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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 – November 2011
The year end draws near and the Portland residential real estate market will end 2011 on a stronger note than 2010 — at least when measured by sales volume. Sales in November 2011 were 19% above last year’s pace and were actually 3% higher than October’s result.
However, available inventory, at just 9,451 units is at the lowest level since the summer of 2006. At the current pace of sales, the market would exhaust supply in 6.2 months. Nearly a third of homes sold in November could be described as ‘distress’ sales — either a short sale or bank-owned foreclosure.
Prices are slightly softer than a year ago, down about 4.6% on average and 3.4% for the median. The average home sale in November was $259,400. That is 27% off peak prices from the summer of 2008.
On that note, below is the grisly 11-year view of median home prices and various rates of appreciation since 2000. After some stabilization in 2009 and a sharp decline in late 2010, 2011 showed some signs of recovery despite some seasonal choppiness at the end.
Click for larger view
Here is a closer look at 2010 and 2011.
Click for larger view
Here are the tables for November:
Market Summary
| November 2011 | Prev. Month - October 2011 |
Last Year - November 2010 |
|
| Median Sale Price | $225,000 | $217,800 | $233,000 |
| Average Sale Price | $259,400 | $258,700 | $271,900 |
| Closed Sales | 1,521 | 1,474 | 1,279 |
| Pending Sales | 1,685 | 1,878 | 1,429 |
| New Listings | 2,026 | 2,433 | 2,473 |
| Active Listings | 9,451 | 10,012 | 13,103 |
| Distress Sales | 31% | 30% | 32% |
| Total Market Time * | 135 | 136 | 140 days |
| Inventory (in months) | 6.2 | 6.8 | 10.2 |
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 | $425,500 | $369,900 | -3.3% | 179 |
| West Portland & Downtown | $386,100 | $325,000 | -4.1% | 131 |
| NW Washington County | $356,300 | $320,000 | -3.7% | 133 |
| Tigard / Tualatin / Sherwood / Wilsonville | $280,000 | $257,500 | -7.7% | 139 |
| Northeast Portland | $267,900 | $230,000 | -5.2% | 108 |
| Milwaukie / Clackamas | $239,400 | $219,800 | -9.9% | 130 |
| Oregon City / Canby | $232,900 | $211,000 | -10.3% | 132 |
| North Portland | $221,600 | $212,000 | -4.4% | 110 |
| Southeast Portland | $215,500 | $182,800 | -9.5% | 124 |
| Beaverton / Aloha | $213,100 | $195,000 | -11.6% | 131 |
| Hillsboro / Forest Grove | $207,000 | $190,000 | -9.2% | 141 |
| Yamhill County | $198,900 | $174,500 | -7.4% | 183 |
| Gresham / Troutdale | $196,200 | $178,000 | -8.1% | 135 |
| Columbia County | $159,600 | $146,500 | -11.0% | 168 |
Comments
One Response to “Portland Real Estate Market Statistics – November 2011”
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I get a sense that their is overall an optimism looking forward in 2012. I for one have had a busy first few weeks of the year, and look forward to serving more clients this year. It’s hard to evaluate reports that another slug of distressed homes may be released into the market. Nevertheless, I am hopefull that we continue to see modest gains in the market.