Portland Real Estate Market Activity - October 2007
Portland’s October 2007 real estate market results reveal no major surprises. Slower pace of sales, longer market times, and…confoundingly, higher sale prices.
The only significant trend change was a decrease in new listings, the first dip in homes placed on the market since February 2006.
The average market time is 64 days (vs. 47 in 2006), and the average sale price is $339,300, up 6.7% over the same 12-month period from a year ago. The median sale price is up 7.3% to $287,500. At the current pace of sales, it would take 8.4 months to sell the existing inventory (vs. 4.6 months in October 2006).
Oversupply is having the greatest effect on Happy Valley (at -1.7% appreciation over 12 months). From month-to-month, most other market areas are holding firm or showing small gains in pricing on a year-to-date basis.
Year-to-date results by market area:
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation |
| Lake Oswego / West Linn | $560,400 | $465,000 | 3.8% |
| West Portland | $463,900 | $379,800 | 3.7% |
| NW Washington County | $418,400 | $385,000 | 2.7% |
| Tigard / Tualatin / Sherwood / Wilsonville | $375,600 | $339,900 | 5.4% |
| Milwaukie / Clackamas | $337,600 | $300,000 | -1.7% |
| Oregon City / Canby | $330,500 | $302,900 | 3.7% |
| Northeast Portland | $321,700 | $282,500 | 5.9% |
| Hillsboro / Forest Grove | $298,400 | $270,000 | 8.7% |
| Beaverton / Aloha | $289,500 | $260,000 | 3.8% |
| Southeast Portland | $286,600 | $250,000 | 8.9% |
| Gresham / Troutdale | $281,500 | $259,900 | 8.8% |
| Yamhill County | $282,900 | $250,000 | 8.2% |
| North Portland | $265,800 | $252,000 | 8.5% |
| Columbia County | $255,900 | $240,000 | 13.0% |
Appreciation percentages are based on a comparison of average price from the last 12 months (11/01/06 - 10/31/07) with 12 months before (11/01/05 - 10/31/06). Source: RMLS, November 2007.
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10 comments November 19th, 2007
