Portland Real Estate Market Activity — January 2010 Results
Just about every metric comparing January 2010 to January 2009 would appear to be positive news — higher sales volume & pending sales, fewer new listings, shorter marketing timelines…
Except median sale prices, which were down 4% from January 2009 and 3.7% from last month. Prices are now off 20% from the peak values registered the summer of 2007.
Even the good news is a little hollow if you think about it. If you recall, January 2009 was the weakest home sale month in RMLS recorded history: just 732 homes throughout the metropolitan area. Last month, 986 homes closed escrow, but it was only the third-worst sales result recorded.
If there is a bright spot, it’s that 1,535 homes went sale pending in January–transactions that will close in February and March. The homebuyer tax credit may create some additional interest over the next couple months, but it sure didn’t have an effect on January.
North Portland stands out as a market area where inventory is moving the quickest (56 days on market compared to the 145 days average throughout the Portland area). That’s perhaps due to affordability and relative proximity to downtown.
|Median Sale Price||$240,000||$242,200||$250,000|
|Average Sale Price||$282,400||$293,300||$297,200|
|Total Market Time *||145 days||144 days||152 days|
|Inventory (in months)||12.6||7.7||19.2|
Below is activity by market area. Please note that the median and average sale prices are year-to-date (or in this case, just for January 2010), 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
|West Portland & Downtown||$427,400||$310,000||-11.9%||147|
|Lake Oswego / West Linn||$414,900||$355,000||-9.5%||215|
|NW Washington County||$377,500||$370,000||-9.3%||175|
|Tigard / Tualatin / Sherwood / Wilsonville||$314,000||$287,700||-9.6%||184|
|Milwaukie / Clackamas||$263,200||$249,000||-9.3%||130|
|Hillsboro / Forest Grove||$262,600||$220,000||-11.4%||114|
|Beaverton / Aloha||$242,600||$225,900||-11.9%||129|
|Oregon City / Canby||$237,500||$215,800||-12.3%||132|
|Gresham / Troutdale||$211,800||$199,000||-14.0%||120|