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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 – November 2010
The winter slog has hit Portland, and I’m not talking just about the weather. As anticipated, November sales volume for the metro real estate market was light, but steady…sort of like drizzle.
The 1,279 closed sales were nearly identical to October’s total. The time-on-market figure climbed to 140 days on average for closed transactions. Available inventory is relatively unchanged–around 13,000 homes for sale in the Portland metro area.
The $233,000 median sale price dipped to the lowest level since May 2005 and is down 2.5% from the same month a year ago. The average sale price of $271,900 is 0.5% off of last year’s mark and is 23% below the high-water mark of August 2007. Northeast and Southeast Portland are showing the highest resistance to price erosion over the past 12 months.
Anectdotally speaking, other Portland agents are commenting that activity is up, but I suspect it is isolated. RMLS (the Portland-area multiple listing service) reports that the number of agents showing properties has slowed to 40 or 50% of the peak summer month activity levels.
Without job growth or an increase in consumer confidence, there is very little evidence of a short-term rebound in the local real estate market, so settle in for a slow and steady winter (i.e. low sales volumes and bouncing prices). Our first real indication of how 2011 will fare should surface around March.
Market Summary
| November 2010 | Last Month - October 2010 |
Last Year - November 2009 |
|
| Median Sale Price | $233,000 | $233,500 | $239,000 |
| Average Sale Price | $271,900 | $276,800 | $273,300 |
| Closed Sales | 1,279 | 1,292 | 1,795 |
| Pending Sales | 1,426 | 1,632 | 1,328 |
| New Listings | 2,473 | 3,119 | 2,499 |
| Active Listings | 13,103 | 13,805 | 12,697 |
| Total Market Time * | 140 days | 131 days | 131 days |
| Inventory (in months) | 10.2 | 10.7 | 7.1 |
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 | $434,400 | $385,000 | -7.9% | 190 |
| West Portland & Downtown | $407,600 | $337,500 | -3.8% | 189 |
| NW Washington County | $367,600 | $337,200 | -1.2% | 102 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,500 | $275,500 | -3.8% | 170 |
| Northeast Portland | $282,900 | $247,000 | -0.9% | 108 |
| Milwaukie / Clackamas | $261,600 | $240,000 | -7.0% | 155 |
| Oregon City / Canby | $256,300 | $230,000 | -8.8% | 160 |
| Southeast Portland | $238,900 | $208,300 | -1.5% | 102 |
| Beaverton / Aloha | $238,700 | $215,400 | -1.2% | 135 |
| North Portland | $231,000 | $225,000 | -2.6% | 102 |
| Hillsboro / Forest Grove | $227,300 | $209,900 | -6.4% | 115 |
| Yamhill County | $217,200 | $192,000 | -5.0% | 169 |
| Gresham / Troutdale | $213,000 | $201,000 | -3.1% | 147 |
| Columbia County | $182,400 | $174,500 | -9.5% | 108 |
Market data courtesy of RMLS, November 2010.
Comments
2 Responses to “Portland Real Estate Market Activity – November 2010”
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http://finance.yahoo.com/real-estate/article/111570/home-buying-for-the-long-haul-pays-off?mod=realestate-buy
I really liked the “light, but steady…sort of like drizzle” analogy. I laughed out loud. Yeah the last few months were pretty miserable for real estate in Portland, but anecdotally, the last two weeks of January were pretty good… almost “hot”.