Portland Real Estate Market Activity – November 2012
The real estate market in the Portland metro area began its seasonal wind-down in November, with closed sales and new listings shrinking from the stronger-than-usual fall volumes.
The month ended with just 7,200 units active on the market — the lowest number of active listings going back to May 2006. At just around 4 months of available inventory, buyers are encountering slim pickings. Average and median sale prices are bouncing between +/- 1 to 2% from month to month, which is a sign of pricing stability.
All but one MLS market area has shown sale price appreciation (primarily earned in the summer months) on a 12-month rolling basis over the previous 12 months, with NE and SE Portland leading the way at +6%.
The lower sale pending figures would forecast for a slower December as the year closes out, but 2012 had already eclipsed 2011 in total sale volume by the fall. Low interest rates and low inventories should keep sellers happy for the next few months or so.
Here are the figures for November:
|November 2012||October 2012||Last Year -
|Median Sale Price||$241,000||$243,300||$225,000|
|Average Sale Price||$279.400||$284,600||$259,400|
|Total Market Time *||101 days||102 days||135 days|
|Inventory (in months)||4.2||3.8||6.2|
Below is activity by market area. 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||$428,200||$371,000||0.6%||128|
|West Portland & Downtown||$409,600||$347,000||4.2%||117|
|NW Washington County||$354,900||$339,900||0.7%||70|
|Tigard / Tualatin / Sherwood / Wilsonville||$284,000||$260,000||0.4%||101|
|Milwaukie / Clackamas||$248,200||$230,000||3.1%||113|
|Oregon City / Canby||$236,600||$223,600||2.6%||138|
|Beaverton / Aloha||$218,900||$199,900||3.1%||78|
|Hillsboro / Forest Grove||$216,000||$198,000||3.7%||166|
|Gresham / Troutdale||$195,500||$180,000||-1.4%||100|