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:

Market Summary

November 2012 October 2012 Last Year -
November 2011
Median Sale Price $241,000 $243,300 $225,000
Average Sale Price $279.400 $284,600 $259,400
Closed Sales 1,733 2,103 1,521
Pending Sales 1,730 2,177 1,685
New Listings 1,675 2,414 2,026
Active Listings 7,216 7,981 9,451
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

Area YTD Avg.
Sale Price
YTD Median
Sale Price
12-Mo. Change Total Mkt
Time*
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
Northeast Portland $288,100 $251,000 6.1% 73
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
Southeast Portland $230,700 $198,500 5.9% 71
North Portland $228,900 $220,000 3.3% 58
Beaverton / Aloha $218,900 $199,900 3.1% 78
Hillsboro / Forest Grove $216,000 $198,000 3.7% 166
Yamhill County $210,300 $178,500 3.1% 124
Gresham / Troutdale $195,500 $180,000 -1.4% 100
Columbia County $163,100 $156,700 0.7% 141

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