its normal seasonal increase in activity, but continues to lag behind 2007′s pace by nearly 33% in sales volume.
A slower rate of sales plus a consistent pace of new listings entering the market means more inventory. April started with 15,412 active properties in the multiple listing service. It’s taking on average 83 days to sell a home in the Portland market (vs. 65 in March 2007). A couple higher-priced markets (Lake Oswego/West Linn and NW Washington County) are now over 100 days on average.
You would expect pricing to be affected by higher inventories and longer sales cycle, and it has…although not on par with other national markets. Comparing year-to-year, March’s average sale price of $336,700 is virtually the same as last year (336,300). Median prices are even, too ($286,500 vs. $286,200).
Below are the year-to-date results through March 2008 for average and median sale prices, appreciation, and time on market (or DOM*), sorted by average sale price. (Remember, the appreciation numbers are a 12-month rollup compared to the previous 12 months and may not reflect recent months’ price declines.)
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | DOM |
| Lake Oswego / West Linn | $557,600 | $455,000 | 8.7% | 102 |
| West Portland | $492,400 | $399,500 | 3.1% | 92 |
| NW Washington County | $402,600 | $385,000 | 4.5% | 100 |
| Tigard / Tualatin / Sherwood / Wilsonville | $363,300 | $340,000 | 2.2% | 83 |
| Milwaukie / Clackamas | $356,000 | $300,000 | -6.4% | 83 |
| Northeast Portland | $321,200 | $273,500 | 6.9% | 64 |
| Oregon City / Canby | $309,200 | $286,000 | 0.6% | 91 |
| Hillsboro / Forest Grove | $289,500 | $259,900 | 2.7% | 98 |
| Yamhill County | $285,700 | $227,000 | 4.1% | 127 |
| Beaverton / Aloha | $280,300 | $250,000 | 2.6% | 69 |
| Southeast Portland | $278,300 | $249,300 | 5.0% | 70 |
| North Portland | $274,300 | $250,100 | 8.2% | 51 |
| Gresham / Troutdale | $258,700 | $245,000 | 2.2% | 93 |
| Columbia County | $230,900 | $216,000 | 6.2% | 116 |
Source: RMLS, April 2008.
Appreciation percentages are based on a comparison of average price from the last 12 months (04/01/07 – 03/31/08) with 12 months before (04/01/06 – 03/31/07).
* Note: DOM or days on market may exhibit reporting inconsistencies and should be used to analyze trends only.
Comments
5 Responses to “Portland Real Estate Activity – March 2008”
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How come all the 12 month appreciation numbers are positive bu multiple percentage points except Milwaukie / Clackamas yet Portland’s average sales price is basically flat to last year?
Appreciation percentages are based on a comparison of average price from the last 12 months (04/01/07 – 03/31/08) with 12 months before (04/01/06 – 03/31/07). While I think it may be a useful method for looking at long-term appreciation, it tends to mask the most recent months’ activity. Prices have flattened out.
Many real estate practitioners are looking at month-over-month and year-over-year comparisons now. So, the March 2008 average sale price of $336,700 is roughly flat from the March 2007′s result.
Thanks Ron. Your blog is very helpful.
Ron – the Case/Schiller index is probably about the most accurate IMHO – although it lags by a month or two.
Certainly the appreciation numbers are more or less worthless in a market that’s changing as quickly as this one.
The Case-Shiller might be useful for comparing the 20 major metros it covers, but there is no index for micro-market segments like Hillsboro, NE Portland, or Gresham, etc.