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re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
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Portland Real Estate Market Results – March 2009
Portland’s real estate market picked up a little momentum, as evidenced by the March 2009 results for home listings and sales. But the activity, while improving with respect to closed and pending sales, is far from normal.
Just 1,184 homes closed escrow in March–roughly half of Portland’s normal volume for March. Pending sales, most of which will close in the next couple months, are trending up, but again, at far from normal volumes.
Home prices are down 16.3% and 18.4% (average and median, respectively) from their peak in August of 2007. Values are now approximately where they were in late 2005. The median price for homes bought in March was $246,400–a year ago, it was $286,500.
The modest increase in sales and a slower-than-normal pace of adding new homes to the market has reduced the available inventory to 12 months (vs. 19 back in January). The month ended with fewer homes on the market in March than it did in February, an interesting statistic.
Market Summary
| March 2009 | February 2009 | March 2008 | |
| Median Sale Price | $246,400 | $259,000 | $286,500 |
| Average Sale Price | $297,400 | $298,500 | $336,700 |
| Closed Sales | 1,184 | 857 | 1,691 |
| Pending Sales | 1,637 | 1,276 | 1,938 |
| New Listings | 3,685 | 3,471 | 5,515 |
| Active Listings | 14,158 | 14,188 | 15,412 |
| Total Market Time * | 156 days | 153 days | n/a |
| Inventory (in months) | 12.0 | 16.6 | 9.1 |
Market Report by Area
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | Total Mkt Time* |
| Lake Oswego / West Linn | $491,500 | $390,000 | -7.9% | 141 |
| West Portland & Downtown | $462,700 | $346,000 | -1.7% | 179 |
| NW Washington County | $383,000 | $368,800 | -4.1% | 163 |
| Tigard / Tualatin / Sherwood / Wilsonville | $322,300 | $315,000 | -6.9% | 226 |
| Northeast Portland | $296,000 | $260,000 | -2.0% | 130 |
| Milwaukie / Clackamas | $292,500 | $259,000 | -7.3% | 137 |
| Oregon City / Canby | $287,000 | $250,000 | -5.5% | 171 |
| Beaverton / Aloha | $255,000 | $236,100 | -5.0% | 145 |
| Yamhill County | $249,000 | $220,000 | -7.4% | 160 |
| Hillsboro / Forest Grove | $246,700 | $227,500 | -8.2% | 162 |
| Southeast Portland | $239,000 | $210,000 | -5.1% | 149 |
| North Portland | $232,000 | $229,600 | -2.0% | 114 |
| Gresham / Troutdale | $225,000 | $213,000 | -8.0% | 144 |
| Columbia County | $171,000 | $168,500 | -9.1% | 178 |
Data courtesy of RMLS, April 2009.
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