Portland Real Estate Market Activity – February 2013 Results

The pace of sales in the Portland metro real estate market is returning to ‘normal’ levels, with closed and pending home sales in February at the highest levels since the peak periods of 2007-2008. This steady recovery comes in the face of near record low inventory — only four and a half months of available housing inventory was available at the end of February, a little over 6,200 units.

Average and median sale prices across the Portland metro area registered $282,000 and $242,000 respectively — down from January totals, but on a rolling 12-month basis are up 5.8% and 8.5% over the previous 12 month period.

February 2013 results below:

Market Summary

February 2013 January 2013 Last Year -
February 2012
Median Sale Price $242,000 $248,000 $211,000
Average Sale Price $282,000 $287,700 $255,100
Closed Sales 1,376 1,344 1,262
Pending Sales 2,130 1,906 2,109
New Listings 2,453 2,438 2,492
Active Listings 6,256 6,366 8,203
Total Market Time * 116 days 114 days 138 days
Inventory (in months) 4.5 4.7 6.5

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 $466,700 $380,000 3.1% 157
West Portland & Downtown $409,100 $331,300 7.4% 138
NW Washington County $372,300 $354,300 -0.6% 59
Tigard / Tualatin / Sherwood / Wilsonville $303,000 $272,500 5.7% 113
Northeast Portland $313,000 $266,000 9.6% 86
Milwaukie / Clackamas $253,900 $240,000 5.6% 155
Oregon City / Canby $246,000 $230,000 3.3% 117
North Portland $237,900 $232,000 5.2% 91
Southeast Portland $229,100 $197,500 7.7% 85
Beaverton / Aloha $231,900 $210,600 4.9% 92
Gresham / Troutdale $221,000 $205,000 0.4% 123
Hillsboro / Forest Grove $224,700 $204,400 6.5% 80
Yamhill County $217,000 $183,800 7.4% 212
Columbia County $159,000 $160,000 4.6% 149

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