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Portland Real Estate Market Activity – November 2009
Home buyer tax credits and low interest rates continued to fuel home purchases in November 2009 throughout the Portland metro area.
Total home sales for the month were 72% higher than a year ago. However, average and median prices took a hit, declining 11% and 10% respectively from their levels a year ago.
The leading indicator for December performance, pending sales, is down 36% from the prior month — signaling a cooling off over the holiday month. The drop in activity may be due to buyers retreating because of the originally planned expiration of the $8,000 tax credit on November 30.
The average home sale price is down 23% and the median is off 21% from peak values set in the summer of 2007. The median sale price in the Portland metro area for November was $239,000 — the lowest level going back to June 2005.
Homes that do sell are taking a little over 4 months to close, on average. Low numbers of new listings are keeping inventories at 7 months’ available supply (12,697 homes).
Here are the numbers:
Market Summary
| November 2009 |
October 2009 |
Last Year November 2008 |
|
| Median Sale Price | $239,000 | $245,000 | $265,000 |
| Average Sale Price | $273,300 | $283,500 | $308,300 |
| Closed Sales | 1,795 | 2,009 | 1,041 |
| Pending Sales | 1,328 | 2,079 | 1,108 |
| New Listings | 2,449 | 3,443 | 2,687 |
| Active Listings | 12,697 | 13,101 | 15,611 |
| Total Market Time * | 131 days | 135 days | 135 days |
| Inventory (in months) | 7.1 | 6.5 | 15.0 |
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 | $481,700 | $391,500 | -12.9% | 168 |
| West Portland & Downtown | $422,700 | $347,100 | -12.6% | 167 |
| NW Washington County | $370,800 | $350,000 | -8.2% | 126 |
| Tigard / Tualatin / Sherwood / Wilsonville | $316,300 | $285,000 | -10.8% | 156 |
| Northeast Portland | $286,600 | $253,000 | -10.6% | 102 |
| Milwaukie / Clackamas | $286,000 | $260,000 | -11.0% | 157 |
| Oregon City / Canby | $281,900 | $248,900 | -10.9% | 153 |
| Hillsboro / Forest Grove | $244,200 | $225,000 | -13.4% | 143 |
| Southeast Portland | $241,500 | $215,000 | -12.2% | 106 |
| Beaverton / Aloha | $241,200 | $224,000 | -11.2% | 103 |
| North Portland | $235,600 | $230,000 | -10.8% | 80 |
| Yamhill County | $228,400 | $207,700 | -15.1% | 138 |
| Gresham / Troutdale | $221,700 | $210,000 | -15.9% | 140 |
| Columbia County | $196,000 | $187,000 | -12.7% | 180 |
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