Portland Real Estate Market Activity – April 2008
Like the rest of the nation, Portland is feeling the effects of the housing hangover and we may be taking our medicine over the next several months in the form of sliding prices and lingering inventory.
Portland Realtors are getting their market update from RMLS and the results mirror my early reporting.
When compared to April 2007, closed sales are down 39% and the average sale price is down nearly 4 percent to $325,000. The average sale price in March was $336,700 and $342,800 in February, so the month-over-month declines continue.
If there was a plus side to April results, it was pending sales — up almost 7% over
April of 2007 March 2008.
One change in reporting from RMLS is their abandonment of the methodology for measuring overall Portland appreciation as a 12-month rollup of sale prices compared to the previous 12 months. You’ll start seeing year-over-year monthly comparisons as the ‘new’ appreciation measure.
At the current pace of sales, the housing inventory (16,370 listings) nudged back above 10 months (10.3). Homes are taking, on average, 82 days on market to sell, year-to-date.
Here are year-to-date sales results by market area, sorted by average sale price:
|Area||YTD Avg. Sale Price||YTD Median Sale Price||12-Mo. Appreciation*||DOM**|
|Lake Oswego / West Linn||$552,800||$449,000||7.0%||105|
|NW Washington County||$394,800||$367,500||4.4%||72|
|Tigard / Tualatin / Sherwood / Wilsonville||$362,700||$337,000||2.5%||85|
|Milwaukie / Clackamas||$339,500||$294,500||-5.9%||70|
|Oregon City / Canby||$326,300||$286,000||2.5%||96|
|Hillsboro / Forest Grove||$286,000||$259,900||1.3%||82|
|Beaverton / Aloha||$277,100||$250,600||1.9%||77|
|Gresham / Troutdale||$257,900||$246,000||0.4%||59|
Source: RMLS, May 2008.
*12-month appreciation is calculated by comparing the most recent 12 months’ average sales prices to the previous 12 months’ results.
**DOM or days on market may exhibit reporting inconsistencies and should be used to analyze trends only.