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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 Activity & Statistics – October 2011
The Portland real estate market begins its annual hibernation, with activity subsiding and prices taking a nap as well.
Compared to September, closed sales dropped 7%, the median price dipped 6.7% and the average slumped by 6.5%. The average sale price in October was $258,700 and the midpoint weighed in at $217,800 — the lowest levels since the market thawed in early 2011.
Nearly a third of closed sales were short sales or bank-owned foreclosures. November closings should be on par with October, however, with a slight rise in pending sales over October’s totals. The average time on market is around 4.5 months.
On a year-to-date basis, closed sales are up 2.1% and pending sales up 4.5% over 2010. However, new listings are off 26.3% from last year. Active inventory is the lowest since February 2007, starving motivated buyers for choices. Starting November, less than seven months’ inventory exists, around 10,000 homes.
Market Summary
| October 2011 | Prev. Month - September 2011 |
Last Year - October 2010 |
|
| Median Sale Price | $217,800 | $230,800 | $233,500 |
| Average Sale Price | $258,700 | $268,200 | $276,800 |
| Closed Sales | 1,474 | 1,586 | 1,292 |
| Pending Sales | 1,878 | 1,861 | 1,632 |
| New Listings | 2,433 | 2,501 | 3,119 |
| Active Listings | 10,012 | 10,666 | 13,805 |
| Distress Sales | 30% | 26% | 33% |
| Total Market Time * | 136 | 131 | 131 days |
| Inventory (in months) | 6.8 | 6.7 | 10.7 |
Below is activity by market area on year-to-date basis.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $429,100 | $370,000 | -3.4% | 135 |
| West Portland & Downtown | $388,700 | $328,400 | -3.4% | 149 |
| NW Washington County | $357,300 | $321,000 | -3.0% | 86 |
| Tigard / Tualatin / Sherwood / Wilsonville | $279,400 | $258,500 | -6.9% | 138 |
| Northeast Portland | $267,300 | $229,000 | -5.4% | 111 |
| Milwaukie / Clackamas | $239,500 | $219,100 | -10.5% | 118 |
| Oregon City / Canby | $232,400 | $210,000 | -11.4% | 214 |
| North Portland | $219,900 | $209,500 | -6.0% | 122 |
| Southeast Portland | $214,000 | $180,600 | -8.5% | 135 |
| Beaverton / Aloha | $212,800 | $194,900 | -12.1% | 119 |
| Hillsboro / Forest Grove | $207,600 | $190,000 | -8.8% | 135 |
| Yamhill County | $199,600 | $174,800 | -6.4% | 184 |
| Gresham / Troutdale | $195,800 | $178,000 | -8.2% | 122 |
| Columbia County | $161,100 | $150,000 | -12.4% | 174 |
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.
Friday Fun – Portland At Night, Time-Lapse Video
I’m a sucker for time-lapse video, especially if Portland scenes are involved. Here’s a beaut:
Photography by Lance Page. Music soundtrack provided by Andrew Parish.
NPR Interview: Credit is Cheap But Extremely Tight
I caught a succinct, very clear explanation on NPR radio tonight about why credit is so cheap, but so difficult to qualify for when purchasing a home. Give it a listen:
In a related story, the national government is looking at changes to the loan modification process. Story here.
