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Portland Real Estate Market Activity – February 2010 Results
If you believed the Portland-area housing market was in recovery mode, February 2010’s results won’t bolster your confidence.
Yes, sales are up 18% over February 2009. And, yes, pending sales are up 45% over last year.
But if you’re a home seller, it still may not be a good time to market your property. Average and median sale prices dropped 3.3% and 2.1% respectively between January to February, and are a good 8.5% and 9.3% down from a year ago. From the peak values in 2007, prices in the Portland real estate market have declined by 23%.
At the current rate of sales, it would take 13 months to absorb the current housing inventory; better than the nearly 17 months rate this time last year. On average, homes that do sell take 5 months to find a willing buyer.
With less than 60 days left to get a property under contract and qualify for federal tax credits, activity seems to be up (looking at pending sales). This activity may be emphasizing smaller, affordable properties, thereby pulling the average prices lower, but that’s just a theory.
Market Summary
| February 2010 |
January 2010 |
Last Year February 2009 |
|
| Median Sale Price | $235,000 | $240,000 | $259,000 |
| Average Sale Price | $273,100 | $282,400 | $298,500 |
| Closed Sales | 1,015 | 986 | 857 |
| Pending Sales | 1,850 | 1,535 | 1,276 |
| New Listings | 3,902 | 3,937 | 3,471 |
| Active Listings | 13,101 | 12,449 | 14,188 |
| Total Market Time * | 150 days | 145 days | 153 days |
| Inventory (in months) | 12.9 | 12.6 | 16.6 |
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 | $432,200 | $360,000 | -9.7% | 153 |
| West Portland & Downtown | $415,200 | $315,000 | -10.8% | 208 |
| NW Washington County | $361,600 | $340,000 | -9.8% | 144 |
| Tigard / Tualatin / Sherwood / Wilsonville | $313,800 | $295,500 | -8.5% | 184 |
| Northeast Portland | $274,800 | $243,800 | -10.7% | 114 |
| Milwaukie / Clackamas | $252,700 | $235,000 | -8.2% | 136 |
| Oregon City / Canby | $251,300 | $221,400 | -11.4% | 149 |
| Hillsboro / Forest Grove | $242,900 | $213,000 | -10.9% | 138 |
| North Portland | $239,600 | $225,000 | -10.8% | 74 |
| Beaverton / Aloha | $238,500 | $217,600 | -12.2% | 168 |
| Southeast Portland | $226,700 | $197,900 | -11.7% | 119 |
| Gresham / Troutdale | $204,200 | $190,000 | -14.2% | 162 |
| Yamhill County | $198,000 | $190,000 | -16.0% | 154 |
| Columbia County | $189,200 | $184,000 | -14.6% | 183 |
Market data courtesy of RMLS, February 2010.
Comments
One Response to “Portland Real Estate Market Activity – February 2010 Results”
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Well, this pretty much answers the questions I had about the appraisal I received yesterday. Much easier to decipher than her explanation… Thanks!
-Jeff