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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
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Portland Real Estate Results – July 2008 Final
As the peak selling season wanes, the Portland metropolitan real estate market stubbornly holds on to pricing levels as sales levels flatten and inventories increase.
Final results for July 2008 show a familiar pattern to that of June 2008 in terms of pace of sales, as well as median (-0.3%) and average (-2.4%) pricing. Compared to July 2007, median and average are down 3.9% and 3.5% respectively. The median price is now down 4.6% from the peak in August 2007.
| July 2008 | June 2008 | July 2007 | |
| Median Sale Price | $288,200 | $289,000 | $300,000 |
| Average Sale Price | $340,500 | $348,800 | $352,900 |
| Closed Sales | 1,831 | 1,877 | 2,624 |
| Pending Sales | 2,003 | 1,996 | 2,579 |
| New Listings | 5,237 | 5,213 | 5,814 |
| Active Listings | 18,219 | 17,788 | 14,831 |
| Average Market Time | 72 days | 76 days | 52 days |
| Inventory (in months) | 10.0 | 9.5 | 5.0 |
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 | $561,200 | $455,000 | 4.8% | 69 |
| West Portland | $487,200 | $399,000 | 7.1% | 77 |
| NW Washington County | $402,800 | $377,000 | 1.0% | 74 |
| Tigard / Tualatin / Sherwood / Wilsonville | $361,400 | $329,000 | -1.5% | 76 |
| Milwaukie / Clackamas | $328,800 | $292,300 | -6.9% | 71 |
| Northeast Portland | $324,600 | $280,000 | 4.7% | 56 |
| Oregon City / Canby | $324,300 | $288,000 | -1.2% | 83 |
| Hillsboro / Forest Grove | $286,000 | $260,000 | -1.3% | 87 |
| Southeast Portland | $282,100 | $249,200 | 0.2% | 56 |
| Beaverton / Aloha | $280,100 | $253,000 | 0.1% | 60 |
| Yamhill County | $275,700 | $228,500 | 0.5% | 95 |
| North Portland | $270,300 | $252,800 | 5.1% | 57 |
| Gresham / Troutdale | $263,800 | $247,000 | -3.2% | 84 |
| Columbia County | $231,200 | $218,400 | -0.3% | 147 |
Source: RMLS, August 2008.
Comments
4 Responses to “Portland Real Estate Results – July 2008 Final”
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I enjoy following your Portland real estate blog. The Bend Oregon real estate market continues to be slow. It looks like a good time to buy in your area.
Thanks for posting Columbia County numbers. any idea why our DOM are so high?
scone -
Part of the long market time is due to a high percentage of new construction. A fourth of Columbia County’s sales were new homes, averaging 212 days on market. Remove those listings and the days on market ‘falls’ to 129…so the rest of the answer? The market has slowed appreciably in Columbia County. And virtually nothing over $300,000 is selling.
Thanks for the info, I appreciate it. That explains why the listings are hanging around on RMLS. I’m not seeing a lot of price drops yet in the over $300k segment, but we shall see. I just hope we don’t fall through the floor like SoCal and Florida. Yikes!