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Portland Real Estate Market Activity – April 2012

Ron Ares — Tue, 22 May 2012 17:24:14 +0000

Scarcity continues to be the main story in the latest sampling of Portland’s real estate market statistics. April ended with just over 8,500 homes active on the market — a 4.7 month of supply at the current (and increasing) rate of sales. Northeast and Southeast Portland are showing under 3.5 months’ availability. It’s a seller’s market, remarkably.

Prices have rebounded from the January low–the average home sold for $262,400 and the median price came in at $225,000. It is not uncommon to see prices rise during the peak months, and these figures are comparable to prices a year ago.

Some market areas (Lake Oswego/West Linn and North Portland) are starting to show actual appreciation when measuring 12-month rolling averages from a year ago.

Here are the figures for April:

Market Summary

	April 2012	Prev. Month – March 2012	Last Year - April 2011
Median Sale Price	$215,700	$215,700	$219,900
Average Sale Price	$252,600	$252,600	$267,300
Closed Sales	1,694	1,694	1,611
Pending Sales	2,272	2,272	2,005
New Listings	2,886	2,886	3,009
Active Listings	8,391	8,391	11,621
Total Market Time *	135 days	135 days	153 days
Inventory (in months)	5.0	5.0	7.2

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*
West Portland & Downtown	$384,900	$320,000	-5.3%	139
Lake Oswego / West Linn	$374,300	$337,000	0.8%	142
NW Washington County	$344,600	$324,500	-2.0%	107
Tigard / Tualatin / Sherwood / Wilsonville	$273,500	$242,900	-6.6%	138
Northeast Portland	$272,800	$239,000	-4.4%	77
Milwaukie / Clackamas	$239,800	$215,000	-6.2%	165
Oregon City / Canby	$231,700	$216,800	-1.5%	162
North Portland	$210,000	$201,700	0.1%	73
Southeast Portland	$209,100	$170,000	-6.0%	102
Beaverton / Aloha	$203,000	$182,000	-5.8%	137
Hillsboro / Forest Grove	$199,000	$176,900	-4.4%	108
Yamhill County	$194,900	$167,000	-3.2%	138
Gresham / Troutdale	$187,500	$173,300	-7.0%	120
Columbia County	$169,100	$165,000	-6.8%	120

Friday Fun: Even More Portland-y Time Lapse

Ron Ares — Fri, 27 Apr 2012 14:29:12 +0000

It seems Portland photographers are vying for the “Top Portland Time Lapse Video Award”. That’s fine with me.

Another beautiful example, Finding Portland:

Finding Portland from Uncage the Soul Productions on Vimeo.

Video by Uncage the Soul Productions.

Portland Real Estate Market Activity – March 2012

Ron Ares — Fri, 27 Apr 2012 13:59:05 +0000

Portland area home buyers are snapping up properties at a higher rate and faster pace in 2012 thus far than they did in 2011. Through the first quarter, the metro area has seen a 12% increase in sold homes compared to last year–the best 1st quarter performance since 2007. Properties are taking a full month less to sell versus this time last year–a little over 3 months on average.

Overall, prices are still fluctuating. The average sale price for the metro area was $252,000, down from $261,00 in March 2011. Some market areas, however, are starting to show some year-over-year appreciation.

Listings continue to be exceedingly scarce, however, with just 8,391 properties or 5 months’ inventory available at the end of March. By comparison, March 2011 had 11,458 units on the market. Nearly 2,300 properties received acceptable offers and were noted as sale pending in March.

Here are the figures for March:

Market Summary

	March 2012	Prev. Month – February 2012	Last Year - March 2011
Median Sale Price	$215,700	$211,000	$215,000
Average Sale Price	$252,600	$255,100	$261,100
Closed Sales	1,694	1,262	1,615
Pending Sales	2,272	2,109	2,014
New Listings	2,886	2,492	3,056
Active Listings	8,391	8,203	11,458
Total Market Time *	135 days	138 days	161 days
Inventory (in months)	5.0	6.5	7.1

Market Report by Area

Area	YTD Avg. Sale Price	YTD Median Sale Price	12-Mo. Change	Total Mkt Time*
Lake Oswego / West Linn	$380,600	$323,400	0.8%	160
West Portland & Downtown	$378,900	$310,000	-4.4%	156
NW Washington County	$348,600	$320,000	1.5%	134
Northeast Portland	$273,400	$236,500	-4.4%	89
Tigard / Tualatin / Sherwood / Wilsonville	$263,700	$240,000	-7.7%	175
Milwaukie / Clackamas	$238,700	$210,100	-6.7%	134
Oregon City / Canby	$227,100	$207,800	-3.1%	140
North Portland	$207,900	$200,000	-0.4%	123
Southeast Portland	$207,300	$169,000	-7.5%	93
Hillsboro / Forest Grove	$201,700	$180,000	-4.9%	118
Beaverton / Aloha	$199,000	$176,000	-7.7%	142
Yamhill County	$196,200	$165,000	-6.3%	156
Gresham / Troutdale	$189,800	$167,000	-9.1%	151
Columbia County	$158,900	$163,000	-9.9%	151

Friday Fun: Another Portland Time-Lapse Vid

Ron Ares — Fri, 20 Apr 2012 15:03:53 +0000

Put ‘time-lapse’ and ‘Portland’ in the same sentence and I’m hooked.

Here’s another from John Eklund. Watch it in full screen or from the Vimeo page for better resolution.

If you missed the earlier Portland time-lapse find by Lance Page, catch it here.

Hat tip to Rick Turoczy for the find.

Portland Real Estate Market Statistics – February 2012

Ron Ares — Sun, 08 Apr 2012 16:37:44 +0000

A look back at Portland’s real estate market performance in February. March’s update will be available in the third week of April.

Market Summary

	February 2012	Prev. Month – January 2012	Last Year – February 2011
Median Sale Price	$211,000	$207,500	$213,700
Average Sale Price	$255,100	$249,100	$244,500
Closed Sales	1,262	1,224	1,074
Pending Sales	2,109	1,823	1,592
New Listings	2,492	2,613	2,883
Active Listings	8,203	8,514	11,746
Distress Sales	N/A	N/A	43%
Total Market Time *	138 days	136 days	177 days
Inventory (in months)	6.5	7.0	10.9

Market Report by Area

Area	YTD Avg. Sale Price	YTD Median Sale Price	12-Mo. Change	Total Mkt Time*
West Portland & Downtown	$379,600	$293,000	-4.4%	152
Lake Oswego / West Linn	$379,400	$320,000	0.4%	152
NW Washington County	$350,900	$316,000	0.3%	134
Northeast Portland	$273,200	$236,000	-5.7%	105
Tigard / Tualatin / Sherwood / Wilsonville	$255,300	$235,000	-8.4%	174
Milwaukie / Clackamas	$233,800	$206,000	-6.9%	153
Oregon City / Canby	$221,800	$200,000	-5.9%	127
Southeast Portland	$211,200	$169,500	-7.8%	114
Beaverton / Aloha	$205,100	$180,000	-8.3%	108
North Portland	$202,100	$195,900	-1.8%	93
Gresham / Troutdale	$200,800	$173,000	-7.0%	97
Yamhill County	$199,200	$167,000	-7.4%	170
Hillsboro / Forest Grove	$198,300	$179,000	-7.8%	117
Columbia County	$148,400	$154,500	-11.2%	228

Portland Real Estate Market Statistics — January 2012

Ron Ares — Tue, 21 Feb 2012 15:27:02 +0000

Highlights of the inaugural month of the 2012 real estate season included strong closed and pending sale figures (the best January since 2007), a bump in new listings, and a reduction in market time. However, January results also revealed continued low inventory levels and a dip in the median sale prices from a year ago.

January and February are traditionally the slowest months in the market, so the smaller sample is partially to blame for the pricing decline. Twelve-month rolling calculations showed 6.9% and 6.1% declines in median and average prices when comparing Feb 2011 – Jan 2012 to Feb 2010 – Jan 2011.

With only 8,500 properties on the market at the end of January, buyers have little to sift through. It’s not uncommon to see 2 or 3 parties queued up on the porch to view close-in neighborhood listings, and multiple offers are back in style.

Here are the figures for January:

Market Summary

	January 2012	Prev. Month - December 2011	Last Year – January 2011
Median Sale Price	$207,500	$216,000	$215,000
Average Sale Price	$249,100	$260,800	$248,900
Closed Sales	1,224	1,612	1,035
Pending Sales	1,823	1,443	1,489
New Listings	2,613	1,700	3,128
Active Listings	8,514	8,612	11,697
Distress Sales	N/A	35%	43%
Total Market Time *	136 days	142 days	160 days
Inventory (in months)	7.0	5.3	11.3

Below is activity by market area. Please note that median and average sale prices are only for January 2012, so prices might seem wonky due to the light sample. 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	$364,800	$300,000	-1.3%	176
West Portland & Downtown	$366,300	$290,000	-5.5%	176
NW Washington County	$339,100	$311,000	-0.9%	118
Tigard / Tualatin / Sherwood / Wilsonville	$260,900	$235,400	-8.6%	166
Northeast Portland	$268,300	$219,800	-6.2%	109
Milwaukie / Clackamas	$230,600	$204,300	-7.9%	113
Oregon City / Canby	$222,700	$200,800	-7.2%	159
North Portland	$195,700	$200,100	-3.1%	67
Southeast Portland	$225,400	$170,500	-8.4%	110
Beaverton / Aloha	$206,900	$173,000	-8.8%	154
Hillsboro / Forest Grove	$183,800	$173,500	-8.7%	145
Yamhill County	$158,800	$139,800	-9.8%	121
Gresham / Troutdale	$216,600	$165,900	-7.1%	121
Columbia County	$140,500	$115,000	-12.8%	165

‘Stuff’ Portlanders Say

Ron Ares — Sun, 12 Feb 2012 01:52:41 +0000

Riffing on the explosively viral ‘Sh*t Girls Say‘ video meme, it was only time before a Portland version emerged.

Given the Portlandia mania, it would be tough to pull off something totally fresh. A few clinkers here, but offset by a number of classic Portland truisms.

Click here to view the embedded video.

How long before the inevitable Vancouver, WA version?

Portland Real Estate Market Statistics — December 2011

Ron Ares — Wed, 18 Jan 2012 04:47:19 +0000

Real estate sales activity continued its upward trend for the third straight month, as over 1,600 homes closed escrow in the Portland area in December. The strongest December in a few years, combined with a dearth of new listings, led to the market’s lowest total inventory since June 2006. January buyers were met with only 8,612 homes on the market. The past few years have seen closer to 12,000 units available at year end. At the current pace of sales, the remaining inventory would be exhausted in 5.3 months.

“Wait!” you say. “Doesn’t 5 or 6 months of inventory signal a seller’s market?” you ask. Yeah, that’s the weird dichotomy the market presents. Over a third of transactions are distress sales and prices are still declining (albeit at a slower rate). Yet, in close-in neighborhoods or in well-kept properties that are priced reasonably, you can count on quick sales and sometimes, multiple offers. Four of the 6 homes I showed last Saturday were sale-pending by Tuesday morning.

Month-to-month average and median sale prices are bouncing somewhat, but for the year vs. 2010, the market was down 6.7% on average and 7.9% at the median. I will share 2011 end-of-year stats later this week.

Here are the figures for December:

Market Summary

	December 2011	Prev. Month - November 2011	Last Year - December 2010
Median Sale Price	$216,000	$225,000	$230,000
Average Sale Price	$260,800	$259,400	$278,000
Closed Sales	1,612	1,521	1,462
Pending Sales	1,443	1,685	1,210
New Listings	1,700	2,026	1,925
Active Listings	8,612	9,451	11,611
Distress Sales	35%	31%	37%
Total Market Time *	142	135	145 days
Inventory (in months)	5.3	6.2	7.9

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	$428,500	$370,000	-1.4%	166
West Portland & Downtown	$384,800	$324,200	-6.2%	165
NW Washington County	$358,100	$325,000	-1.7%	115
Tigard / Tualatin / Sherwood / Wilsonville	$278,000	$254,000	-8.7%	164
Northeast Portland	$266,900	$229,000	-5.8%	139
Milwaukie / Clackamas	$240,000	$220,000	-7.8%	141
Oregon City / Canby	$233,400	$211,100	-8.0%	156
North Portland	$222,200	$212,000	-3.6%	90
Southeast Portland	$214,700	$181,500	-9.7%	112
Beaverton / Aloha	$213,000	$195,000	-9.7%	116
Hillsboro / Forest Grove	$206,300	$189,500	-9.2%	149
Yamhill County	$198,800	$173,100	-10.1%	180
Gresham / Troutdale	$195,700	$178,000	-8.4%	147
Columbia County	$159,400	$145,500	-11.9%	150

Portland Real Estate Market Statistics – November 2011

Ron Ares — Fri, 23 Dec 2011 14:58:30 +0000

The year end draws near and the Portland residential real estate market will end 2011 on a stronger note than 2010 — at least when measured by sales volume. Sales in November 2011 were 19% above last year’s pace and were actually 3% higher than October’s result.

However, available inventory, at just 9,451 units is at the lowest level since the summer of 2006. At the current pace of sales, the market would exhaust supply in 6.2 months. Nearly a third of homes sold in November could be described as ‘distress’ sales — either a short sale or bank-owned foreclosure.

Prices are slightly softer than a year ago, down about 4.6% on average and 3.4% for the median. The average home sale in November was $259,400. That is 27% off peak prices from the summer of 2008.

On that note, below is the grisly 11-year view of median home prices and various rates of appreciation since 2000. After some stabilization in 2009 and a sharp decline in late 2010, 2011 showed some signs of recovery despite some seasonal choppiness at the end.

Click for larger view

Here is a closer look at 2010 and 2011.

Click for larger view

Here are the tables for November:

Market Summary

	November 2011	Prev. Month - October 2011	Last Year - November 2010
Median Sale Price	$225,000	$217,800	$233,000
Average Sale Price	$259,400	$258,700	$271,900
Closed Sales	1,521	1,474	1,279
Pending Sales	1,685	1,878	1,429
New Listings	2,026	2,433	2,473
Active Listings	9,451	10,012	13,103
Distress Sales	31%	30%	32%
Total Market Time *	135	136	140 days
Inventory (in months)	6.2	6.8	10.2

Market Report by Area

Area	YTD Avg. Sale Price	YTD Median Sale Price	12-Mo. Change	Total Mkt Time*
Lake Oswego / West Linn	$425,500	$369,900	-3.3%	179
West Portland & Downtown	$386,100	$325,000	-4.1%	131
NW Washington County	$356,300	$320,000	-3.7%	133
Tigard / Tualatin / Sherwood / Wilsonville	$280,000	$257,500	-7.7%	139
Northeast Portland	$267,900	$230,000	-5.2%	108
Milwaukie / Clackamas	$239,400	$219,800	-9.9%	130
Oregon City / Canby	$232,900	$211,000	-10.3%	132
North Portland	$221,600	$212,000	-4.4%	110
Southeast Portland	$215,500	$182,800	-9.5%	124
Beaverton / Aloha	$213,100	$195,000	-11.6%	131
Hillsboro / Forest Grove	$207,000	$190,000	-9.2%	141
Yamhill County	$198,900	$174,500	-7.4%	183
Gresham / Troutdale	$196,200	$178,000	-8.1%	135
Columbia County	$159,600	$146,500	-11.0%	168

Portland Real Estate Activity & Statistics – October 2011

Ron Ares — Mon, 21 Nov 2011 03:07:54 +0000

The Portland real estate market begins its annual hibernation, with activity subsiding and prices taking a nap as well.

Compared to September, closed sales dropped 7%, the median price dipped 6.7% and the average slumped by 6.5%. The average sale price in October was $258,700 and the midpoint weighed in at $217,800 — the lowest levels since the market thawed in early 2011.

Nearly a third of closed sales were short sales or bank-owned foreclosures. November closings should be on par with October, however, with a slight rise in pending sales over October’s totals. The average time on market is around 4.5 months.

On a year-to-date basis, closed sales are up 2.1% and pending sales up 4.5% over 2010. However, new listings are off 26.3% from last year. Active inventory is the lowest since February 2007, starving motivated buyers for choices. Starting November, less than seven months’ inventory exists, around 10,000 homes.

Market Summary

	October 2011	Prev. Month - September 2011	Last Year - October 2010
Median Sale Price	$217,800	$230,800	$233,500
Average Sale Price	$258,700	$268,200	$276,800
Closed Sales	1,474	1,586	1,292
Pending Sales	1,878	1,861	1,632
New Listings	2,433	2,501	3,119
Active Listings	10,012	10,666	13,805
Distress Sales	30%	26%	33%
Total Market Time *	136	131	131 days
Inventory (in months)	6.8	6.7	10.7

Below is activity by market area on year-to-date basis.

Market Report by Area

Area	YTD Avg. Sale Price	YTD Median Sale Price	12-Mo. Change	Total Mkt Time*
Lake Oswego / West Linn	$429,100	$370,000	-3.4%	135
West Portland & Downtown	$388,700	$328,400	-3.4%	149
NW Washington County	$357,300	$321,000	-3.0%	86
Tigard / Tualatin / Sherwood / Wilsonville	$279,400	$258,500	-6.9%	138
Northeast Portland	$267,300	$229,000	-5.4%	111
Milwaukie / Clackamas	$239,500	$219,100	-10.5%	118
Oregon City / Canby	$232,400	$210,000	-11.4%	214
North Portland	$219,900	$209,500	-6.0%	122
Southeast Portland	$214,000	$180,600	-8.5%	135
Beaverton / Aloha	$212,800	$194,900	-12.1%	119
Hillsboro / Forest Grove	$207,600	$190,000	-8.8%	135
Yamhill County	$199,600	$174,800	-6.4%	184
Gresham / Troutdale	$195,800	$178,000	-8.2%	122
Columbia County	$161,100	$150,000	-12.4%	174

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.