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Portland Oregon Real Estate Market Activity – June 2009
June 2009 real estate market results in Portland show slow, gradual increases in sales volume, but continue to register flat average and median values.
An additional ~350 homes sold when compared to May 2009 and came within 100 homes of June 2008’s mark. The higher rate of sales, plus a lower-than-normal batch of new listings number set the absorption rate at 8.2 months of available inventory, reported to be the lowest since August 2007–the historical peak month of Portland’s market activity.
For the third month in a row, the median sale price came in at ~$250,000. Average sales prices are down 14% compared to June 2008, and the median is down 13.5%. From the peak of August 2007, median home values are down 17.3%.
North and Northeast Portland prove to be the hot spots for sales activity, with listings averaging less than 100 days average time on market. By contrast, the overall Portland area is averaging 147 days, or nearly five months, for sold properties.
Market Summary
|
June 2009
|
Prev. Month May 2009
|
Last Year June 2008
|
|
| Median Sale Price | $249,900 | $250,000 | $289,000 |
| Average Sale Price | $299,800 | $291,400 | $348,800 |
| Closed Sales | 1,776 | 1,427 | 1,887 |
| Pending Sales | 2,167 | 1,967 | 1,996 |
| New Listings | 4,257 | 3,879 | 5,213 |
| Active Listings | 14,491 | 14,493 | 17,788 |
| Total Market Time * | 147 days | 147 days | n/a |
| Inventory (in months) | 8.2 | 11.0 | 9.5 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date, and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | Total Mkt Time* |
| Lake Oswego / West Linn | $468,700 | $390,000 | -13.0% | 230 |
| West Portland & Downtown | $433,700 | $355,000 | -5.4% | 178 |
| NW Washington County | $373,800 | $344,000 | -5.8% | 194 |
| Tigard / Tualatin / Sherwood / Wilsonville | $326,000 | $295,000 | -8.8% | 173 |
| Northeast Portland | $295,500 | $258,500 | -7.3% | 98 |
| Oregon City / Canby | $291,100 | $249,000 | -12.0% | 157 |
| Milwaukie / Clackamas | $290,100 | $260,000 | -8.5% | 143 |
| Hillsboro / Forest Grove | $251,300 | $230,000 | -10.5% | 166 |
| Beaverton / Aloha | $246,900 | $229,300 | -8.6% | 116 |
| Southeast Portland | $246,400 | $219,900 | -8.5% | 113 |
| North Portland | $233,900 | $230,000 | -8.1% | 93 |
| Yamhill County | $232,800 | $213,000 | -12.2% | 179 |
| Gresham / Troutdale | $225,400 | $214,800 | -13.1% | 140 |
| Columbia County | $192,500 | $184,900 | -13.9% | 180 |
Data courtesy of RMLS Market Action Report, July 2009.
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