-
re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
Get Updates Automatically
Subscribe in a reader
Portland Real Estate Results – November 2008
RMLS released the November 2008 report and it corroborates what I had reported last week — weak unit sales and falling sale prices.
Year-over-year average sale prices are down 10.5% from 1 year ago, and the median value is off by 7%. As a percentage of 2007′s rate, the total number of sales is down 32% (consistently all year). Fortunately, new listings are down 8.3%, but that doesn’t help the absorption rate much. At this pace of sales, the market has 15 months of active listings–easily the highest that I could find in RMLS records going back to 2000.
Closed sales in November were the lowest since February 1993 and pending sales for the month were the lowest since 1997.
From the peak market of July / August 2007, median and average sale prices are off 12-13%. Values are roughly equivalent to March 2006.
November 2008 Market Activity, vs. October 2008 and November 2007
| November 2008 | October 2008 | November 2007 | |
| Median Sale Price | $265,000 | $275,000 | $285,000 |
| Average Sale Price | $308,300 | $324,300 | $344,500 |
| Closed Sales | 1,041 | 1,465 | 1,733 |
| Pending Sales | 1,108 | 1,268 | 1,623 |
| New Listings | 2,687 | 3,605 | 3,369 |
| Active Listings | 15,611 | 16,257 | 14,435 |
| Total Market Time * | 135 days | 127 days | |
| Inventory (in months) | 15.0 | 11.1 | 8.3 |
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 | $543,300 | $450,000 | 0.4% | 182 |
| West Portland | $480,700 | $395,000 | 4.2% | 145 |
| NW Washington County | $404,900 | $376,000 | -1.7% | 152 |
| Tigard / Tualatin / Sherwood / Wilsonville | $354,200 | $324,900 | -4.8% | 144 |
| Milwaukie / Clackamas | $322,200 | $287,900 | -4.6% | 155 |
| Northeast Portland | $322,000 | $282,000 | 0.5% | 98 |
| Oregon City / Canby | $316,300 | $282,300 | -5.6% | 172 |
| Hillsboro / Forest Grove | $280,300 | $257,800 | -5.9% | 124 |
| Southeast Portland | $276,800 | $245,000 | -3.1% | 109 |
| Beaverton / Aloha | $274,900 | $250,000 | -4.8% | 155 |
| Yamhill County | $268,600 | $225,000 | -4.6% | 134 |
| North Portland | $266,100 | $250,000 | 0.1% | 120 |
| Gresham / Troutdale | $260,700 | $245,000 | -6.4% | 128 |
| Columbia County | $229,400 | $214,000 | -9.9% | 126 |
Source: RMLS, December 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
One Response to “Portland Real Estate Results – November 2008”
Leave a Reply
[...] at data compiled from 2 months back) shouldn’t be a shock to regular readers. Similar results have been reported here using the multiple listing data. I would expect November and December reports to show similar [...]