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re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
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Portland Real Estate Market Report – June 2011
Portland’s real estate is hitting a modest peak in June and July, with results featuring low inventories and steady sales volume.
Just under 2,000 homes changed hands in June–34% of those were short sales or bank-owned foreclosures. Another 2,000 or so went sale pending during the month, so expect July closed sales figures to be similar to June’s.
Home sellers continue to be reluctant to list properties, with only ~3,100 listings coming on the market and a little under 12,000 units available. It translates to an absorption rate of 6 months–the lowest since the go-go days of July 2007. It’s still taking a little over 3 months on average for homes to receive an acceptable offer and become sale-pending. Anecdotally speaking, primo properties in appealing neighborhoods are experiencing short shelf-lives and multiple offers, while threadbare or distress properties typically languish.
With low inventories (despite ~30% in distress or near distress), you would expect some stability in pricing and that appears to be the case. Although the average and median prices are down 7 to 8% from a year ago, they have recovered modestly from their February 2011 lows. The average sale price across the Portland metro area was $267,100; the median registered at $222,900.
More specific market areas are shown in the table below. If you are wondering about prices, sales activity, or general market conditions for your specific neighborhood, be sure to ask.
Market Summary
| June 2011 | Last Month - May 2011 |
Last Year - June 2010 |
|
| Median Sale Price | $222,900 | $220,000 | $239,900 |
| Average Sale Price | $267,100 | $262,400 | $275,500 |
| Closed Sales | 1,958 | 1,742 | 2,050 |
| Pending Sales | 2,011 | 2,167 | 1,493 |
| New Listings | 3,143 | 3,348 | 3,482 |
| Active Listings | 11,817 | 11,825 | 14,372 |
| Distress Sales | 34% | 38% | 28% |
| Total Market Time * | 134 days | 145 days | 123 days |
| Inventory (in months) | 6.0 | 6.8 | 7.0 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. 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 | $411,700 | $361,000 | -10.1% | 193 |
| West Portland & Downtown | $389,500 | $329,900 | -0.7% | 159 |
| NW Washington County | $343,200 | $315,000 | -3.1% | 89 |
| Tigard / Tualatin / Sherwood / Wilsonville | $279,400 | $259,900 | -5.1% | 130 |
| Northeast Portland | $268,500 | $223,500 | -2.4% | 116 |
| Milwaukie / Clackamas | $237,700 | $220,700 | -9.9% | 127 |
| Oregon City / Canby | $223,300 | $205,000 | -10.2% | 183 |
| North Portland | $210,800 | $199,700 | -7.3% | 123 |
| Southeast Portland | $209,200 | $176,300 | -6.4% | 107 |
| Beaverton / Aloha | $206,100 | $190,000 | -8.8% | 106 |
| Hillsboro / Forest Grove | $202,600 | $186,900 | -10.7% | 124 |
| Gresham / Troutdale | $194,100 | $174,900 | -7.7% | 135 |
| Yamhill County | $192,300 | $170,000 | -5.7% | 206 |
| Columbia County | $161,700 | $145,000 | -11.4% | 161 |
Portland Real Estate Market Report – May 2011
Reluctant home sellers and picky home buyers make up the new normal in Portland’s real estate market.
May’s results show a shrinking inventory (down to 11,825 units or 6.8 months), not so much because they’re being snapped up at a high pace, but because new listing volume is low.
Prices are fluttering — the average is down slightly from April, the median is slightly up. Year-over-year, prices are down ~5% and ~8% for the average and median. The outer edges of the Portland metro area are still seeing the highest 12-month average price declines (double digits in West Linn, Lake Oswego, Hillsboro and Oregon City). The bad news for new home buyers wanting close-in neighborhoods: prices are holding pretty steady, and if the home really stands out, be prepared to compete with multiple offers.
Unit sales are still historically soft, with just 1,742 homes and condos selling in May. We would typically see well over 2,000 sales as the peak season gained momentum. Of those, 38% were distress properties, defined as either a short sale or bank foreclosure property.
Market Summary
| May 2011 | Last Month - April 2011 |
Last Year - May 2010 |
|
| Median Sale Price | $220,000 | $219,900 | $239,900 |
| Average Sale Price | $262,400 | $267,300 | $275,500 |
| Closed Sales | 1,742 | 1,611 | 2,050 |
| Pending Sales | 2,167 | 2,005 | 1,493 |
| New Listings | 3,348 | 3,099 | 3,482 |
| Active Listings | 11,825 | 11,621 | 14,372 |
| Distress Sales | 38% | 37% | 24% |
| Total Market Time * | 145 days | 153 days | 123 days |
| Inventory (in months) | 6.8 | 7.2 | 7.0 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. 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 | $401,600 | $355,000 | -11.5% | 147 |
| West Portland & Downtown | $385,500 | $329,900 | -0.7% | 196 |
| NW Washington County | $345,500 | $315,000 | -1.5% | 110 |
| Tigard / Tualatin / Sherwood / Wilsonville | $277,700 | $258,900 | -5.1% | 137 |
| Northeast Portland | $271,100 | $228,000 | -0.9% | 107 |
| Milwaukie / Clackamas | $237,700 | $218,700 | -8.6% | 147 |
| Oregon City / Canby | $224,000 | $209,900 | -11.7% | 178 |
| North Portland | $212,600 | $205,000 | -6.5% | 108 |
| Southeast Portland | $207,200 | $172,000 | -5.3% | 116 |
| Beaverton / Aloha | $204,800 | $189,000 | -6.5% | 143 |
| Hillsboro / Forest Grove | $198,600 | $183,800 | -10.7% | 148 |
| Gresham / Troutdale | $194,900 | $171,000 | -6.9% | 172 |
| Yamhill County | $181,800 | $165,000 | -5.6% | 140 |
| Columbia County | $164,100 | $149,900 | -11.3% | 202 |
Portland Real Estate Market Report – April 2011
The spring seasonal lift in real estate activity is underway…..
Oh, wait. No it isn’t.
For the first couple months of 2011, the Portland real estate market mirrored the performance of 2010. Tax credits fueled a mini-bubble last spring that peaked at 2,050 units sold in May, but this year closed sales have leveled off around 1,600. (The ten-year average for closed sales in April is nearly 2,200.) With 2,000 pending sales in April, May 2011 would appear to be on pace to close 1,600 – 1,800 units.
On the bright side (for home sellers), prices have rebounded slightly from their February low point. Average sale prices across the Portland metro area were $267,000 (vs. $244,500 in Feb.) and the median came in at $219,000 (up from $213,700). Despite a two-month recovery, the average price is down 10.5% from one year ago.
Available inventory is virtually flat from last month, with just 11,621 units or 7.2 months supply on hand. Of closed sales, 37% were in the form of short sales or bank foreclosures.
Close-in Portland neighborhoods have held their value better than their suburban counterparts. Lake Oswego, West Linn, Hillsboro, and Oregon City have seen double-digit percentage average price depreciation over the past year. These areas may be where the bargain hunting is the best.
Market Summary
| April 2011 | Last Month - March 2011 |
Last Year - April 2010 |
|
| Median Sale Price | $219,900 | $215,000 | $240,000 |
| Average Sale Price | $267,300 | $261,100 | $282,100 |
| Closed Sales | 1,611 | 1,615 | 1,941 |
| Pending Sales | 2,005 | 2,012 | 2,991 |
| New Listings | 3,099 | 3,056 | 4,713 |
| Active Listings | 11,621 | 11,458 | 14,182 |
| Distress Sales | 37% | 42% | 31% |
| Total Market Time * | 153 days | 161 days | 127 days |
| Inventory (in months) | 7.2 | 7.1 | 7.3 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. 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 | $399,400 | $350,000 | -12.7% | 198 |
| West Portland & Downtown | $388,100 | $332,800 | -1.5% | 156 |
| NW Washington County | $342,900 | $308,900 | -1.8% | 123 |
| Tigard / Tualatin / Sherwood / Wilsonville | $274,400 | $253,000 | -5.5% | 167 |
| Northeast Portland | $266,900 | $218,500 | -0.3% | 160 |
| Milwaukie / Clackamas | $240,000 | $218,900 | -7.6% | 179 |
| Oregon City / Canby | $218,500 | $205,100 | -10.6% | 183 |
| North Portland | $207,700 | $195,600 | -5.6% | 143 |
| Southeast Portland | $206,200 | $170,900 | -4.0% | 129 |
| Beaverton / Aloha | $205,300 | $188,000 | -6.2% | 151 |
| Hillsboro / Forest Grove | $199,600 | $184,500 | -11.0% | 125 |
| Gresham / Troutdale | $198,200 | $172,500 | -5.9% | 127 |
| Yamhill County | $178,800 | $165,000 | -6.2% | 155 |
| Columbia County | $162,300 | $150,000 | -10.3% | 184 |
Distress Properties Comprise 30% of Portland Real Estate Sales
Portland’s multiple listing service RMLS has published a small study on the magnitude of distress sales in the metro area–distress sales meaning short sales or bank foreclosures. This measure is also something that I’ve started tracking in my monthly reviews of Portland real estate activity.
- Click for larger view.
In short, distress properties made up 24% of new residential listings and almost 30% of actual sales in 2010. While those numbers are small compared to the smoking crater markets like Las Vegas, Phoenix, or Detroit, distress sale pricing impedes the value of all non-distress homes and is a major contributor to the continued pricing slump in the area.
Additional facts from RMLS:
- Short Sales were 11.8% of new listings, and 8.9% of sales.
- Bank Owned properties were 12.3% of new listings, and 20.4% of sales.
While pursuing short sales can yield fruit, you have a much higher likelihood of closing on a bank-owned foreclosure property (aka REO, or real-estate owned). You can search for those opportunities on my Foreclosures search page.
Portland Real Estate Market Activity – March 2011
Early spring brought a little mixed news to interested home buyers and sellers reviewing March real estate statistics.
Sales volume is up over 1,600 units for the first time since June 2010. The average and median sale prices of a Portland metropolitan home perked up from their February low, gaining 6.8% and 0.6% respectively. The average price for a home in the Portland area cost around $260,000. The median price is down 10% from a year ago at $215,000.
The month also saw 677 closed transactions labeled as either short sales or bank-owned (foreclosed) homes — 42% of the total transactions.
April should prove to be an active sales month as March yielded over 2,000 pending sales. Active inventory is very low, at just 11,458 available units. In fact, you would have to go back to the bubble days of April 2007 (when houses sold themselves) to find such a low inventory. The list of today’s active properties would sell through in 7 months at the current pace of sales.
If 2011 is the year you are going to take the real estate plunge, visit my interactive map of all Portland homes for sale, where you can view active properties by neighborhood. If you have questions about the market or about a specific home, please contact me.
Market Summary
| March 2011 | Last Month - February 2011 |
Last Year - March 2010 |
|
| Median Sale Price | $215,000 | $213,700 | $238,900 |
| Average Sale Price | $261,100 | $244,500 | $280,300 |
| Closed Sales | 1,615 | 1,074 | 1,799 |
| Pending Sales | 2,012 | 1,592 | 2,402 |
| New Listings | 3,056 | 2,883 | 4,987 |
| Active Listings | 11,458 | 11,746 | 14,042 |
| Distress Sales | 42% | 46% | |
| Total Market Time * | 161 days | 177 days | 142 |
| Inventory (in months) | 7.1 | 10.9 | 7.8 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. 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 | $386,500 | $349,500 | -11.0% | 232 |
| West Portland & Downtown | $378,400 | $322,000 | -2.7% | 164 |
| NW Washington County | $325,200 | $308,900 | -2.5% | 150 |
| Tigard / Tualatin / Sherwood / Wilsonville | $278,700 | $253,900 | -5.5% | 188 |
| Northeast Portland | $261,900 | $217,000 | -0.4% | 130 |
| Milwaukie / Clackamas | $239,400 | $222,300 | -8.8% | 113 |
| Oregon City / Canby | $211,800 | $200,000 | -10.7% | 182 |
| Gresham / Troutdale | $207,000 | $174,900 | -5.0% | 147 |
| Southeast Portland | $205,400 | $170,000 | -2.6% | 120 |
| North Portland | $203,100 | $190,000 | -5.3% | 148 |
| Beaverton / Aloha | $201,800 | $182,000 | -3.3% | 147 |
| Hillsboro / Forest Grove | $199,500 | $181,700 | -11.1% | 156 |
| Yamhill County | $177,300 | $165,000 | -2.3% | 180 |
| Columbia County | $164,300 | $155,000 | -9.7% | 174 |
Market data courtesy of RMLS, March 2011.
Portland Real Estate Market Activity – February 2011
(Since it’s already April, I should get caught up on February statistics, you think?)
February 2011′s real estate performance featured low(er) median and average sale prices, low inventory absorption, and low inventory to boot. You would have to go back to Q1 2005 to compare median sale prices. Of the February sales, 45% were in the form of short sales or bank-owned foreclosures, which is a measure I’ll be featuring from now on.
The average market time for a home is now nearly 6 months and at the current pace of sales, it would take 11 months to absorb the inventory of 11,746 homes. March is shaping up to be a little stronger, with over 1,600 homes changing hands. Stats will be out in mid-April.
If you’re looking for silver linings, sales volume in 2011 is on the same pace as 2010 — but without the fuel of tax incentives. A little over 1,000 homes changed hands in the month. For home sellers with well-priced, well-maintained listings, take heart. Three homes I viewed last week went sale-pending within a few days. The (few) buyers that are in the market are acting quickly on the best properties.
Market Summary
| February 2011 | Last Month - January 2011 |
Last Year - February 2010 |
|
| Median Sale Price | $213,700 | $215,000 | $235,000 |
| Average Sale Price | $244,500 | $248,900 | $273,100 |
| Closed Sales | 1,074 | 1,035 | 1,015 |
| Pending Sales | 1,592 | 1,489 | 1,850 |
| New Listings | 2,883 | 3,128 | 3,902 |
| Active Listings | 11,746 | 11,697 | 13,101 |
| Total Market Time * | 177 days | 160 days | 150 |
| Inventory (in months) | 10.9 | 11.3 | 12.9 |
Below is activity by market area. Please note that median and average sale prices are year-to-date. 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 | $379,300 | $330,000 | -10.5% | 220 |
| West Portland & Downtown | $363,500 | $316,500 | -3.3% | 234 |
| NW Washington County | $319,100 | $298,300 | -1.6% | 132 |
| Tigard / Tualatin / Sherwood / Wilsonville | $272,000 | $262,000 | -4.9% | 238 |
| Northeast Portland | $271,200 | $233,800 | -0.5% | 166 |
| Milwaukie / Clackamas | $237,600 | $227,700 | -9.3% | 163 |
| Oregon City / Canby | $214,500 | $209,900 | -10.0% | 208 |
| Beaverton / Aloha | $204,500 | $189,900 | -2.8% | 168 |
| Hillsboro / Forest Grove | $202,900 | $194,200 | -8.8% | 191 |
| North Portland | $198,300 | $175,000 | -3.8% | 112 |
| Southeast Portland | $197,000 | $167,000 | -1.9% | 133 |
| Yamhill County | $173,400 | $158,500 | -2.2% | 200 |
| Columbia County | $164,200 | $155,000 | -8.4% | 125 |
| Gresham / Troutdale | $190.700 | $175,000 | -4.0% | 155 |
Market data courtesy of RMLS, February 2011.
Portland Real Estate Market Statistics – January 2011
The 2011 Portland real estate year starts with a dive off a short cliff.
Just over a thousand homes closed escrow — a fairly typical result for the last few years. But the average sale price ($248,900) plummeted to its lowest levels since May 2004 and median prices ($215,000) were comparable to those in February 2005. It’s amazing to think that the average home in the Portland metro area now costs $106,000 less than it did in the summer of 2008. (Side note: I am now showing homes priced under $80,000 for the first time ever. Remarkable.)
Of course, January is a low volume month and perhaps that skews the data some, so I expect the average and median prices to bounce back to $270K and $230K ranges respectively next month.
Other than the soft prices, the activity volumes are fairly typical for the first month of the year: 3,000+ new listings, ~1,500 pending sales, 12,000 homes actively marketed.
January 2011 statistics are shown below:
Market Summary
| January 2011 | Last Month - December 2010 |
Last Year - January 2010 |
|
| Median Sale Price | $215,000 | $230,000 | $240,000 |
| Average Sale Price | $248,900 | $278,000 | $282,400 |
| Closed Sales | 1,035 | 1,462 | 986 |
| Pending Sales | 1,489 | 1,426 | 1,535 |
| New Listings | 3,128 | 1,925 | 3,937 |
| Active Listings | 11,697 | 11,611 | 12,449 |
| Total Market Time * | 160 days | 145 days | 145 |
| Inventory (in months) | 11.3 | 7.9 | 12.6 |
Below is activity by market area. Please note that median and average sale prices are year-to-date, that is to say, they are compiled just one months’ worth of data. By March, we’ll see those numbers settle out into their normal patterns. 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 | $390,000 | $365,000 | -10.2% | 258 |
| West Portland & Downtown | $368,500 | $300,000 | -2.7% | 168 |
| NW Washington County | $319,800 | $302,500 | -1.3% | 154 |
| Tigard / Tualatin / Sherwood / Wilsonville | $282,300 | $279,500 | -4.0% | 156 |
| Northeast Portland | $280,700 | $255,000 | -0.8% | 119 |
| Milwaukie / Clackamas | $247,400 | $231,900 | -9.2% | 141 |
| Oregon City / Canby | $209,500 | $205,000 | -8.4% | 142 |
| North Portland | $208,300 | $206,000 | -3.3% | 135 |
| Hillsboro / Forest Grove | $207,600 | $198,500 | -8.6% | 165 |
| Beaverton / Aloha | $201,800 | $181,200 | -3.1% | 182 |
| Southeast Portland | $198,800 | $182,000 | -1.9% | 124 |
| Gresham / Troutdale | $193,300 | $175,000 | -4.6% | 145 |
| Yamhill County | $176,400 | $150,000 | -3.7% | 152 |
| Columbia County | $172,100 | $157,500 | -6.2% | 225 |
Market data courtesy of RMLS, January 2011.
Portland Real Estate Market Activity – December 2010
On a somewhat surprising end to 2010, December home sales in Portland perked up, registering the highest number of closed sales since the tax-credit-fueled binge in May/June. For the year, unit home sales were virtually unchanged versus 2009, although the total dollar volume of sales dipped 3.7%.
Average home prices slipped 2.7% when compared to 2009; the median prices fell 2.9%. Not all market areas fared the same. Northeast and Southeast Portland saw -1.4% changes in annual average price. Suburban markets like Lake Oswego / West Linn (-10.4%), Milwaukie / Clackamas / Happy Valley (-9.7%), and Oregon City / Canby (-9.4%) suffered higher declines when comparing 2010 to 2009.
On a month-to-month basis, average sale prices are bouncing up and down around the $275,000 mark, but the median (middlemost) value fell to $230,000–the lowest mark since May of 2005.
The December spike in sales, paired with an annual low of available homes for sale, reduced the inventory to about 8 months’ available supply. Five to six months is a balanced supply looking at a buyers’ vs. sellers’ market.
Coming next, I’ll be looking at the 10-year trends in the Portland real estate market. It’s been an interesting decade. Stay tuned.
December 2010 statistics below:
Market Summary
| December 2010 | Last Month - November 2010 |
Last Year - December 2009 |
|
| Median Sale Price | $230,000 | $233,000 | $242,200 |
| Average Sale Price | $278,000 | $271,900 | $293,300 |
| Closed Sales | 1,462 | 1,279 | 1,506 |
| Pending Sales | 1,426 | 1,426 | 1,141 |
| New Listings | 1,925 | 2,473 | 2,104 |
| Active Listings | 11,611 | 13,103 | 11,597 |
| Total Market Time * | 145 days | 140 days | 144 |
| Inventory (in months) | 7.9 | 10.2 | 7.7 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and 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 | $435,400 | $385,000 | -10.4% | 157 |
| West Portland & Downtown | $410,200 | $340,000 | -2.3% | 183 |
| NW Washington County | $364,300 | $336,700 | -1.1% | 144 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,400 | $275,000 | -3.6% | 168 |
| Northeast Portland | $283,500 | $247,000 | -1.4% | 98 |
| Milwaukie / Clackamas | $259,900 | $239,800 | -9.7% | 143 |
| Oregon City / Canby | $252,900 | $229,000 | -9.4% | 155 |
| Southeast Portland | $237,500 | $205,400 | -1.4% | 117 |
| Beaverton / Aloha | $235,600 | $214,200 | -2.3% | 139 |
| North Portland | $230,300 | $224,900 | -2.5% | 105 |
| Hillsboro / Forest Grove | $226,200 | $208,000 | -6.9% | 147 |
| Yamhill County | $219,400 | $194,800 | -3.4% | 210 |
| Gresham / Troutdale | $213,000 | $200,000 | -4.1% | 146 |
| Columbia County | $181,000 | $173,500 | -6.3% | 147 |
Market data courtesy of RMLS, December 2010.
Portland Real Estate Market Activity – November 2010
The winter slog has hit Portland, and I’m not talking just about the weather. As anticipated, November sales volume for the metro real estate market was light, but steady…sort of like drizzle.
The 1,279 closed sales were nearly identical to October’s total. The time-on-market figure climbed to 140 days on average for closed transactions. Available inventory is relatively unchanged–around 13,000 homes for sale in the Portland metro area.
The $233,000 median sale price dipped to the lowest level since May 2005 and is down 2.5% from the same month a year ago. The average sale price of $271,900 is 0.5% off of last year’s mark and is 23% below the high-water mark of August 2007. Northeast and Southeast Portland are showing the highest resistance to price erosion over the past 12 months.
Anectdotally speaking, other Portland agents are commenting that activity is up, but I suspect it is isolated. RMLS (the Portland-area multiple listing service) reports that the number of agents showing properties has slowed to 40 or 50% of the peak summer month activity levels.
Without job growth or an increase in consumer confidence, there is very little evidence of a short-term rebound in the local real estate market, so settle in for a slow and steady winter (i.e. low sales volumes and bouncing prices). Our first real indication of how 2011 will fare should surface around March.
Market Summary
| November 2010 | Last Month - October 2010 |
Last Year - November 2009 |
|
| Median Sale Price | $233,000 | $233,500 | $239,000 |
| Average Sale Price | $271,900 | $276,800 | $273,300 |
| Closed Sales | 1,279 | 1,292 | 1,795 |
| Pending Sales | 1,426 | 1,632 | 1,328 |
| New Listings | 2,473 | 3,119 | 2,499 |
| Active Listings | 13,103 | 13,805 | 12,697 |
| Total Market Time * | 140 days | 131 days | 131 days |
| Inventory (in months) | 10.2 | 10.7 | 7.1 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and 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 | $434,400 | $385,000 | -7.9% | 190 |
| West Portland & Downtown | $407,600 | $337,500 | -3.8% | 189 |
| NW Washington County | $367,600 | $337,200 | -1.2% | 102 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,500 | $275,500 | -3.8% | 170 |
| Northeast Portland | $282,900 | $247,000 | -0.9% | 108 |
| Milwaukie / Clackamas | $261,600 | $240,000 | -7.0% | 155 |
| Oregon City / Canby | $256,300 | $230,000 | -8.8% | 160 |
| Southeast Portland | $238,900 | $208,300 | -1.5% | 102 |
| Beaverton / Aloha | $238,700 | $215,400 | -1.2% | 135 |
| North Portland | $231,000 | $225,000 | -2.6% | 102 |
| Hillsboro / Forest Grove | $227,300 | $209,900 | -6.4% | 115 |
| Yamhill County | $217,200 | $192,000 | -5.0% | 169 |
| Gresham / Troutdale | $213,000 | $201,000 | -3.1% | 147 |
| Columbia County | $182,400 | $174,500 | -9.5% | 108 |
Market data courtesy of RMLS, November 2010.
Searching for Bank-Owned Properties in Portland
In our slow-moving economy, recent home buyers have been particularly price-conscious, guarding against overpaying in what continues to be an unsettled housing market. The past couple years haven’t made the value/price equation any easier due to short sale and foreclosure activity.
One option, bank-owned properties (homes that have reverted back to the lender through default or foreclosure) can sometimes provide some of best housing bargains around.
I say sometimes. Bank-owned (also known as REO or Real Estate-Owned) homes can be:
- Overpriced (still);
- Not left in the best condition by their previous owner;
- Unfinanceable due to condition;
- Clouded in title, due to recent allegations of improper foreclosure processes by banks.
The process of buying a bank-owned property is not difficult, but does differ from buying from a private party homeowner. You will not get any useful property disclosures from the lender and they will undoubtedly respond to your offer with an addendum of their own that will attempt to shorten your due diligence and financing periods. Also, lenders rarely make repairs on their holdings, so don’t expect a lot of help there.
Nevertheless, the bank-owned property market can provide some of the more attractive values, if you have the time to monitor the selection and the will to filter the keepers from the losers. Good values tend to stick out, so you have to watch diligently and act quickly, as many REOs can generate multiple offers overnight.
Keeping track of bank-owned inventory couldn’t be easier. I’ve compiled some links below that will connect you to up-to-the-minute lists of bank-owned properties by area:
Bank-Owned Properties in and around Portland
- Downtown Portland
- NE Portland
- NW Portland
- SW Portland
- North Portland
- Lake Oswego | West Linn
- Tigard | Tualatin | Sherwood | Wilsonville
- Happy Valley | Clackamas | Milwaukie | Gresham
- Beaverton | Aloha | Hillsboro
- Oregon City | Canby
These are not definitive community lists, but I can certainly put a custom search together for you and send you updates by email. Just drop me a note and let me know what parts of town or outlying area you’d like to watch.
