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re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
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Portland Real Estate Market Activity – July 2010
As foreshadowed by May and June’s low pending sales, the July closed sale total tells the real story of the non-tax-credit-stimulated housing market in Portland.
From a high of 2,050 closed transactions in May, the market has cooled to around 1,400 closings during what would normally be the peak home buying and selling season (the 10-year July average is 2,400 closed sales). To give it more perspective, 1,400 sales is more in line with what you would expect for a January or February of an average year. July’s pending sale figure of 1,627 signals a low closed sales month in August. The slower sales pace has raised the available inventory level to 15,271 homes on the market — or 10.8 months’ supply. The Portland area has not had 15,000+ listings on the market since November 2008.
Despite the soft volume, prices have remained steady, even rising. Compared to June, the average and median sale prices were up 2.5%. In the Portland metro area, the median sale price was $246,000 and the average equaled $297,000. These levels were -1.6% and +2.9% respectively over July 2009 results, and may be residual echoes of the tax-credit frenzy of April and June 2010.
Below are summaries of the Portland housing market, including year-to-date figures for the metro areas.
Market Summary
| July 2010 | June 2010 | Last Year July 2009 |
|
| Median Sale Price | $246,000 | $240,000 | $250,000 |
| Average Sale Price | $297,000 | $289,800 | $288,600 |
| Closed Sales | 1,412 | 2,012 | 1,988 |
| Pending Sales | 1,629 | 1,618 | 2,170 |
| New Listings | 4,029 | 4,257 | 3,907 |
| Active Listings | 15,271 | 14,752 | 14,503 |
| Total Market Time * | 121 days | 121 days | 143 days |
| Inventory (in months) | 10.8 | 7.3 | 7.3 |
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 | $439,700 | $385,000 | -3.6% | 156 |
| West Portland & Downtown | $404,600 | $339,000 | -8.0% | 123 |
| NW Washington County | $366,200 | $338,300 | -6.4% | 131 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,700 | $278,500 | -6.2% | 148 |
| Northeast Portland | $285,200 | $246,500 | -5.8% | 87 |
| Milwaukie / Clackamas | $262,000 | $242,800 | -7.2% | 112 |
| Oregon City / Canby | $257,100 | $229,500 | -10.2% | 125 |
| Beaverton / Aloha | $243,900 | $220,000 | -4.7% | 100 |
| Southeast Portland | $238,200 | $208,000 | -6.5% | 82 |
| Hillsboro / Forest Grove | $233,400 | $210,000 | -8.9% | 136 |
| North Portland | $232,100 | $227,000 | -3.8% | 85 |
| Yamhill County | $218,300 | $192,000 | -9.0% | 216 |
| Gresham / Troutdale | $214,600 | $203,300 | -7.6% | 120 |
| Columbia County | $187,500 | $182,000 | -11.0% | 186 |
Market data courtesy of RMLS, July 2010.
Comments
One Response to “Portland Real Estate Market Activity – July 2010”
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At least you guys weren’t hit as bad as us down here in AZ. I know it’s tough all over, and being from OR, it’s interesting to see these numbers and compare them.