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Portland Real Estate Market Activity – March 2010 Results
Reporting this a little late this month, but March results for Portland’s real estate market were a little eye-opening.
First off, 1,800 homes closed escrow in March. That’s ok, but not historically all that strong for March.
However, 2,400+ homes went sale pending in the month. That’s the highest number of homes under contract going back 31 months…back to the peak days of the real estate frenzy in summer of 2007. Astounding. (And it means April and May closings will be strong.)
Is this the beginning of a rebound or just a paroxysmal response to the expiring tax credit? I suspect it is the latter and as we settle into the peak real estate season, the subsidized home-buying process will wane and the true market will emerge. April’s numbers should be out around the 15th.
Market Summary
| March 2010 |
February 2010 |
Last Year March 2009 |
|
| Median Sale Price | $238,900 | $235,000 | $246,400 |
| Average Sale Price | $280,300 | $273,100 | $297,000 |
| Closed Sales | 1,799 | 1,015 | 1,184 |
| Pending Sales | 2,402 | 1,850 | 1,637 |
| New Listings | 4,897 | 3,902 | 3,684 |
| Active Listings | 14,042 | 13,101 | 14,188 |
| Total Market Time * | 142 days | 150 days | 156 days |
| Inventory (in months) | 7.8 | 12.9 | 12.0 |
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 | $441,800 | $377,000 | -9.6% | 241 |
| West Portland & Downtown | $418,000 | $336,000 | -11.6% | 184 |
| NW Washington County | $360,600 | $344,000 | -9.2% | 129 |
| Tigard / Tualatin / Sherwood / Wilsonville | $313,500 | $287,000 | -8.6% | 176 |
| Northeast Portland | $271,400 | $229,800 | -10.2% | 120 |
| Oregon City / Canby | $253,400 | $220,000 | -11.8% | 127 |
| Milwaukie / Clackamas | $253,200 | $240,000 | -8.2% | 131 |
| Hillsboro / Forest Grove | $248,100 | $223,900 | -9.5% | 178 |
| North Portland | $233,700 | $230,000 | -8.7% | 89 |
| Beaverton / Aloha | $233,500 | $216,500 | -11.5% | 106 |
| Southeast Portland | $230,300 | $202,500 | -11.2% | 101 |
| Gresham / Troutdale | $218,800 | $202,000 | -12.6% | 141 |
| Yamhill County | $203,800 | $190,000 | -15.6% | 161 |
| Columbia County | $187,300 | $184,900 | -12.2% | 175 |
Market data courtesy of RMLS, March 2010.
Comments
One Response to “Portland Real Estate Market Activity – March 2010 Results”
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This is a great post. Thanks for sharing. Really helpful stuff. Michelle