Portland Real Estate Market Activity – July 2011
The Portland metro area real estate review for July is a little more ‘same ol’ song and dance’. In other words, like many months, it’s been slow but steady.
After hitting its peak in June at 1,958 units, July’s home sales tailed off to 1,709. Another 1,928 homes went sale pending and nearly 3,000 homes entered the market, leaving the available inventory of nearly 12,000 homes or about 7 month’s supply.
The median price, now at $227,000, is steadily climbing from it’s February 6-year low of $214,000. On a year-over-year basis, the median price is down 7.6% over 2010′s mark. The average sale price, $275,100, is down 7.4% over last year. I view it as a plateau….a flat spot that could be the basis for a slow recovery, or a rest stop on the descent.
Sales volumes are down, historically speaking. On a 2011 year-to-date basis, the market sold 4% fewer units than the January through July period 2010, though some of that 2010 volume was fueled by the tax credit program that ended in the spring.
|July 2011||Prev. Month -
|Last Year -
|Median Sale Price||$227,200||$222,900||$246,000|
|Average Sale Price||$275,100||$267,100||$297,000|
|Total Market Time *||132 days||134 days||121 days|
|Inventory (in months)||7.0||6.0||10.8|
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
|12-Mo. Change||Total Mkt
|Lake Oswego / West Linn||$423,500||$371,800||-9.1%||149|
|West Portland & Downtown||$389,900||$329,900||-1.3%||161|
|NW Washington County||$362,000||$320,000||-0.7%||112|
|Tigard / Tualatin / Sherwood / Wilsonville||$278,700||$258,900||-6.0%||146|
|Milwaukie / Clackamas||$237,800||$219,800||-10.1%||97|
|Oregon City / Canby||$229,300||$208,500||-9.6%||82|
|Beaverton / Aloha||$208,000||$190,000||-11.2%||135|
|Hillsboro / Forest Grove||$204,200||$190,000||-10.8%||136|
|Gresham / Troutdale||$194,700||$175,000||-7.4%||170|