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Portland Real Estate Market Results – September 2008 Final
Some reports on the Portland market may focus on the better-than-expected unit sales performance of September 2008 (compared to September 2007), but the fact remains, the Portland metropolitan real estate will be carrying a large inventory into the hibernation months.
At September’s rate of sales, the 17,000+ active listings would take 10 and a half months to absorb. Year-to-date, the market has been down 35% in units sold compared to 2007, but September’s 1,640 closed sales were down just 12% from September 2007.
Still, with economic uncertainties swirling, buyers are expected to continue their cautious ways in the quieter winter months. We’re likely to see as many expired or cancelled listings as sales over the next couple months as ‘listing fatigue’ sets in.
September median home prices were down 11.6% from the peak in August 2007, and off 4.6% from the previous month.
September 2008 Market Activity
| September 2008 | August 2008 | September 2007 | |
| Median Sale Price | $267,000 | $280,000 | $283,500 |
| Average Sale Price | $315,300 | $331,300 | $334,000 |
| Closed Sales | 1,640 | 1,770 | 1,866 |
| Pending Sales | 1,705 | 1,908 | 1,930 |
| New Listings | 4,200 | 4,398 | 4,966 |
| Active Listings | 17,006 | 17,556 | 16,054 |
| Total Market Time * | 129 days | 121 days | |
| Inventory (in months) | 10.4 | 9.9 | 8.6 |
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 | Total Mkt Time* |
| Lake Oswego / West Linn | $552,700 | $450,000 | 5.4% | 188 |
| West Portland | $485,100 | $399,400 | 6.8% | 156 |
| NW Washington County | $402,200 | $374,000 | 0.4% | 142 |
| Tigard / Tualatin / Sherwood / Wilsonville | $356,500 | $325,000 | -3.8% | 132 |
| Northeast Portland | $324,800 | $282,500 | 2.1% | 104 |
| Milwaukie / Clackamas | $324,700 | $290,000 | -6.7% | 111 |
| Oregon City / Canby | $319,800 | $285,000 | -3.7% | 149 |
| Hillsboro / Forest Grove | $284,200 | $259,900 | -4.1% | 131 |
| Southeast Portland | $279,800 | $247,400 | -1.5% | 97 |
| Beaverton / Aloha | $275,400 | $250,100 | -3.8% | 114 |
| Yamhill County | $273,200 | $226,100 | -1.5% | 168 |
| North Portland | $269,900 | $252,500 | 2.7% | 93 |
| Gresham / Troutdale | $260,700 | $245,000 | -5.0% | 141 |
| Columbia County | $227,200 | $214,000 | -8.2% | 164 |
Source: RMLS, October 2008.
* Total Market Time – the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, Total Market Time continues to accrue; however, it does not include the time it was off the market. The old Average Market Time measured the days a listing number was active–not taking into account re-listings.
Comments
3 Responses to “Portland Real Estate Market Results – September 2008 Final”
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The real estate bubble in Bend Oregon has definitely burst. It does look like we will hit bottom in the Spring of 2009. Hopefully real estate in Oregon will pick up after the elections.
Given the large declines in selling prices nationally these results seem rather encouraging. Do you know if there is data avaialbel on the mix of sales between single family / condo sales? I have a feeling that Beaverton is sitting on a large supply of unsold condos but its hard to tell from the published sales/unsold data. Thanks!
The plunge in pending sales is quite alarming!!! It’s hard to see any reasonable scenario where prices in the area don’t fall further, which would be very postive for potential first time home buyers who are still priced out of the market.