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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 Activity – April 2009
Traditional seasonal activity has Portland’s real estate market on the upswing, however the gains are modest.
Closed sales in April 2009 increased over March by 10% and pending sales (homes under contract) rose 13.6%. The month’s closed sales of 1,302 are 40% lower than the average number of April sales going back to 2000.
Inventory remained relatively flat, ending April with the market netting an additional 170 active listings. The number of active listings divided by the closed sales yields 11.0 months available inventory. Sold homes took an average of 4.8 months to receive an offer.
The median sale price is up 1.4% over March, but the average sale price is down 2.0%. On a year-to-year basis, prices are down 9.1% and 10.4% respectively for median and average. Prices are off 17-18% from the peak market values of August 2007. In other words, a house selling for the median price in August 2007 at $302,000 would conceivably sell now for around $250,000.
Home prices are bouncing around some, a sign some believe is indicative of the beginning of ‘the bottom’. I’m not so sure. The effects of rapid unemployment signals additional housing stress that we haven’t fully experienced yet. I don’t have any hard evidence, but it seems to me that short sale listings are on the increase.
Market Summary
|
April 2009
|
Prev. Month
March 2009 |
Last Year
April 2008 |
|
| Median Sale Price | $249,900 | $246,400 | $275,000 |
| Average Sale Price | $291,100 | $297,400 | $325,000 |
| Closed Sales | 1,302 | 1,184 | 1,582 |
| Pending Sales | 1,860 | 1,637 | 2,070 |
| New Listings | 3,808 | 3,685 | 5,295 |
| Active Listings | 14,328 | 14,158 | 16,370 |
| Total Market Time * | 148 days | 156 days | n/a |
| Inventory (in months) | 11.0 | 12.0 | 10.3 |
Market Report by Area
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | Total Mkt Time* |
| Lake Oswego / West Linn | $484,400 | $395,000 | -9.1% | 178 |
| West Portland & Downtown | $446,000 | $352,500 | -2.6% | 154 |
| NW Washington County | $363,000 | $333,800 | -5.8% | 135 |
| Tigard / Tualatin / Sherwood / Wilsonville | $320,700 | $304,400 | -8.0% | 158 |
| Oregon City / Canby | $299,800 | $248,900 | -9.0% | 147 |
| Northeast Portland | $297,100 | $259,900 | -3.0% | 107 |
| Milwaukie / Clackamas | $296,300 | $265,000 | -8.2% | 185 |
| Beaverton / Aloha | $249,000 | $231,500 | -6.6% | 126 |
| Hillsboro / Forest Grove | $245,500 | $225,700 | -9.6% | 165 |
| Southeast Portland | $240,800 | $215,000 | -6.2% | 127 |
| Yamhill County | $238,600 | $214,000 | -9.0% | 164 |
| North Portland | $234,500 | $236,300 | -5.1% | 113 |
| Gresham / Troutdale | $228,200 | $213,500 | -9.1% | 167 |
| Columbia County | $179,900 | $170,000 | -11.1% | 185 |
Data courtesy of RMLS, May 2009.
Comments
One Response to “Portland Real Estate Market Activity – April 2009”
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PSU’s Real Estate Quarterly is an worthwile read if you don’t read it already. Interesting residential market articles starting on page 35
http://www.pdx.edu/sites/www.pdx.edu.realestate/files/media_assets/CREQ-2ndQtr2009.pdf