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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 Report – June 2011
Portland’s real estate is hitting a modest peak in June and July, with results featuring low inventories and steady sales volume.
Just under 2,000 homes changed hands in June–34% of those were short sales or bank-owned foreclosures. Another 2,000 or so went sale pending during the month, so expect July closed sales figures to be similar to June’s.
Home sellers continue to be reluctant to list properties, with only ~3,100 listings coming on the market and a little under 12,000 units available. It translates to an absorption rate of 6 months–the lowest since the go-go days of July 2007. It’s still taking a little over 3 months on average for homes to receive an acceptable offer and become sale-pending. Anecdotally speaking, primo properties in appealing neighborhoods are experiencing short shelf-lives and multiple offers, while threadbare or distress properties typically languish.
With low inventories (despite ~30% in distress or near distress), you would expect some stability in pricing and that appears to be the case. Although the average and median prices are down 7 to 8% from a year ago, they have recovered modestly from their February 2011 lows. The average sale price across the Portland metro area was $267,100; the median registered at $222,900.
More specific market areas are shown in the table below. If you are wondering about prices, sales activity, or general market conditions for your specific neighborhood, be sure to ask.
Market Summary
| June 2011 | Last Month - May 2011 |
Last Year - June 2010 |
|
| Median Sale Price | $222,900 | $220,000 | $239,900 |
| Average Sale Price | $267,100 | $262,400 | $275,500 |
| Closed Sales | 1,958 | 1,742 | 2,050 |
| Pending Sales | 2,011 | 2,167 | 1,493 |
| New Listings | 3,143 | 3,348 | 3,482 |
| Active Listings | 11,817 | 11,825 | 14,372 |
| Distress Sales | 34% | 38% | 28% |
| Total Market Time * | 134 days | 145 days | 123 days |
| Inventory (in months) | 6.0 | 6.8 | 7.0 |
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 | $411,700 | $361,000 | -10.1% | 193 |
| West Portland & Downtown | $389,500 | $329,900 | -0.7% | 159 |
| NW Washington County | $343,200 | $315,000 | -3.1% | 89 |
| Tigard / Tualatin / Sherwood / Wilsonville | $279,400 | $259,900 | -5.1% | 130 |
| Northeast Portland | $268,500 | $223,500 | -2.4% | 116 |
| Milwaukie / Clackamas | $237,700 | $220,700 | -9.9% | 127 |
| Oregon City / Canby | $223,300 | $205,000 | -10.2% | 183 |
| North Portland | $210,800 | $199,700 | -7.3% | 123 |
| Southeast Portland | $209,200 | $176,300 | -6.4% | 107 |
| Beaverton / Aloha | $206,100 | $190,000 | -8.8% | 106 |
| Hillsboro / Forest Grove | $202,600 | $186,900 | -10.7% | 124 |
| Gresham / Troutdale | $194,100 | $174,900 | -7.7% | 135 |
| Yamhill County | $192,300 | $170,000 | -5.7% | 206 |
| Columbia County | $161,700 | $145,000 | -11.4% | 161 |
Comments
One Response to “Portland Real Estate Market Report – June 2011”
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Ron, is July bearing out your predictions? I am curious because we were very busy in June and July we have seen half the business. Just curious what the trend is right now in sales for July. Thanks for the post.
Jason Lewis
Home Inspector
http://www.gowithevergreen.com