A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon September 2011 Reporting Period September Residential Highlights Sales activity in the Portland Metro area showed improvements in closed and pending sales this September compared with September 2010, and the inventory level remained much lower than the same month in 2010.
Sale Prices Average sale price for September 2011 declined 4.2% compared to September 2010. Median sale price also fell 3.8%. See residential highlights table below.
Comparing the previous month of August 2011 with September 2011, closed sales decreased from 1,805 to 1,586 (-12.1%). Pending sales also went down from 2,187 to 1,861 (-14.9%). New listings fell from 2,879 to 2,501 (-13.1%).
Month to month, comparing August 2011 to September 2011, sale price activity was mixed. Average sale price went down from $271,800 to $268,200 (-1.3%) while median sale price increased from $225,000 to $230,800 (2.6%). Third Quarter Report Comparing the third quarter of 2010 with that of 2011, sales activity was up. Closed sales jumped up by 21.5% (4,340 v. 5,275), while pending sales also increased by 21.6% (4,725 v. 5,747). New listings fell 27.6% (11,582 v. 8,380).
At the month’s rate of sales, the 10,666 active residential listings would last about 6.7 months.
In the same quarterly comparison, average sale price fell 6.9%, while median sale price dropped 7.5%.
Closed sales grew 13.4% in September 2011 compared to September 2010. Pending sales were also up 17.5%, and new listings dropped 29.5%. See residential highlights table below.
Change
2010
2011
Portland Metro Residential Highlights September
New Listings
Pending Sales
Closed Sales
Average Sale Price
Inventory in Months* 2009 2010 2011 January 19.2 12.6 11.3 February 16.6 12.9 10.9 March 12.0 7.8 7.1 April 11.0 7.3 7.2 May 10.2 7.0 6.8 June 8.2 7.3 6.0 July 7.3 10.8 7.0 August 7.8 11.0 6.2 September 7.6 10.5 6.7 October 6.5 10.7 November 7.1 10.2 December 7.7 7.9 *Inventory in Months is calculated by dividing the Active Listings at the end of the month in question by the number of closed sales for that month. Percent Change of 12-Month Sale Price Compared With The Previous 12 Months Average Sale Price % Change: -5.9% ($266,900 v. $283,600) Median Sale Price % Change: -6.3% ($225,000 v. $240,000)
For further explanation of this measure, see the second footnote on page 2.
Median Sale Price
Total Market Time
2,501
1,861
1,586
268,200
230,800
131
27,746
16,275
14,803
264,500
222,000
145
3,549
1,584
1,399
279,900
240,000
131
Year-to-date
37,795
15,681
14,675
284,000
240,000
130
September
-29.5%
17.5%
13.4%
-4.2%
-3.8%
0.0%
Year-to-date
-26.6%
3.8%
0.9%
-6.9%
-7.5%
11.4%
Year-to-date September
*Total Market Time is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, Total Market Time continues to accrue; however, it does not include the time that it was off the market.
© Copyright RMLS™ 2011. All Rights Reserved.
AREa REPORT • 9/2011
Portland Metropolitan Area, Oregon RESIDENTIAL
-4.5%
4
322,900
18
89,400
14
261,900
NE Portland
793
257
134
174
4.2%
162
249,200
99
2,641
1,617
-0.7%
1,497
267,800
229,000
-5.5%
16
374,500
21
158,800
62
386,100
SE Portland
989
315
173
241
14.2%
203
216,100
98
3,318
2,051
-0.1%
1,849
214,400
182,000
-8.1%
27
370,600
32
144,300
78
348,100
144
Gresham/ Troutdale
679
149
109
133
9.0%
101
196,400
157
1,771
1,066
2.5%
983
195,100
178,000
-8.1%
5
275,000
45
97,200
24
192,900
Milwaukie/ Clackamas
943
203
127
146
16.8%
116
230,500
116
2,255
1,221
5.0%
1,125
238,100
219,000
-10.9%
4
382,800
55
121,900
18
376,900
Oregon City/ Canby
649
127
84
100
16.3%
77
240,600
123
1,461
846
10.6%
763
232,000
210,000
-11.5%
2
65,000
37
156,100
11
191,400
Lake Oswego/ West Linn
773
156
102
101
20.2%
82
474,800
166
1,763
902
4.3%
825
431,200
372,000
-3.7%
2
797,500
9
346,700
2
555,200
1,303
277
189
181
13.8%
179
399,100
151
3,252
1,871
7.5%
1,727
392,100
330,000
-2.2%
9
379,300
49
176,900
17
515,400
NW Wash Co.
464
104
52
79
-10.2%
73
351,400
91
1,299
799
1.4%
766
362,000
322,500
-1.3%
2
430,800
28
225,200
5
359,500
Beaverton/ Aloha
790
204
120
175
53.5%
157
232,100
106
2,333
1,518
5.7%
1,342
212,200
194,000
-13.0%
4
225,800
14
212,700
14
271,000
Tigard/ Wilsonville
923
213
144
181
47.2%
141
274,600
174
2,417
1,384
6.4%
1,215
277,600
256,000
-7.2%
5
214,700
31
269,500
15
194,300
Hillsboro/ Forest Grove
672
148
75
148
41.0%
110
228,900
143
1,765
1,146
2.9%
987
208,300
191,000
-8.8%
11
203,000
23
217,500
30
231,500
Mt. Hood
144
15
21
12
-7.7%
9
131,500
134
219
82
5.1%
73
192,700
168,000
-13.2%
-
7
129,700
-
Columbia Co.
411
69
41
63
75.0%
37
163,200
201
736
405
13.8%
362
160,800
149,500
-13.0%
4
18
188,000
2
140,800
107 1,569
58 1,861
-26.6% -3.6%
75 1,586
243,500 268,200
159 131
1,357 27,746
696 16,275
-0.3% -29.6%
647 14,803
199,400 264,500
174,800 222,000
-6.0% -5.9%
994
738,900 421 34
208,200 171,500
11 303
204,900 317,300
141 142 143 148 149 153 155 156
768 10,666
128 2,501
117,600
Average Sale Price
209,500
Closed Sales
221,400
-
Average Sale Price
642
Closed Sales
2.4%
Yamhill Co. Grand Total
Average Sale Price
Median Sale Price
671
Closed Sales
Average Sale Price
1,159
Closed Sales
133
145
Avg. Sale Price % Change
Pending Sales 2011 v. 2010
222,700
146
Pending Sales 2011
64
New Listings
-4.2%
Total Market Time
69
Closed Sales
91
New Listings
136
Active Listings
365
147
3
Year-To-Date
N Portland
W Portland
Average Sale Price
Year-To-Date
150
Pending Sales 2011 v. 2010
Year-To-Date
151
Pending Sales 2011
MULTIFAMILY
152
Expired/Canceled Listings
LAND
2
Year-To-Date
1
Current Month
COMMERCIAL
-
Note: Data for the North Coastal Counties is now reported in the monthly “North Coastal Counties” Market Action Report. Note: Data for Polk and Marion Counties is now reported in the monthly “Polk & Marion Counties” Market Action Report.
1
Percent change in number of pending sales this year compared to last year. The Current Month section compares September 2011 with September 2010. The Year-To-Date section compares year-to-date statistics from September 2011 with year-to-date statistics from September 2010.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (10/1/10-9/30/11) with 12 months before (10/1/09-9/30/10).
3
Total Market Time is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, Total Market Time continues to accrue; however, it does not include the time that it was off the market.
2
© Copyright RMLS™ 2011. All Rights Reserved.
16000
ACTIVE RESIDENTIAL LISTINGS
14000
Portland, OR
12000
This graph shows the active
10000
residential listings over the
8000
past three calendar years in
6000
the greater Portland,
Active Residential Listings
4000
Oregon metropolitan area.
2009
2010
2011
TOTAL ACTIVE LISTINGS PORTLAND, OR
Total Active Listings 20000
This graph shows the
17500
total active listings over
15000
the past three calendar years in the greater Portland, Oregon
12500 10000 7500 5000
metropolitan area. 2009
2010
2011
NEW LISTINGS
New Listings
PORTLAND, OR
6,000
This graph shows the
5,000
new residential listings
4,000
over the past three
3,000
calendar years in the
2,000
greater Portland, Oregon
1,000
metropolitan area.
0
2009
2010
2011
3
© Copyright RMLS™ 2011. All Rights Reserved.
PENDING LISTINGS
Pending Sales
PORTLAND, OR
This graph represents
3,500 3,000
monthly accepted offers
2,500
in the Portland, Oregon
2,000 1,500
metropolitan area over
1,000
the past three calendar
500
years.
0
2009
2010
2011
CLOSED SALES
Closed Sales
PORTLAND, OR
This graph shows the
3,000
closed sales over the past
2,500
five calendar years in the
2,000
greater Portland, Oregon
1,500
metropolitan area.
1,000
2007 2008 2009 2010
500
2011
0
DAYS ON MARKET
Average Market Time
PORTLAND, OR
200 180 160 140 120 100 80 60 40 20 0
This graph shows the average market time for sales in the Portland, Oregon metropolitan area over the past three calendar years. 2009 TMT
2010 TMT
2011 TMT
4
© Copyright RMLS™ 2011. All Rights Reserved.
This graph represents the average sale price for all homes sold in the Portland,
AVERAGE SALE PRICE
Oregon metropolitan area.
PORTLAND, OR
Average Sale Price $375,000 $355,000 $335,000 $315,000
$295,000 $275,000 $255,000 $235,000
$215,000
Median Sale Price: Portland, OR & Clark Co., WA
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
Sep-03
Mar-03
Sep-02
Mar-02
$175,000
Sep-01
$195,000
MEDIAN SALE PRICE PORTLAND, OR
260000 240000 220000
This graph shows the
200000
median sale price over
180000
the past 12 months in
160000
the greater Portland,
140000
Oregon, metropolitan
120000 100000
SEPT OCT
NOV
DEC
JAN
FEB
Clark County
MAR APR
MAY JUNE JULY AUG SEPT
Metro Portland, OR
5
© Copyright RMLS™ 2011. All Rights Reserved.
area and Clark County.
Median sale price September 2011
SW Washington
$165,000
$196,000
Woodland
N/NE Clark County
$197,500
Portland
$222,400
Battle Ground
Ridgefield/La Center
Metro
$ 150,000 Columbia County $219,900 Salmon Creek $188,000 Felida
$325,000 North Washington County Sauvie Island
Brush Prairie Hockinson
$164,500 Hazel Dell Minnehaha
$155,000 5 Corners Orch.
$115,000 Cent. Vancouver
$193,800 Hillsboro $205,000 Beaverton
$335,000 West Portland
Aloha
$250,000 Tigard/Tualatin Sherwood Wilsonville
$215,000 Camas/Washougal $221,800 NE Portland $193,000 SE Portland $221,200
$405,800
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn
$213,000 $224,000 Oregon City Canby Molalla Beavercreek
Yamhill County
6
$191,400 Cascade Park
$190,500 Heights
$223,000 N Portland
Forest Grove
$243,500
Š Copyright RMLS™ 2011. All Rights Reserved.
$186,500 Gresham Troutdale Sandy Corbett Fairview
$117,400 Mt. Hood: Zigzag Welches Rhododendron Wemme Brightwood Government Camp
MULTIPLE LISTING SERVICE
Corporate 825 NE Multnomah, Suite 270 Portland, OR 97232 (503) 236-7657 Fax: (503) 230-0689
Lane County: Eugene 2139 Centennial Plaza Eugene, OR 97401 (541) 686-2885 Fax: (541) 484-3854 Lane County: Florence PO Box 414 Florence, OR 97439 (541) 902-2560 Fax: (541) 902-1341 Douglas County 3510 NE Edenbower Roseburg, OR 97470 (541) 673-3571 Fax: (541) 673-6581 Curry County PO Box 6307 Brookings, OR 97415 (541) 469-0219 Fax: (541) 469-9695
condos sold in the last three calendar years in the
PORTLAND, OR
Portland, Oregon metropolitan area.
Southwest Washington 1514 Broadway, Suite 101 Vancouver, WA 98663 (360) 696-0718 Fax: (360) 696-9342 Salem 2110 Mission St. SE, Suite 305 Salem, OR 97302 (503) 587-8810 Fax: (503) 585-3817
This graph represents the median sale price for all
MEDIAN SALE PRICE CONDOS
Median Condo Sale Price $245,000 $220,000 $195,000 $170,000 $145,000
$120,000
2009
Coos County 1946 Sherman Ave., Suite 101 North Bend, OR 97459 (541) 751-1070 Fax: (541) 751-1083 The statistics presented in Market Action are compiled monthly based on figures generated by RMLS™. Market Action Reports are compiled for the following areas: Portland metropolitan area, Southwest Washington, MidColumbia, Columbia Basin, Baker County, Coos County, Curry County, Douglas County, Grant County, Lane County, North Coastal Counties, Polk & Marion Counties, Union County, and Wallowa County. RMLS™ was formed by area Boards and Associations of REALTORS® in 1991. E-mail subscriptions are available for $45 per year by contacting RMLS™, (503) 236-7657. Reproduction of any portion of this copyrighted material is prohibited without prior approval of RMLS™.
2011
QUARTERLY CLOSINGS
This graph shows the number of closed sales by quarter
PORTLAND, OR
for the Portland, Oregon, metropolitan area.
Mid-Columbia PO Box 1088 Hood River, OR 97031 (541) 436-2956 Fax: (541) 387-6657 Eastern Oregon PO Box 751 Hermiston, OR 97838 (541) 567-5186 Fax: (541) 289-7320
2010
Quarterly Closings 12000 10000 8000
6000 4000 2000 0
'01
'02
'03 1st Quarter
'04
'05 2nd Quarter
'06
'07 3rd Quarter
'08
'09
4th Quarter
Cory Neu, Chairman of the Board Kurt von Wasmuth, President/CEO Kelsey Brunson, Editor Danny Gottleib, Assistant Editor © Copyright RMLS™ 2011. All Rights Reserved.
10
11