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2008 Portland Real Estate Market Results
Fittingly, Portland’s 2008 real estate market ended smothered under an 18-inch blanket of snow, bringing a (un)merciful end to one of the poorest performing years recorded.
December 2008 results
Whether it was the weather or simply buyer reluctance, December 2008 goes on record among the poorest performing months that RMLS has recorded. The 987 closed sales is the lowest mark since February 1992. January is not shaping up to be much better with just 810 pending sales recorded (December 2007 generated 1,231 pending sales by comparison).
The market correction has given back approximately 2 years worth of gains and is now down about 16% from the peak values of August 2007.
Despite the paucity of sales, canceled/expired/withdrawn inventory left the market with a slightly lower ratio of listings than in November–about 14 months’ supply, or 13,882 homes for sale at years’ end.
| December 2008 | November 2008 | December 2007 | |
| Median Sale Price | $252,900 | $265,000 | $276,500 |
| Average Sale Price | $300,300 | $308,300 | $352,000 |
| Closed Sales | 987 | 1,041 | 1,496 |
| Pending Sales | 810 | 1,108 | 1,231 |
| New Listings | 1,880 | 2,687 | 2,276 |
| Active Listings | 13,882 | 15,611 | 12,786 |
| Total Market Time * | 138 days | 135 days | n/a |
| Inventory (in months) | 14.1 | 15.0 | 8.5 |
2008 Final Results
Looking at year-over-year results, average sale prices are down 15% and the median (or middlemost) price is down 9%. The table below compiles 12 months of results and compares it to the previous 12 months. Generally speaking, the close-in areas fared better than the suburbs. Compared to 2007, closed sales in units ended the year 32% lower, and down 35% in dollar volume ($6.3 billion vs. $9.7 billion).
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | Total Mkt Time* |
| Lake Oswego / West Linn | $541,600 | $452,600 | -4.5% | 209 |
| West Portland / City Center | $478,500 | $390,000 | 1.9% | 172 |
| NW Washington County | $404,800 | $375,000 | -3.4% | 117 |
| Tigard / Tualatin / Sherwood / Wilsonville | $352,600 | $323,000 | -5.9% | 162 |
| Milwaukie / Clackamas | $318,400 | $284,900 | -4.6% | 125 |
| Northeast Portland | $320,000 | $280,000 | -0.4% | 109 |
| Oregon City / Canby | $313,500 | $280,000 | -5.0% | 169 |
| Hillsboro / Forest Grove | $277,800 | $255,000 | -6.7% | 127 |
| Southeast Portland | $276,100 | $245,000 | -3.3% | 108 |
| Beaverton / Aloha | $273,800 | $250,000 | -4.4% | 121 |
| Yamhill County | $266,800 | $225,000 | -5.2% | 171 |
| North Portland | $266,100 | $250,000 | -0.1% | 104 |
| Gresham / Troutdale | $258,700 | $245,000 | -8.2% | 145 |
| Columbia County | $230,700 | $214,000 | -9.0% | 189 |
The new year will undoubtedly start slow, with the aforementioned pending sale figures being a leading indicator. Will a new President, a hopeful (wishful?) outlook on a new year, and the incentive of locking in low mortgage rates regenerate a flagging housing market? With unemployment on the rise and continued economic uncertainty, only time will tell.
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