Market Activity - April 2007
The Portland metro real estate market continues its steady, but slow ways, with some communities enjoying stellar appreciation rates, and others coming back to earth. Compared to April 2006, new listings are up 23%, closed sales are flat, and pending sales are down about 7%.
Communities like Lake Oswego/West Linn, Hillsboro, Gresham, and Milwaukie are still appreciating at 12 to 15% clips. And with its 17-percent gains in appreciation, Yamhill County has overtaken Southeast Portland on the basis of average home price.
Oregon City, downtown and west Portland, Beaverton, and Tigard/Tualatin/Sherwood are seeing a relative flattening of appreciation–as low as 4% for the Tigard/Wilsonville area.
The year-to-date average home sale price throughout the Portland metro area is now $333,100; the median value is $282,500. Looking at 12-month averages and median compared to the same period last year, both numbers are showing over 11% appreciation.
Over 11,300 homes are currently on the market throughout Portland and its suburbs. Homes are taking, on average, 63 days to sell (up from 44 days this time last year). If no new homes were put on the market, the existing inventory would take nearly 4.5 months to clear out at the current pace of sales. A buyer’s market (where buyers have an upper hand in negotiating purchases) typically carries 5 months or more inventory. It seems that the market is at a stalemate; sellers aren’t getting as many offers and buyers aren’t getting many lowball offers accepted.
Below are year-to-date average and median sale prices, plus 12-month average appreciation rates by community:
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation |
| Lake Oswego / West Linn | $540,100 | $455,500 | 14.1% |
| West Portland | $445,900 | $365,000 | 6.7% |
| NW Washington County | $390,600 | $351,500 | 7.2% |
| Tigard/Tualatin/ Sherwood/Wilsonville | $374,900 | $336,000 | 3.9% |
| Milwaukie / Clackamas | $341,300 | $307,500 | 12.6% |
| Oregon City / Canby | $313,800 | $294,200 | 9.8% |
| Northeast Portland | $307,400 | $270,000 | 10.4% |
| Hillsboro / Forest Grove | $298,600 | $268,000 | 14.5% |
| Beaverton / Aloha | $298,400 | $269,000 | 14.0% |
| Gresham / Troutdale | $281,900 | $257,800 | 14.9% |
| Yamhill County | $280,100 | $246,400 | 17.8% |
| Southeast Portland | $278,900 | $245,200 | 12.9% |
| North Portland | $263,000 | $245,000 | 12.0% |
| Columbia County | $251,000 | $240,000 | 13.4% |
Source: RMLS, May 2007.
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2 comments May 16th, 2007
