Update - May 2008 Market Results for Portland
The Portland multiple listing service released their official May 2008 results today and I was pretty close in my early analysis of May’s real estate results for the metro area. RMLS reports a little lower median price ($287,500) and a few more total sales (1,863) than my early survey. A few additional notes from the RMLS report:
Year-to-date (vs. 2007):
- New listings up 2%.
- Closed sales down 35%.
- Pending sales down 34%.
Comparing May 2008 to May 2007:
- Average sale price down 4%, median sale price down 3.2%.
- New listings down 12%.
- Pending sales down 30%.
- Closed sales down 33.5%
Here is how each market area is faring:
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | DOM |
| Lake Oswego / West Linn | $546,800 | $450,000 | 6.1% | 68 |
| West Portland | $480,100 | $390,000 | 4.5% | 78 |
| NW Washington County | $400,900 | $374,500 | 3.5% | 66 |
| Tigard / Tualatin / Sherwood / Wilsonville | $357,200 | $334,000 | 0.4% | 62 |
| Milwaukie / Clackamas | $333,600 | $290,000 | -7.3% | 68 |
| Oregon City / Canby | $327,200 | $286,800 | 1.4% | 88 |
| Northeast Portland | $319,900 | $275,500 | 5.9% | 48 |
| Hillsboro / Forest Grove | $284,000 | $259,900 | 0.0% | 99 |
| Beaverton / Aloha | $279,600 | $253,000 | 1.7% | 73 |
| Southeast Portland | $279,300 | $247,500 | 3.7% | 62 |
| Yamhill County | $275,100 | $227,000 | 1.0% | 123 |
| North Portland | $272,900 | $253,000 | 6.5% | 50 |
| Gresham / Troutdale | $265,100 | $247,800 | -1.0% | 75 |
| Columbia County | $231,200 | $218,000 | 3.6% | 123 |
Source: RMLS, May 2008. Appreciation is calculated using a rolling 12-month sample and comparing it to a sample from 12 months prior. DOM stands for Days On Market (or average market time) and is a calculation of how long a home stayed on the market until receiving an acceptable offer.
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8 comments June 12th, 2008
