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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 — December 2011
Real estate sales activity continued its upward trend for the third straight month, as over 1,600 homes closed escrow in the Portland area in December. The strongest December in a few years, combined with a dearth of new listings, led to the market’s lowest total inventory since June 2006. January buyers were met with only 8,612 homes on the market. The past few years have seen closer to 12,000 units available at year end. At the current pace of sales, the remaining inventory would be exhausted in 5.3 months.
“Wait!” you say. “Doesn’t 5 or 6 months of inventory signal a seller’s market?” you ask. Yeah, that’s the weird dichotomy the market presents. Over a third of transactions are distress sales and prices are still declining (albeit at a slower rate). Yet, in close-in neighborhoods or in well-kept properties that are priced reasonably, you can count on quick sales and sometimes, multiple offers. Four of the 6 homes I showed last Saturday were sale-pending by Tuesday morning.
Month-to-month average and median sale prices are bouncing somewhat, but for the year vs. 2010, the market was down 6.7% on average and 7.9% at the median. I will share 2011 end-of-year stats later this week.
Here are the figures for December:
Market Summary
| December 2011 | Prev. Month - November 2011 |
Last Year - December 2010 |
|
| Median Sale Price | $216,000 | $225,000 | $230,000 |
| Average Sale Price | $260,800 | $259,400 | $278,000 |
| Closed Sales | 1,612 | 1,521 | 1,462 |
| Pending Sales | 1,443 | 1,685 | 1,210 |
| New Listings | 1,700 | 2,026 | 1,925 |
| Active Listings | 8,612 | 9,451 | 11,611 |
| Distress Sales | 35% | 31% | 37% |
| Total Market Time * | 142 | 135 | 145 days |
| Inventory (in months) | 5.3 | 6.2 | 7.9 |
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 | $428,500 | $370,000 | -1.4% | 166 |
| West Portland & Downtown | $384,800 | $324,200 | -6.2% | 165 |
| NW Washington County | $358,100 | $325,000 | -1.7% | 115 |
| Tigard / Tualatin / Sherwood / Wilsonville | $278,000 | $254,000 | -8.7% | 164 |
| Northeast Portland | $266,900 | $229,000 | -5.8% | 139 |
| Milwaukie / Clackamas | $240,000 | $220,000 | -7.8% | 141 |
| Oregon City / Canby | $233,400 | $211,100 | -8.0% | 156 |
| North Portland | $222,200 | $212,000 | -3.6% | 90 |
| Southeast Portland | $214,700 | $181,500 | -9.7% | 112 |
| Beaverton / Aloha | $213,000 | $195,000 | -9.7% | 116 |
| Hillsboro / Forest Grove | $206,300 | $189,500 | -9.2% | 149 |
| Yamhill County | $198,800 | $173,100 | -10.1% | 180 |
| Gresham / Troutdale | $195,700 | $178,000 | -8.4% | 147 |
| Columbia County | $159,400 | $145,500 | -11.9% | 150 |
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