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.

Market Summary

January
2010
December
2009
Last Year
January 2009
Median Sale Price $240,000 $242,200 $250,000
Average Sale Price $282,400 $293,300 $297,200
Closed Sales 986 1,506 732
Pending Sales 1,535 1,141 1,235
New Listings 3,937 2,104 4,196
Active Listings 12,449 11,597 14,076
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

Area YTD Avg.
Sale Price
YTD Median
Sale Price
12-Mo.
Appreciation
Total Mkt
Time*
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
Northeast Portland $276,200 $242,500 -10.0% 144
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
North Portland $241,300 $212,500 -10.9% 56
Oregon City / Canby $237,500 $215,800 -12.3% 132
Southeast Portland $228,500 $192,500 -11.8% 140
Gresham / Troutdale $211,800 $199,000 -14.0% 120
Yamhill County $208,200 $202,400 -15.4% 192
Columbia County $171,800 $184,000 -15.8% 119

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