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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 Statistics – January 2011
The 2011 Portland real estate year starts with a dive off a short cliff.
Just over a thousand homes closed escrow — a fairly typical result for the last few years. But the average sale price ($248,900) plummeted to its lowest levels since May 2004 and median prices ($215,000) were comparable to those in February 2005. It’s amazing to think that the average home in the Portland metro area now costs $106,000 less than it did in the summer of 2008. (Side note: I am now showing homes priced under $80,000 for the first time ever. Remarkable.)
Of course, January is a low volume month and perhaps that skews the data some, so I expect the average and median prices to bounce back to $270K and $230K ranges respectively next month.
Other than the soft prices, the activity volumes are fairly typical for the first month of the year: 3,000+ new listings, ~1,500 pending sales, 12,000 homes actively marketed.
January 2011 statistics are shown below:
Market Summary
| January 2011 | Last Month - December 2010 |
Last Year - January 2010 |
|
| Median Sale Price | $215,000 | $230,000 | $240,000 |
| Average Sale Price | $248,900 | $278,000 | $282,400 |
| Closed Sales | 1,035 | 1,462 | 986 |
| Pending Sales | 1,489 | 1,426 | 1,535 |
| New Listings | 3,128 | 1,925 | 3,937 |
| Active Listings | 11,697 | 11,611 | 12,449 |
| Total Market Time * | 160 days | 145 days | 145 |
| Inventory (in months) | 11.3 | 7.9 | 12.6 |
Below is activity by market area. Please note that median and average sale prices are year-to-date, that is to say, they are compiled just one months’ worth of data. By March, we’ll see those numbers settle out into their normal patterns. 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 | $390,000 | $365,000 | -10.2% | 258 |
| West Portland & Downtown | $368,500 | $300,000 | -2.7% | 168 |
| NW Washington County | $319,800 | $302,500 | -1.3% | 154 |
| Tigard / Tualatin / Sherwood / Wilsonville | $282,300 | $279,500 | -4.0% | 156 |
| Northeast Portland | $280,700 | $255,000 | -0.8% | 119 |
| Milwaukie / Clackamas | $247,400 | $231,900 | -9.2% | 141 |
| Oregon City / Canby | $209,500 | $205,000 | -8.4% | 142 |
| North Portland | $208,300 | $206,000 | -3.3% | 135 |
| Hillsboro / Forest Grove | $207,600 | $198,500 | -8.6% | 165 |
| Beaverton / Aloha | $201,800 | $181,200 | -3.1% | 182 |
| Southeast Portland | $198,800 | $182,000 | -1.9% | 124 |
| Gresham / Troutdale | $193,300 | $175,000 | -4.6% | 145 |
| Yamhill County | $176,400 | $150,000 | -3.7% | 152 |
| Columbia County | $172,100 | $157,500 | -6.2% | 225 |
Market data courtesy of RMLS, January 2011.
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