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Portland Real Estate Market Activity – August 2009
Home buyers slowed their pace down when compared to July 2009, but home sales and prices maintained a stable level in August nevertheless.
For the ninth straight month, the median sale price of homes throughout the metro area was around $250,000. This has effectively held the market depreciation to -17% from the peak market of August 2007. Whether prices will begin to slide due to the upcoming seasonal slowdown and the expiration of the first-time homebuyer tax credit remains to be seen.
One possible contributing factor to stable pricing may be the comparatively low new listing volume in the available properties throughout 2009. It has contributed to a flat inventory average (~14,300 homes) from month-to-month–only a 420-listing difference between the low and high marks. Perhaps if inventories were in the 16,000 – 18,000 average active listings per month range like much of 2008, downward pricing pressure might have resulted.
With sales slowing slightly in August, the available inventory ratio increased slightly, and there is nearly 8 months’ supply on the market. It is taking over 19 weeks on average to put a home under contract (135 days).
Market Summary
|
August 2009
|
Prev. Month July 2009
|
Last Year August 2008
|
|
| Median Sale Price | $249,900 | $250,000 | $280,000 |
| Average Sale Price | $296,300 | $288,600 | $331,300 |
| Closed Sales | 1,841 | 1,988 | 1,770 |
| Pending Sales | 2,156 | 2,170 | 1,908 |
| New Listings | 3,780 | 3,907 | 4,398 |
| Active Listings | 14,295 | 14,503 | 17,556 |
| Total Market Time * | 135 days | 143 days | n/a |
| Inventory (in months) | 7.8 | 7.3 | 9.9 |
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 | $486,800 | $390,000 | -15.0% | 164 |
| West Portland & Downtown | $426,400 | $353,000 | -10.9% | 179 |
| NW Washington County | $376,600 | $350,000 | -5.1% | 114 |
| Tigard / Tualatin / Sherwood / Wilsonville | $325,100 | $294,900 | -8.5% | 196 |
| Northeast Portland | $290,800 | $255,000 | -8.5% | 76 |
| Milwaukie / Clackamas | $287,600 | $264,000 | -10.3% | 146 |
| Oregon City / Canby | $285,600 | $249,900 | -12.3% | 141 |
| Hillsboro / Forest Grove | $251,100 | $230,800 | -12.7% | 133 |
| Beaverton / Aloha | $244,700 | $227,500 | -9.7% | 122 |
| Southeast Portland | $244,600 | $219,000 | -8.8% | 113 |
| North Portland | $235,700 | $230,000 | -10.4% | 90 |
| Yamhill County | $233,300 | $210,000 | -16.5% | 175 |
| Gresham / Troutdale | $224,000 | $213,700 | -14.4% | 152 |
| Columbia County | $198,200 | $189,000 | -11.1% | 217 |
Data courtesy of RMLS Market Action Report, August 2009.
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[...] mindset by both buyers and sellers, are impacting these price points in a positive manner. Portland Real Estate Market Activity – August 2009 – repdx.com 09/18/2009 Home buyers slowed their pace down when compared to July 2009, but [...]