Update - May 2008 Market Results for Portland
June 12th, 2008
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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Related posts:
- Portland Real Estate Market Results - August 2008 Final
- Portland Real Estate Market Results - October 2008 Final
- June 2008 Portland Real Estate Market Stats Wrap-Up
Entry Filed under: Market Activity
8 Comments Add your own
1. Uncle_Git | June 13th, 2008 at 9:00 am
Looks like more of the same really.
If the trend continues with 35-40% lower sales than last year how do you think prices will hold up over the winter with these very elevated inventory levels ?
To be honest it reminds me of San Diego a year ago….
I know most realtor’s don’t agree but it’s following the cycle to a T..
2. Mike | June 13th, 2008 at 8:45 pm
It sure is depressing to see Milwaukie/Clackamas area down 6-7% on this report every month. Did you say there was a way now to get this data by zip code? 97222 is what I am interested in. Thanks!
3. Ron Ares | June 14th, 2008 at 8:16 am
Mike,
Yeah, it sucks that your market area is burdened with Happy Valley numbers. Year-to-date, the 97222 zipcode is down just 2% from the same period last year on average, but sales are down about 40%.
2007: 205 properties @ $256,512 average sale price
2008: 115 properties @ $251,249 average sale price
4. Ron Ares | June 14th, 2008 at 8:46 am
Uncle_Git:
I’ll pull up the CS numbers for SD and take a look. Some inventory will evaporate (by choice) as the peak selling season winds down, but homes that need to sell will likely be taking some discounts.
5. scone | June 16th, 2008 at 10:29 am
Thanks for posting the data on Columbia County. It’s sometimes hard to find data for my county– for some reason we aren’t always considered “Portland metro,” even though we are next to Multnomah and Washington counties.
I’m stunned we’re still showing appreciation out here, but I am seeing “price reduced” signs here in Warren. Not clear whether we will dodge the bullet.
6. James | June 17th, 2008 at 10:35 am
I think that the Forest Heights sellers better wise up to the reality of the falling market. Too many still believe that they got 10-12% appreciation in the last two years.
7. Uncle_Git | June 17th, 2008 at 2:31 pm
Ron - this may be interesting in the comparison.
http://seattlebubble.com/blog/wp-content/uploads/2008/05/case-shillerhpi_decline-from-peak_200803.png
Basically shows CS declines from the market peak.
Be interesting to see if we can cross reference that data with sales and inventory to see cycle patterns.
So far we are outpacing everyone except Miami and Seattle with the speed of our decline from peak.
8. bearlee | June 18th, 2008 at 9:49 am
James, it would be interesting to see the data comparing the listing price with sales price of FH homes. I find the Property Blotter website’s weekly reports fascinating…I noticed the week of May 25th there were a few properties that took 20% cuts off their listing price.
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