Portland Real Estate Results - July 2008 Final
As the peak selling season wanes, the Portland metropolitan real estate market stubbornly holds on to pricing levels as sales levels flatten and inventories increase.
Final results for July 2008 show a familiar pattern to that of June 2008 in terms of pace of sales, as well as median (-0.3%) and average (-2.4%) pricing. Compared to July 2007, median and average are down 3.9% and 3.5% respectively. The median price is now down 4.6% from the peak in August 2007.
| July 2008 | June 2008 | July 2007 | |
| Median Sale Price | $288,200 | $289,000 | $300,000 |
| Average Sale Price | $340,500 | $348,800 | $352,900 |
| Closed Sales | 1,831 | 1,877 | 2,624 |
| Pending Sales | 2,003 | 1,996 | 2,579 |
| New Listings | 5,237 | 5,213 | 5,814 |
| Active Listings | 18,219 | 17,788 | 14,831 |
| Average Market Time | 72 days | 76 days | 52 days |
| Inventory (in months) | 10.0 | 9.5 | 5.0 |
Here’s how Portland’s various market areas break down, year-to-date:
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | DOM |
| Lake Oswego / West Linn | $561,200 | $455,000 | 4.8% | 69 |
| West Portland | $487,200 | $399,000 | 7.1% | 77 |
| NW Washington County | $402,800 | $377,000 | 1.0% | 74 |
| Tigard / Tualatin / Sherwood / Wilsonville | $361,400 | $329,000 | -1.5% | 76 |
| Milwaukie / Clackamas | $328,800 | $292,300 | -6.9% | 71 |
| Northeast Portland | $324,600 | $280,000 | 4.7% | 56 |
| Oregon City / Canby | $324,300 | $288,000 | -1.2% | 83 |
| Hillsboro / Forest Grove | $286,000 | $260,000 | -1.3% | 87 |
| Southeast Portland | $282,100 | $249,200 | 0.2% | 56 |
| Beaverton / Aloha | $280,100 | $253,000 | 0.1% | 60 |
| Yamhill County | $275,700 | $228,500 | 0.5% | 95 |
| North Portland | $270,300 | $252,800 | 5.1% | 57 |
| Gresham / Troutdale | $263,800 | $247,000 | -3.2% | 84 |
| Columbia County | $231,200 | $218,400 | -0.3% | 147 |
Source: RMLS, August 2008.
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4 comments August 14th, 2008
