Portland Average, Median Sale Prices & Appreciation - March 2007
The conundrum posed by a real estate market that is experiencing fewer sales and longer marketing times juxtaposed against continued above-average appreciation rates for housing in the Portland area is leading to an epidemic of odd, head-scratching behavior.
At least my head, anyway.
March 2007 results published by RMLS show a continued trend of more listings and fewer sales, which equals more inventory and longer ‘days on market’. Yet, the overall metro market is appreciating at over 12%. An interesting puzzle, indeed.
The numbers, year-to-date:
- Average sale price: $327,800 (vs. $292,100 in 2006)
- Average market time: 65 days (vs. 45 days in 2006)
- New listings: 13,697 (vs. 11,383 in 2006)
- Closed sales: 6,359 (vs. 6,781 in 2006)
- Average appreciation: 12.2%
- Inventory: 3.8 months (vs. 2.0 months in 2006)
The market appears to have reached equilibrium with incoming listings and pending/closed sales. Since hitting a peak inventory of 6.2 months in January, a balanced ratio of new listings vs. closed sales has settled out at 3.8 months available inventory.
Suburban communities such as Beaverton, Hillsboro, Gresham, and Yamhill County show the greatest appreciation strength, and inside the city limits, North Portland and Southeast Portland show the best gains.
Below are the 12-month average and median sale prices, plus 12-month average appreciation compared to the same period last year, sorted by market area:
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation |
| Lake Oswego / West Linn | $518,900 | $445,000 | 13.1% |
| West Portland | $431,100 | $368,700 | 8.2% |
| Tigard/Tualatin/ Sherwood/Wilsonville | $378,200 | $336,000 | 6.2% |
| NW Washington County | $380,400 | $350,000 | 8.4% |
| Milwaukie / Clackamas | $350,200 | $310,000 | 15.5% |
| Oregon City / Canby | $315,500 | $294,600 | 12.2% |
| Northeast Portland | $304,400 | $266,900 | 11.5% |
| Hillsboro / Forest Grove | $298,600 | $268,000 | 14.5% |
| Beaverton / Aloha | $288,200 | $261,200 | 9.7% |
| Gresham / Troutdale | $279,300 | $253,800 | 14.6% |
| Southeast Portland | $278,000 | $245,000 | 14.7% |
| Yamhill County | $274,200 | $246,400 | 17.7% |
| North Portland | $258,000 | $241,500 | 13.9% |
| Columbia County | $256,700 | $245,000 | 14.7% |
Photo by: frogmuseum. Used under Creative Commons license.
Technorati Tags: Portland, Oregon, real estate, average, median, sale, price, inventory, activity
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3 comments April 18th, 2007
