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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 – February 2011
(Since it’s already April, I should get caught up on February statistics, you think?)
February 2011′s real estate performance featured low(er) median and average sale prices, low inventory absorption, and low inventory to boot. You would have to go back to Q1 2005 to compare median sale prices. Of the February sales, 45% were in the form of short sales or bank-owned foreclosures, which is a measure I’ll be featuring from now on.
The average market time for a home is now nearly 6 months and at the current pace of sales, it would take 11 months to absorb the inventory of 11,746 homes. March is shaping up to be a little stronger, with over 1,600 homes changing hands. Stats will be out in mid-April.
If you’re looking for silver linings, sales volume in 2011 is on the same pace as 2010 — but without the fuel of tax incentives. A little over 1,000 homes changed hands in the month. For home sellers with well-priced, well-maintained listings, take heart. Three homes I viewed last week went sale-pending within a few days. The (few) buyers that are in the market are acting quickly on the best properties.
Market Summary
| February 2011 | Last Month - January 2011 |
Last Year - February 2010 |
|
| Median Sale Price | $213,700 | $215,000 | $235,000 |
| Average Sale Price | $244,500 | $248,900 | $273,100 |
| Closed Sales | 1,074 | 1,035 | 1,015 |
| Pending Sales | 1,592 | 1,489 | 1,850 |
| New Listings | 2,883 | 3,128 | 3,902 |
| Active Listings | 11,746 | 11,697 | 13,101 |
| Total Market Time * | 177 days | 160 days | 150 |
| Inventory (in months) | 10.9 | 11.3 | 12.9 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. 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 | $379,300 | $330,000 | -10.5% | 220 |
| West Portland & Downtown | $363,500 | $316,500 | -3.3% | 234 |
| NW Washington County | $319,100 | $298,300 | -1.6% | 132 |
| Tigard / Tualatin / Sherwood / Wilsonville | $272,000 | $262,000 | -4.9% | 238 |
| Northeast Portland | $271,200 | $233,800 | -0.5% | 166 |
| Milwaukie / Clackamas | $237,600 | $227,700 | -9.3% | 163 |
| Oregon City / Canby | $214,500 | $209,900 | -10.0% | 208 |
| Beaverton / Aloha | $204,500 | $189,900 | -2.8% | 168 |
| Hillsboro / Forest Grove | $202,900 | $194,200 | -8.8% | 191 |
| North Portland | $198,300 | $175,000 | -3.8% | 112 |
| Southeast Portland | $197,000 | $167,000 | -1.9% | 133 |
| Yamhill County | $173,400 | $158,500 | -2.2% | 200 |
| Columbia County | $164,200 | $155,000 | -8.4% | 125 |
| Gresham / Troutdale | $190.700 | $175,000 | -4.0% | 155 |
Market data courtesy of RMLS, February 2011.
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