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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 – June 2010 results
For a second month in a row, the Portland housing market shows that it is clearly returning to its pre-tax incentive pace. This means low sales volumes when compared to historical averages in what would normally be the peak home-buying and selling season. It’s as if everyone moved their calendar up by a couple months.
March and April saw pending sales levels rise to 2,400 and 3,000 homes respectively. This translated into approximately 2,000 homes per month closing from April through June–just in time for the (recently extended) federal tax incentive deadline. By contrast, May and June experienced just ~1,500 and ~1,600 pending sales each, signaling a substandard summer for Portland home sales. For comparison’s sake, Portland’s 10-year average for this time of year is around 2,600 closings per month.
Pricing has remained stable, with the average bouncing around and the median stuck at -4% compared to 12 months ago for the 3rd month in a row. The average sale price in June was $289,000, the highest since September 2009. The median came in at $240,000, also equivalent to the fall of 2009.
The average time on market is 4 months and inventory levels are stable with 14,750 homes actively being marketed. At the current pace of sales, the existing inventory would take 7.3 months to absorb.
Market Summary
| June 2010 | May 2010 | Last Year June 2009 |
|
| Median Sale Price | $240,000 | $239,000 | $250,000 |
| Average Sale Price | $289,800 | $278,500 | $288,600 |
| Closed Sales | 2,012 | 2,050 | 1,988 |
| Pending Sales | 1,618 | 1,493 | 2,170 |
| New Listings | 4,257 | 3,482 | 3,907 |
| Active Listings | 14,752 | 14,372 | 14,503 |
| Total Market Time * | 121 days | 123 days | 147 days |
| Inventory (in months) | 7.3 | 7.0 |
8.2 |
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 | $442,000 | $380,000 | -5.6% | 150 |
| West Portland & Downtown | $401,700 | $335,000 | -10.2% | 129 |
| NW Washington County | $362,800 | $335,000 | -7.5% | 123 |
| Tigard / Tualatin / Sherwood / Wilsonville | $303,800 | $277,000 | -7.9% | 137 |
| Northeast Portland | $282,700 | $245,000 | -7.3% | 87 |
| Milwaukie / Clackamas | $261,200 | $243,000 | -7.6% | 126 |
| Oregon City / Canby | $255,700 | $228,800 | -10.0% | 134 |
| Beaverton / Aloha | $240,800 | $219,900 | -7.5% | 109 |
| Southeast Portland | $237,200 | $210,000 | -8.5% | 93 |
| Hillsboro / Forest Grove | $233,200 | $211,000 | -10.1% | 140 |
| North Portland | $232,900 | $227,000 | -4.9% | 74 |
| Yamhill County | $216,700 | $192,500 | -11.1% | 146 |
| Gresham / Troutdale | $216,500 | $205,000 | -8.8% | 119 |
| Columbia County | $186,100 | $184,000 | -10.3% | 150 |
Market data courtesy of RMLS, June 2010.
Comments
2 Responses to “Portland Real Estate Market Activity – June 2010 results”
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http://realestate.yahoo.com/promo/housing-markets-that-will-be-strongest-by-2014
any thoughts? PDX a winner by 2014? Sounds overly optimistic for Bremerton and Bend.
Lifestyle buyers can only go so far. All I can say is “jobs, jobs, jobs”. I think recovery will be slow. 2014 would not surprise me at all.