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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
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Portland Real Estate Market Activity – May 2010 Results
The homebuyer tax credit binge is over and all that’s left is the hangover.
As expected, closed sales in May were very strong, at over 2,000 transactions closed, but pending sales in the first post-tax credit month were just 1/2 of April’s performance.
Relatively low listing activity is keeping inventory down in the 7 months of availability. It’s taking 123 days on average to put a home under contract–a month quicker in North and Northeast Portland, however.
Will Portland’s housing market endure another season of lower volume, and therefore, lower prices? Is a double-dip inevitable? Or are things stabilizing?
A month or two of summertime activity (without federal incentives) will tell us much.
Market Summary
| May 2010 | April 2010 |
Last Year May 2009 |
|
| Median Sale Price | $239,000 | $240,000 | $250,000 |
| Average Sale Price | $278,500 | $282,100 | $291,400 |
| Closed Sales | 2,050 | 1,941 | 1,427 |
| Pending Sales | 1,493 | 2,991 | 1,967 |
| New Listings | 3,482 | 4,713 | 3,879 |
| Active Listings | 14,372 | 14,182 | 14,493 |
| Total Market Time * | 123 days | 127 days | 147 days |
| Inventory (in months) | 7.0 | 7.3 | 10.2 |
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. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $443,500 | $375,000 | -7.8% | 153 |
| West Portland & Downtown | $399,200 | $331,500 | -12.3% | 161 |
| NW Washington County | $358,200 | $337,200 | -8.1% | 108 |
| Tigard / Tualatin / Sherwood / Wilsonville | $302,100 | $280,000 | -8.1% | 147 |
| Northeast Portland | $279,800 | $245,000 | -9.2% | 89 |
| Milwaukie / Clackamas | $259,500 | $241,500 | -9.0% | 140 |
| Oregon City / Canby | $258,400 | $229,900 | -8.7% | 129 |
| Beaverton / Aloha | $236,800 | $217,000 | -9.7% | 89 |
| Southeast Portland | $235,700 | $210,000 | -9.2% | 87 |
| North Portland | $234,400 | $230,000 | -6.3% | 83 |
| Hillsboro / Forest Grove | $234,400 | $215,000 | -10.8% | 144 |
| Gresham / Troutdale | $218,500 | $204,500 | -10.7% | 123 |
| Yamhill County | $213,600 | $191,000 | -13.1% | 222 |
| Columbia County | $187,600 | $184,700 | -10.9% | 133 |
Market data courtesy of RMLS, May 2010.
Senate Extends Tax Credit Deadline
Apparently there is a backlog of 180,000 homes that went under contract prior to April 30 but have not closed escrow in time to qualify for the Federal government’s tax credits. The Senate on Wednesday approved an extension for homes in escrow through September 30. The extension does not affect contracts accepted after April 30 and will have no impact on future home sales. The House passed a similar resolution in December.
I had not heard locally of a backlog, but I suppose homes that are short sales that are still awaiting lender approval could be affected.
More info at CNBC.
