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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 – October 2010
Portland’s real estate market begins its off-season with slumping sales and drifting prices.
October results show just under 1,300 homes went to new owners throughout the Portland metro area. The 10-year average for October home sales is approximately 2,250 units, so closed sales are well below ‘normal’. Pending sales (homes under contract) sit at 1,632 which may bode well for November/December.
Buyers paid $276,800 on average, and the median price was $233,500. Compared to a year ago, prices are down 2.4% (average) and 4.7% (median).
Inventory levels remain stable, as does the amount of time needed to market a property successfully. At the end of October, 13,805 homes sat on the market–about 10.7 month’s worth of availability. On average, it’s taking 131 days for homes to find buyers.
Market Summary
| October 2010 | Last Month - September 2010 |
Last Year - October 2009 |
|
| Median Sale Price | $233,500 | $240,000 | $245,000 |
| Average Sale Price | $276,800 | $279,900 | $283,500 |
| Closed Sales | 1,292 | 1,399 | 2,009 |
| Pending Sales | 1,632 | 1,584 | 2,079 |
| New Listings | 3,119 | 3,549 | 3,443 |
| Active Listings | 13,805 | 14,714 | 13,101 |
| Total Market Time * | 131 days | 131 days | 135 days |
| Inventory (in months) | 10.7 | 10.5 | 6.5 |
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 | $436,700 | $385,000 | -8.0% | 209 |
| West Portland & Downtown | $409,900 | $340,000 | -5.0% | 175 |
| NW Washington County | $368,100 | $338,000 | -2.8% | 110 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,200 | $278,500 | -4.5% | 126 |
| Northeast Portland | $284,700 | $249,000 | -1.3% | 132 |
| Milwaukie / Clackamas | $262,800 | $240,000 | -6.7% | 132 |
| Oregon City / Canby | $257,500 | $230,000 | -8.4% | 143 |
| Beaverton / Aloha | $240,800 | $217,000 | -0.8% | 120 |
| Southeast Portland | $238,100 | $208,000 | -3.4% | 90 |
| North Portland | $231,600 | $225,000 | -1.2% | 96 |
| Hillsboro / Forest Grove | $228,100 | $209,000 | -7.6% | 127 |
| Yamhill County | $217,400 | $192,000 | -6.9% | 157 |
| Gresham / Troutdale | $213,900 | $202,000 | -3.8% | 106 |
| Columbia County | $185,000 | $178,400 | -9.4% | 127 |
Market data courtesy of RMLS, October 2010.
Comments
One Response to “Portland Real Estate Market Activity – October 2010”
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I agree with you that we are entering our seasonal down period, and housing prices and turnover will definitely be affected in a negative way in the next few months. I also think that Portland was late to join the real estate crashing party, so we will be a little late in the recovery too. However, Portland rocks, and people want to live here, so thing will pick up soon:-)