Portland Real Estate Market Activity – December 2012

A little late to the statistics review party this month, but finally here to close out 2012.

The year ended with mixed trends: more sales, fewer listings, and higher prices. The total sales volume in 2012 across the Portland metro area reached $6.45 billion, compared to $5.2 and $5.3 billion in 2011 and 2010 respectively. Closed sale units were up nearly 20% over last year, yet properties listed for sale were down 5%. With these dynamics, plus low mortgage interest rates, buyer demand drove 12-month prices 4.4% and 6.3% higher than 2011 for average and median sales in 2011.

The year ended with just 6,352 homes available on the market, equal to 3.6 months inventory at current sales levels. This is the fewest number of homes listed for sale since April 2006.

January 2013 results will be out in a couple weeks, so stay tuned to see how the market is shaping up for the early buying season.

Here are the figures for December:

Market Summary

December 2012 November 2012 Last Year -
December 2011
Median Sale Price $247,000 $241,000 $216,600
Average Sale Price $290,200 $279.400 $260,800
Closed Sales 1,760 1,733 1,612
Pending Sales 1,384 1,730 1,443
New Listings 1,286 1,675 1,700
Active Listings 6,352 7,216 8,612
Total Market Time * 111 days 101 days 142 days
Inventory (in months) 3.6 4.2 5.3

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 $434,800 $375,000 1.5% 157
West Portland & Downtown $412,300 $347,300 7.2% 110
NW Washington County $356,200 $340,000 -0.4% 75
Northeast Portland $288,000 $250,000 8.0% 74
Tigard / Tualatin / Sherwood / Wilsonville $285,400 $260,000 2.8% 126
Milwaukie / Clackamas $249,400 $230,000 4.0% 114
Oregon City / Canby $239,000 $225,700 2.3% 115
Southeast Portland $230,800 $196,000 7.4% 109
North Portland $229,900 $220,000 3.4% 43
Beaverton / Aloha $219,500 $200,000 3.1% 92
Hillsboro / Forest Grove $216,500 $199,300 4.9% 109
Yamhill County $214,800 $180,000 8.3% 207
Gresham / Troutdale $194,800 $180,000 -0.4% 118
Columbia County $164,000 $156,900 2.6% 130

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