Update – May 2008 Market Results for Portland

The Portland multiple listing service released their official May 2008 results today and I was pretty close in my early analysis of May’s real estate results for the metro area. RMLS reports a little lower median price ($287,500) and a few more total sales (1,863) than my early survey. A few additional notes from the RMLS report:
Year-to-date (vs. 2007):

  • New listings up 2%.
  • Closed sales down 35%.
  • Pending sales down 34%.

Comparing May 2008 to May 2007:

  • Average sale price down 4%, median sale price down 3.2%.
  • New listings down 12%.
  • Pending sales down 30%.
  • Closed sales down 33.5%

Here is how each market area is faring:

Area YTD Avg. Sale Price YTD Median Sale Price 12-Mo. Appreciation DOM
Lake Oswego / West Linn $546,800 $450,000 6.1% 68
West Portland $480,100 $390,000 4.5% 78
NW Washington County $400,900 $374,500 3.5% 66
Tigard / Tualatin / Sherwood / Wilsonville $357,200 $334,000 0.4% 62
Milwaukie / Clackamas $333,600 $290,000 -7.3% 68
Oregon City / Canby $327,200 $286,800 1.4% 88
Northeast Portland $319,900 $275,500 5.9% 48
Hillsboro / Forest Grove $284,000 $259,900 0.0% 99
Beaverton / Aloha $279,600 $253,000 1.7% 73
Southeast Portland $279,300 $247,500 3.7% 62
Yamhill County $275,100 $227,000 1.0% 123
North Portland $272,900 $253,000 6.5% 50
Gresham / Troutdale $265,100 $247,800 -1.0% 75
Columbia County $231,200 $218,000 3.6% 123

Source: RMLS, May 2008. Appreciation is calculated using a rolling 12-month sample and comparing it to a sample from 12 months prior. DOM stands for Days On Market (or average market time) and is a calculation of how long a home stayed on the market until receiving an acceptable offer.

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June 12, 2008 · Filed Under Market Activity

Comments

8 Responses to “Update – May 2008 Market Results for Portland”

  1. Uncle_Git on June 13th, 2008 9:00 am

    Looks like more of the same really.

    If the trend continues with 35-40% lower sales than last year how do you think prices will hold up over the winter with these very elevated inventory levels ?

    To be honest it reminds me of San Diego a year ago….

    I know most realtor’s don’t agree but it’s following the cycle to a T..

  2. Mike on June 13th, 2008 8:45 pm

    It sure is depressing to see Milwaukie/Clackamas area down 6-7% on this report every month. Did you say there was a way now to get this data by zip code? 97222 is what I am interested in. Thanks!

  3. Ron Ares on June 14th, 2008 8:16 am

    Mike,

    Yeah, it sucks that your market area is burdened with Happy Valley numbers. Year-to-date, the 97222 zipcode is down just 2% from the same period last year on average, but sales are down about 40%.

    2007: 205 properties @ $256,512 average sale price
    2008: 115 properties @ $251,249 average sale price

  4. Ron Ares on June 14th, 2008 8:46 am

    Uncle_Git:

    I’ll pull up the CS numbers for SD and take a look. Some inventory will evaporate (by choice) as the peak selling season winds down, but homes that need to sell will likely be taking some discounts.

  5. scone on June 16th, 2008 10:29 am

    Thanks for posting the data on Columbia County. It’s sometimes hard to find data for my county– for some reason we aren’t always considered “Portland metro,” even though we are next to Multnomah and Washington counties.

    I’m stunned we’re still showing appreciation out here, but I am seeing “price reduced” signs here in Warren. Not clear whether we will dodge the bullet.

  6. James on June 17th, 2008 10:35 am

    I think that the Forest Heights sellers better wise up to the reality of the falling market. Too many still believe that they got 10-12% appreciation in the last two years.

  7. Uncle_Git on June 17th, 2008 2:31 pm

    Ron – this may be interesting in the comparison.

    http://seattlebubble.com/blog/wp-content/uploads/2008/05/case-shillerhpi_decline-from-peak_200803.png

    Basically shows CS declines from the market peak.

    Be interesting to see if we can cross reference that data with sales and inventory to see cycle patterns.

    So far we are outpacing everyone except Miami and Seattle with the speed of our decline from peak.

  8. bearlee on June 18th, 2008 9:49 am

    James, it would be interesting to see the data comparing the listing price with sales price of FH homes. I find the Property Blotter website’s weekly reports fascinating…I noticed the week of May 25th there were a few properties that took 20% cuts off their listing price.

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