-
Your Host
re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
Follow Along
Subscribe in a reader
Portland Real Estate Market Activity – April 2010 Results
Portland’s strong, springtime home-buying activity continued through April, with nearly 2,000 homes selling and another ~3,000 entering into contract. The sale pending number is the highest since May 2007 and is comparable to figure we saw during the bubble-buying period between 2004 and 2007.
Sale prices bounced up a tick from last month, but are still 3 to 4% down from a year ago. The average home in the Portland metro area sold for $282,100 and the median value is now at $240,000.
On average, it’s taking at least 4 months for a new listing to eventually sell. April’s absorption rate of sales vs. available listings is now down to 7.3 months of supply, however, it’s unlikely that that buyers will continue their torrid purchasing pace with the tax credit now expired.
The closed sale numbers should be strong through May and June, but we’ll keep an eye on the pending sale numbers as the canary in the coal mine that will determine if the buying binge continues.
Market Summary
| April 2010 |
March 2010 |
Last Year April 2009 |
|
| Median Sale Price | $240,000 | $238,900 | $249,600 |
| Average Sale Price | $282,100 | $280,300 | $291,100 |
| Closed Sales | 1,941 | 1,799 | 1,302 |
| Pending Sales | 2,991 | 2,402 | 1,860 |
| New Listings | 4,713 | 4,897 | 3,808 |
| Active Listings | 14,182 | 14,042 | 14,328 |
| Total Market Time * | 127 days | 142 days | 148 days |
| Inventory (in months) | 7.3 | 7.8 | 11.0 |
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 | $461,200 | $383,000 | -8.1% | 147 |
| West Portland & Downtown | $406,900 | $335,000 | -11.4% | 155 |
| NW Washington County | $358,600 | $343,000 | -7.6% | 134 |
| Tigard / Tualatin / Sherwood / Wilsonville | $306,000 | $281,300 | -8.2% | 161 |
| Northeast Portland | $276,200 | $244,300 | -10.4% | 91 |
| Oregon City / Canby | $257,900 | $222,500 | -11.7% | 116 |
| Milwaukie / Clackamas | $252,500 | $236,900 | -9.6% | 110 |
| Beaverton / Aloha | $241,000 | $220,000 | -10.0% | 127 |
| Hillsboro / Forest Grove | $239,000 | $215,500 | -9.7% | 135 |
| Southeast Portland | $234,200 | $210,000 | -10.5% | 98 |
| North Portland | $232,400 | $229,000 | -7.9% | 77 |
| Gresham / Troutdale | $218,700 | $202,800 | -12.5% | 143 |
| Yamhill County | $217,300 | $193,000 | -13.6% | 193 |
| Columbia County | $185,500 | $185,000 | -12.5% | 101 |
Market data courtesy of RMLS, April 2010.
Comments
One Response to “Portland Real Estate Market Activity – April 2010 Results”
Leave a Reply
I agree, the Portland real estate market activity in April was excellent; however the party was short lived. May was a tough month for sellers in Portland with pending sales down 50% from April.
From my perspective, the tax credit pulled forward sales from May. Many sellers who were not fortunate enough to get an accepted offer in April have lowered the asking prices substantially. Hopefully these lower prices will help motivate buyers to write offers and get this market jump started!