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June 2008 Portland Real Estate Market Stats Wrap-Up
From RMLS’s official release yesterday:
| June 2008 | May 2008 | June 2007 | |
| Median Sale Price | $289,000 | $287,500 | $295,000 |
| Average Sale Price | $348,800 | $335,000 | $352,400 |
| Closed Sales | 1,877 | 1,863 | 2,731 |
| Pending Sales | 1,996 | 2,124 | 2,852 |
| New Listings | 5,213 | 5,182 | 6,231 |
| Active Listings | 17,788 | 17,066 | 13,752 |
| Average Market Time | 76 days | 72 days | 55 days |
| Inventory (in months) | 9.5 | 9.2 | 5.0 |
If you’re measuring from the peak median price set in August 2007, prices are down a little under 4%, but standing inventory going into the late summer/fall will be the telling tale for where prices are headed. Stay tuned…
In the meantime, here’s how Portland’s various market areas break down, year-to-date:
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | DOM |
| Lake Oswego / West Linn | $553,800 | $455,000 | 4.3% | 74 |
| West Portland | $483,900 | $399,000 | 4.9% | 78 |
| NW Washington County | $399,300 | $375,000 | 2.7% | 79 |
| Tigard / Tualatin / Sherwood / Wilsonville | $363,500 | $332,500 | -0.6% | 81 |
| Milwaukie / Clackamas | $332,300 | $292,200 | -8.0% | 72 |
| Oregon City / Canby | $328,900 | $289,000 | 1.6% | 92 |
| Northeast Portland | $326,000 | $280,000 | 6.7% | 54 |
| Hillsboro / Forest Grove | $283,500 | $259,900 | -0.5% | 85 |
| Southeast Portland | $281,400 | $247,800 | 2.1% | 62 |
| Beaverton / Aloha | $279,700 | $251,600 | 1.3% | 79 |
| Yamhill County | $273,500 | $227,000 | 1.7% | 106 |
| North Portland | $271,300 | $255,000 | 5.7% | 62 |
| Gresham / Troutdale | $265,600 | $248,000 | -1.1% | 87 |
| Columbia County | $234,400 | $220,800 | 0.9% | 113 |
Source: RMLS, July 2008.
Comments
11 Responses to “June 2008 Portland Real Estate Market Stats Wrap-Up”
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You didn’t post the number of closed sales this June vs. last June,or the number of pending sales this June vs. last June. Do you have those numbers? Thanks
Tom,
Yep, they are now posted at the top.
Your comment has prompted me to use a standard table format to show those numbers each month. Thanks for the request.
Ron,
I view your blog quite often but do not comment so thanks for all the work.
Was curious about a couple of things.
The stats from RMLS for Portland Metro do those exclude Clarke county? I know the Case Schiller index states include Clarke county so I am just making sure I compare apples to apples when looking across these.
Also since I live in St Johns I of course am particularly interested in what happens here. I am always see the DOM and Appreciation rates holding well for “North” Portland in the statistics but I am guessing that is more Alberta and Mississippi area’s of North Portland not St Johns AKA the “Fifth Quadrant”. I see on Trulia that St Johns does not typically hold up as well as these other North Portland areas. Is the RMLS showing that also?
Thanks!
http://money.cnn.com/2008/07/15/real_estate/Need_mortgage_bring_money/index.htm?cnn=yes
Downpayments – it’s the new black, coming soon to a city near you.
Bridgetownpeddler -
Breaking up the NoPo area will take a little spreadsheet work, but I’ll try to fit it in as time permits. I’m curious, too, since I have a listing coming up soon in Boise/Eliot.
Uncle Git,
Read that too. Everyone’s gonna have more skin in the game this time around.
I recently saw another site break down some other neighborhoods by zip code so was not sure how difficult it was. I had two co workers recently sell/buy houses in the Concordia neighborhood and they fliew off the market at asking price with mulitple offers. It is definitely still hot over there.
JPM results were interesting – the tell for me was the little fact that 4% of their PRIME portfolio is currently in default or late…
And that number is rising fast…
I find it so so hard to believe that the DOM is 70 to 100 days. I have seen MANY houses on the market for a year in West Linn and other SW neighborhoods and still NO sale.
How can this be? Realtors re-list the house in the MLS and start the number for DOM over and the game continues. DOM, as it stands now, is a farce and a fraud and a joke.
The realtor board should post TDOM for areas of town generated by looking at an address with the same owner within the last 18 month period. i dare the realtor board to do that one…
It would tell a much grimmer story. Houses take much longer than the 70 ot 100 day expectation that DOM sets.
Using TDOM would also give people much more reasonable expectations when they go to sell their house.
From someone in Tucson it is nice to see appreciation in a market!
5% appreciation in some of the areas you mentioned are pretty amazing considering the events of the past year, and I agree with Jeff J regarding the DOM.
Here in Tucson our board just recently implemented a DOM/CDOM (Cumulative DOM) in the MLS that is viewable to everyone and paints a full picture for all interested parties; although it has been met with resistance my clients seem to unanimously agree it’s a good idea.
Michael (& Jeff J) -
I agree that the days on market number tells only part of the story. I haven’t heard if the board is addressing the CDOM as a more suitable reporting method. Certainly knowing the full story on individual properties and neighborhoods is an important data point for both sellers and buyers, so good agents will do the legwork to derive a better expectation for their clients.
A note about ‘appreciation’–the local board uses a 12-month rolling average of prices and compares them to the previous 12 months. In this example, you’re looking at 07/01/2007-06/30/2008 vs. 07/01/2006-06/30/2007. This method tends to obscure the most recent months’ activity, in my opinion. Take it with a grain of salt.