Portland Area Market Activity - March 2006
April 14th, 2006
Through the first 3 months of 2006, some trends are starting to develop in the Portland area real estate market.
- The market has slowed compared to a year ago. Listings are up just 0.8% over 1st quarter of 2005, and the pace of sales has dropped (8.7% fewer accepted offers and 6.7% closed sales). March’s numbers were very telling, with significant drops in all categories.
- Inventory continues to be in short supply. The slow pace of sales has kept the market’s available supply right at 2 months.
- Appreciation is still very strong. The 12-month average sale price through March 2006 ($292,400) is up 16.4% and the median sale price ($245,000) is up 16.7% compared to the previous 12-month period.
The area continues to enjoy a favorable real estate climate, although for my part, I would like to see more available inventory on the market for those motivated buyers.
Portland Area Appreciation (sorted by average sale price):
| Area | YTD Average Sale Price | YTD Median Sale Price | 12-Month Appreciation |
| Lake Oswego / West Linn | $505,400 | $438,900 | 15.6% |
| West Portland | $426,500 | $350,500 | 13.8% |
| NW Washington County | $359,300 | $321,000 | 13.5% |
| Tigard/Tualatin/ Sherwood/Wilsonville | $344,700 | $314,000 | 27.1% |
| Milwaukie / Clackamas | $336,100 | $290,400 | 20.4% |
| Oregon City / Canby | $308,800 | $279,900 | 19.3% |
| Northeast Portland | $289,200 | $250,000 | 18.1% |
| Hillsboro / Forest Grove | $269,300 | $240,500 | 19.5% |
| Beaverton / Aloha | $271,800 | $247,100 | 15.6% |
| Southeast Portland | $248,800 | $219,500 | 15.9% |
| Gresham / Troutdale | $248,400 | $237,800 | 14.5% |
| Yamhill County | $241,000 | $213,200 | 18.6% |
| North Portland | $239,700 | $229,500 | 20.6% |
| Columbia County | $216,900 | $198,200 | 18.0% |
Source: RMLS, April 2006.
Technorati Tags: real+estate, market+activity, appreciation, Portland, home+prices
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Entry Filed under: Market Activity
2 Comments Add your own
1. Roxanne Dinsmore, Real Estate Broker | May 15th, 2006 at 5:26 pm
May 15, 2006
We live and work in Lincoln City, Oregon. I work for a local real estate firm, I feel that the market has slowed tremenously here in the last eight months.
The beach cities need affordable housing for their local residents. Developer’s should look into providing to the needs of the local people, besides building for the baby-boomers and second home owner’s. Please, research the local markets and tell us what we can expect to happen in the local economy. Thank you, have a nice day!
Warm regards,
Roxanne Dinsmore
John L. Scott Real Estate Company
541-994-5221×324
2. Ron | May 19th, 2006 at 11:00 am
Roxanne,
The Portland Realtor’s association (PMAR) recently published some information on affordable housing options. I plan to share that soon on repdx.com.
I have heard (anecdotally) that the beach communities, as well as places like Bend are suffering from lack of affordable housing options. Much of the local workforce is commuting from inland or in Bend’s case, from places like Redmond and Madras.
I don’t have any real insights on how to provide incentive for developers to focus on affordable options when land is a premium (at least inside our local urban growth boundary). Perhaps communicating your concerns to local planning and municipal committees might help spur some thought toward creating renewal districts that preserve affordable ownership and rental options.
Thank you for your comments.
-Ron
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