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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
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Portland Real Estate Market Activity – October 2009
Low interest rates and homebuyer tax credits apparently fueled a late summer / early fall increase in home sales, according to the latest statistics from the Portland Realtor® association.
Over 2,000 homes sold in October — the most since August of 2007, the height of Portland’s real estate market in term of housing pricing and activity. The sold home total was on par with the best months of Portland’s peak housing season — May through August.
Pending sales, or homes that received an acceptable offer and opened escrow, logged in at 2,079 for the month, up 64% over October 2008. That indicates that November’s unit sales result will likely be higher than normal, too.
At the same time, the number of new listings is shrinking, which has resulted in a 6.5-month supply of housing inventory, the highest absorption rate since August 2007. Available inventory stands at a little over 13,000 homes — the lowest inventory in two years.
The average sale price slipped to $283,000 from September’s results, but the median sale price grew 1.5% over last month. Both average and median are still down 19 to 20% from peak pricing of 2007, and 10 to 12% from a year ago.
Here are the numbers:
Market Summary
| October 2009 |
September 2009 |
Last Year October 2008 |
|
| Median Sale Price | $245,000 | $241,400 | $275,000 |
| Average Sale Price | $283,500 | $290,100 | $324,300 |
| Closed Sales | 2,009 | 1,800 | 1,465 |
| Pending Sales | 2,079 | 2,286 | 1,268 |
| New Listings | 3,443 | 3,599 | 3,605 |
| Active Listings | 13,101 | 13,667 | 16,257 |
| Total Market Time * | 135 days | 131 days | 127 days |
| Inventory (in months) | 6.5 | 7.6 | 11.1 |
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 | $488,300 | $395,000 | -14.50% | 201 |
| West Portland & Downtown | $427,000 | $352,600 | -12.00% | 146 |
| NW Washington County | $372,200 | $350,000 | -7.60% | 122 |
| Tigard / Tualatin / Sherwood / Wilsonville | $317,800 | $287,900 | -11.20% | 141 |
| Northeast Portland | $289,200 | $255,000 | -10.70% | 97 |
| Milwaukie / Clackamas | $286,800 | $260,000 | -10.60% | 143 |
| Oregon City / Canby | $282,100 | $249,500 | -10.70% | 180 |
| Hillsboro / Forest Grove | $247,100 | $228,000 | -13.00% | 153 |
| Southeast Portland | $243,400 | $216,000 | -11.60% | 105 |
| Beaverton / Aloha | $241,400 | $225,000 | -11.00% | 126 |
| North Portland | $235,400 | $230,000 | -12.00% | 84 |
| Yamhill County | $231,000 | $210,000 | -13.80% | 190 |
| Gresham / Troutdale | $221,900 | $210,000 | -15.60% | 168 |
| Columbia County | $196,800 | $186,500 | -11.60% | 126 |
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