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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
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Portland Real Estate Market Activity – July 2009
Portland real estate market continues it’s mini rebound with another month-over-month increase in sold properties, but the positive news is accompanied by a flat median price and a dip in the average price for sold homes.
It’s been two years since home sales in a month were higher than the same month in a previous year–up 8.6% over July 2008. Since March, the home sales volume has risen 68%–up 12% alone in July vs. June.
The median price for July ($250,000) continues 4-month string of consistency. Averages, however, are bouncing around month-to-month, and in July the average dipped to $288,600, the lowest since July 2005. Lower prices and first-time homebuyer credits are certainly drivers in the higher sales volumes.
July’s sales figure combined with lower-than-normal new listing volume has brought the inventory down to 7.3 months available supply–the lowest since August 2007. July pending sales (2,170) suggest a solid August sales result.
Home sale prices are down 17.2% (median) and 18.7% (average) from the market peak of August 2007.
Market Summary
|
July 2009
|
Prev. Month June 2009
|
Last Year July 2008
|
|
| Median Sale Price | $250,000 | $249,900 | $288,200 |
| Average Sale Price | $288,600 | $299,800 | $340,500 |
| Closed Sales | 1,988 | 1,776 | 1,831 |
| Pending Sales | 2,170 | 2,167 | 2,003 |
| New Listings | 3,907 | 4,257 | 5,237 |
| Active Listings | 14,503 | 14,491 | 18,219 |
| Total Market Time * | 143 days | 147 days | n/a |
| Inventory (in months) | 7.3 | 8.2 | 10.0 |
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 | $470,900 | $386,300 | -15.8% | 179 |
| West Portland & Downtown | $428,700 | $355,000 | -9.0% | 148 |
| NW Washington County | $375,700 | $349,900 | -6.0% | 165 |
| Tigard / Tualatin / Sherwood / Wilsonville | $319,400 | $290,000 | -10.3% | 163 |
| Northeast Portland | $293,100 | $255,000 | -7.5% | 107 |
| Oregon City / Canby | $290,100 | $249,900 | -11.1% | 162 |
| Milwaukie / Clackamas | $288,700 | $265,000 | -9.5% | 172 |
| Hillsboro / Forest Grove | $251,900 | $231,000 | -11.9% | 124 |
| Beaverton / Aloha | $245,000 | $227,500 | -9.7% | 122 |
| Southeast Portland | $244,600 | $219,000 | -9.6% | 118 |
| North Portland | $234,900 | $230,000 | -9.2% | 114 |
| Yamhill County | $233,600 | $214,000 | -14.2% | 218 |
| Gresham / Troutdale | $223,900 | $214,000 | -13.6% | 156 |
| Columbia County | $195,300 | $186,000 | -13.3% | 180 |
Data courtesy of RMLS Market Action Report, July 2009.
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