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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 – September 2009
A couple interesting dynamics present themselves when looking at the September 2009 results in the Portland real estate market.
First, the median home price dipped 3.4% to $241,400, perhaps showing the emphasis of first-time home buyer activity at the entry-level prices. The median sale price had been pegged at ~$250,000 for most of the year. At the current level, Portland metro home prices are off 20% from the peak of the market in 2007.
Also, September 2009 saw the highest number of homes to go sales pending status since August 2007. The result was 34% over September 2008’s level and will elevate actual closed sale numbers over the next couple months over the norm. Actual closed sales had been tailing off slowly since July, which is a normal seasonal trend.
Market Summary
|
September 2009
|
August 2009
|
Last Year September 2008
|
|
| Median Sale Price | $241,400 | $249,900 | $267,000 |
| Average Sale Price | $290,100 | $296,300 | $315,300 |
| Closed Sales | 1,800 | 1,841 | 1,640 |
| Pending Sales | 2,286 | 2,156 | 1,705 |
| New Listings | 3,599 | 3,780 | 4,200 |
| Active Listings | 13,667 | 14,295 | 17,006 |
| Total Market Time * | 131 days | 135 days | 129 days |
| Inventory (in months) | 7.6 | 7.8 | 10.4 |
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 | $495,800 | $396,500 | -13.3% | 204 |
| West Portland & Downtown | $430,700 | $354,500 | -11.3% | 152 |
| NW Washington County | $373,300 | $350,000 | -6.1% | 184 |
| Tigard / Tualatin / Sherwood / Wilsonville | $320,200 | $289,900 | -10.0% | 156 |
| Northeast Portland | $288,700 | $255,000 | -10.1% | 84 |
| Milwaukie / Clackamas | $288,000 | $260,000 | -9.8% | 139 |
| Oregon City / Canby | $284,500 | $250,000 | -11.3% | 153 |
| Hillsboro / Forest Grove | $248,100 | $229,000 | -13.2% | 115 |
| Southeast Portland | $244,700 | $218,000 | -10.6% | 104 |
| Beaverton / Aloha | $241,800 | $225,000 | -9.7% | 110 |
| North Portland | $236,900 | $230,000 | -11.0% | 89 |
| Yamhill County | $233,000 | $210,000 | -15.3% | 146 |
| Gresham / Troutdale | $221,800 | $210,000 | -14.3% | 129 |
| Columbia County | $195,800 | $187,000 | -9.9% | 200 |
Data courtesy of RMLS Market Action Report, September 2009.
Comments
3 Responses to “Portland Real Estate Market Activity – September 2009”
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I agree with your assessment of why the median home price has fallen with increased first time home buyer activity. It is difficult to speculate where prices and sales will go after the credit expires as the market enters its normal declines in the business cycle.
The median price of homes in Bend Oregon is over 49% lower than May of 2007. Looks like a good time to buy in Portland.
“The median price of homes in Bend Oregon is over 49% lower than May of 2007. Looks like a good time to buy in Portland.”
You mean it’s a good time to buy in BEND, right?