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.
|March 2013||February 2013||Last Year -
|Median Sale Price||$250,000||$242,000||$215,700|
|Average Sale Price||$299,000||$282,000||$252,600|
|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
|12-Mo. Change||Total Mkt
|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|
|Milwaukie / Clackamas||$259,000||$242,200||5.9%||105|
|Oregon City / Canby||$248,700||$235,500||2.8%||110|
|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|