Portland Real Estate Market Activity – March 2013

As the Portland real estate markets revs into its busy season, the increased pace of sales along with the relatively flat supply of new homes listed on the market is making for continued slim pickings for buyers.

March 2013′s statistics show it to be the busiest March since 2007 with 2,600+ contracts pending and 2,200 transactions closed. The 6,200+ unit remaining inventory leaves just 3.2 months of available supply, the lowest level since June 2006.

The average and median sales price across the Portland metro area jumped 6 and 3.3 percent respectively over last month, and 18 and 16 percent over last year’s result. Average pricing is about to eclipse $300,000 and media is cresting the $250,000 mark.

The breakdown by market area for March is below. Average and median pricing is year-to-date for 2013, and the percentage change is the last 12 months measured against the previous 12 months. SE Portland and Yamhill County are into double digits appreciation, with NE Portland right behind.

Market Summary

March 2013 February 2013 Last Year -
March 2012
Median Sale Price $250,000 $242,000 $215,700
Average Sale Price $299,000 $282,000 $252,600
Closed Sales 1,935 1,376 1,694
Pending Sales 2,628 2,130 2,272
New Listings 3,002 2,453 2,886
Active Listings 6,207 6,256 8,391
Total Market Time * 112 days 116 days 135 days
Inventory (in months) 3.2 4.5 5.0

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 $478,600 $410,000 5.8% 120
West Portland & Downtown $414,300 $347,300 8.9% 119
NW Washington County $371,300 $350,200 -0.5% 117
Tigard / Tualatin / Sherwood / Wilsonville $304,600 $276,000 6.8% 118
Northeast Portland $313,600 $268,700 9.7% 78
Milwaukie / Clackamas $259,000 $242,200 5.9% 105
Oregon City / Canby $248,700 $235,500 2.8% 110
North Portland $242,600 $233,500 5.5% 77
Southeast Portland $237,700 $205,000 10.0% 89
Beaverton / Aloha $243,400 $222,000 7.5% 83
Gresham / Troutdale $217,300 $202,500 4.7% 151
Hillsboro / Forest Grove $228,900 $209,500 7.4% 137
Yamhill County $238,700 $187,500 10.3% 191
Columbia County $153,200 $154,900 2.5% 122

Comments

Leave a Reply




*