A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon April Residential Highlights Comparing April 2012 with April 2011 shows improvement in both pending and closed sales, which were also up compared to the previous month. There were 2,365 accepted offers, 18.0% more than the 2,005 reported in April 2011 a nd 4.1% more t ha n t he 2,272 in the previous month. In fact, with the exception of March and April of 2010 which were impacted by deadlines for the First-Time Homebuyer Tax Credit, the number of pending sales is h igher t ha n a ny mont h si nce August 2007. The 1,822 closed sales represent a 13.1% increase over the same month last year, when 1,611 were recorded, and 7.6% more than the 1,694 sales in March. New listings this April (3,038) were down slightly compared to
Change
2011
2012
Portland Metro Residential Highlights April
April 2012 Reporting Period
April last year (3,099), but rose 5.3% compared to March (2,886). The unsold inventory is the lowest it has been since June 2007. It would take only 4.7 months to sell the 8,523 active listings at the April rate of sales.
Year-to-Date C o mp a r i n g t h e f i r s t f o u r months of 2012 with the same period in 2011 shows closed sales increased 13.1% from 5,513 to 6,236. Pending sales were up by 17.5% increasing from 6,806 to 8,000. New listings were down 9.7% at 12,378 versus 11,182. Total time on market decreased 18.3% from 161 to 132. When comparing homes prices year-to-date this year and last, there is less than 1% difference in both median sales price and average sales price.
New Listings
Pending Sales
Closed Sales
Average Sale Price
Inventory in Months* 2010 2011 2012 January 12.6 11.3 7.0 February 12.9 10.9 6.5 March 7.8 7.1 5.0 April 7.3 7.2 4.7 May 7.0 6.8 June 7.3 6.0 July 10.8 7.0 August 11.0 6.2 September 10.5 6.7 October 10.7 6.8 November 10.2 6.2 December 7.9 5.3 *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. This includes proposed and under construction homes. Percent Change of 12-Month Sale Price Compared With The Previous 12 Months Average Sale Price % Change: -4.9% ($262,100 v. $275,500) Median Sale Price % Change: -3.9% ($221,000 v. $230,000)
For further explanation of this measure, see the second footnote on page 2.
Median Sale Price
Total Market Time
3,038
2,365
1,822
262,400
225,000
123
11,182
8,000
6,236
254,600
216,200
132
3,099
2,005
1,611
267,300
219,900
153
12,378
6,806
5,513
257,000
215,000
161
April
-2.0%
18.0%
13.1%
-1.8%
2.3%
-19.5%
Year-to-date
-9.7%
17.5%
13.1%
-0.9%
0.6%
-18.3%
Year-to-date April Year-to-date
*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™ 2012. All Rights Reserved.
AREA REPORT • 4/2012 Portland Metropolitan Area, Oregon RESIDENTIAL
Average Sale Price
Median Sale Price
Avg. Sale Price % Change2
359
32.0%
258
210,000
201,700
0.1%
3
498,300
8
74,600
11
559,300
NE Portland
620
322
59
229
16.8%
175
268,800
77
1,068
787
20.2%
650
272,800
239,000
-4.4%
6
414,600
14
212,300
24
337,500
SE Portland
791
349
85
284
4.8%
246
214,100
102
1,317
976
15.9%
797
209,100
170,000
-6.0%
13
229,600
14
86,200
42
333,300
144
Gresham/ Troutdale
575
174
49
138
8.7%
120
184,200
120
743
485
5.4%
394
187,500
173,300
-7.0%
1
950,000
36
119,800
13
266,900
145
Milwaukie/ Clackamas
704
244
87
189
20.4%
151
245,000
165
974
681
29.2%
500
239,800
215,000
-6.2%
5
229,700
28
144,800
1
300,000
Oregon City/ Canby
560
160
43
111
3.7%
98
239,600
162
593
400
6.7%
330
231,700
216,800
-1.5%
-
-
22
154,900
4
228,600
Lake Oswego/ West Linn
618
188
58
132
20.0%
114
361,000
142
716
447
15.8%
341
374,300
337,000
0.8%
-
-
13
260,600
1
275,000
W Portland
958
365
110
284
9.7%
198
402,200
139
1,289
867
4.1%
646
384,900
320,000
-5.3%
6
404,500
20
243,700
16
349,400
NW Wash Co.
325
152
47
135
26.2%
119
339,400
107
528
440
29.4%
318
344,600
324,500
-2.0%
2
163,000
9
184,400
-
Beaverton/ Aloha
589
224
60
213
33.1%
147
209,800
137
896
718
17.3%
560
203,000
182,000
-5.8%
2
283,500
7
93,900
12
254,200
Tigard/ Wilsonville
726
263
71
189
12.5%
143
296,600
138
935
676
24.0%
524
273,500
242,900
-6.3%
2
552,500
10
156,100
2
267,500
Hillsboro/ Forest Grove
597
196
39
178
30.9%
124
191,800
108
726
587
24.1%
471
199,000
176,900
-4.4%
8
145,800
13
482,500
11
244,700
Mt. Hood
117
31
19
14
75.0%
10
198,000
199
72
48
77.8%
37
185,900
172,000
-6.8%
-
-
1
8,500
Columbia Co.
370
89
29
42
-10.6%
39
198,400
120
282
176
8.6%
151
169,100
165,000
-6.8%
-
-
9
137,500
1
106,000
Yamhill Co.
670
147
52
113
43.0%
68
189,000
138
562
353
18.9%
259
194,400
167,000
-3.2%
28
235,300
7
118,900
5
141 142 143 148 149 153 155
Closed Sales
Total Market Time
Closed Sales
379,200
Average Sale Price
Closed Sales
481
Average Sale Price
Pending Sales 2012 v. 2011
73
Average Sale Price
Pending Sales 2012
213,900
Closed Sales
New Listings
70
3
56.2%
Average Sale Price
Pending Sales 2012 v. 20111
114
Closed Sales
Pending Sales 2012
27
New Listings
134
Active Listings
303
146
Year-To-Date
147
Year-To-Date
150
Year-To-Date
151
MULTIFAMILY
152
Year-To-Date
LAND
N Portland
156 1
Expired/Canceled Listings
Current Month
COMMERCIAL
-
-
-
Percent change in number of pending sales this year compared to last year. The Current Month section compares April 2012 with April 2011. The Year-ToDate section compares 2012 year-to-date statistics through April with 2011 year-to-date statistics through April.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (5/1/11-4/30/12) with 12 months before (5/1/10-4/30/11).
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™ 2012. All Rights Reserved.
ACTIVE RESIDENTIAL LISTINGS
Active Residential Listings 16,000 14,000
PORTLAND, OR
12,000
This graph shows the active
10,000
residential listings over the
8,000
past three calendar years in
6,000
the greater Portland, Oregon metropolitan area.
4,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2010 12,449 13,101 14,042 14,182 14,372 14,752 15,271 15,200 14,714 13,805 13,103 11,611 2011 11,697 11,746 11,458 11,621 11,825 11,817 11,970 11,276 10,666 10,012 9,451 8,612 2012 8,514 8,256 8,391 8,523
TOTAL ACTIVE LISTINGS
Total Active Listings 20,000
PORTLAND, OR 17,500
This graph shows the 15,000
total active listings over the past three calendar
12,500
years in the greater
10,000
Portland, Oregon
7,500
metropolitan area.
5,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2010 15,724 16,496 17,491 17,699 17,832 18,180 18,750 18,710 18,174 17,205 16,533 14,586 2011 14,815 14,869 14,544 14,736 14,973 14,921 15,000 14,269 13,579 12,852 12,283 11,167 2012 11,175 10,939 10,957 11,146
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
2010
2011
2012
3 © Copyright RMLS™ 2012. All Rights Reserved.
PENDING LISTINGS Pending Sales
PORTLAND, OR
3,500
This graph represents
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
2010
2011
2012
CLOSED SALES
Closed Sales
PORTLAND, OR
This graph shows the
2,500
closed sales over the past
2,000
five calendar years in the greater Portland, Oregon
1,500 2008 2009
metropolitan area.
1,000
2010 2011 2012
500 0
DAYS ON MARKET
Average Total 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.
2010 TMT
2011 TMT
2012 TMT
4 © Copyright RMLS™ 2012. All Rights Reserved.
AVERAGE SALE PRICE
This graph represents the average sale price for all homes sold in the Portland, 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
$175,000
Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12
$195,000
MEDIAN SALE PRICE
Median Sale Price: Portland, OR & Clark Co., WA
PORTLAND, OR
240000 220000 200000
This graph shows the
180000
median sale price over
160000
the past 12 months in
140000
the greater Portland,
120000
Oregon, metropolitan area and Clark
100000 APR
MAY JUNE JULY AUG SEPT OCT Clark County
NOV
DEC
JAN
FEB
Metro Portland, OR
5 © Copyright RMLS™ 2012. All Rights Reserved.
MAR APR
County.
MEDIAN SALE PRICE April 2012
SW WASHINGTON
$130,000
$106,500
Woodland
N/NE Clark County
$190,000
PORTLAND
$280,000
Battle Ground
Ridgefield/La Center
METRO
$ 178,000 Columbia County $214,500 Salmon Creek $173,600 Felida
$ 325,000 North Washington County Sauvie Island
$354,000 Brush Prairie Hockinson
$160,000 Hazel Dell Minnehaha
$147,700 5 Corners Orch.
$154,500 Cent. Vancouver
$180,000 Cascade Park
$162,000 Heights
$ 202,500 N Portland
$ 171,300 Hillsboro Forest Grove
$ 194,000 Beaverton Aloha
$ 252,100 Tigard/Tualatin Sherwood Wilsonville
$ 338,300 West Portland
$248,000 Camas/Washougal $ 239,500 NE Portland $ 175,000 SE Portland $ 230,000
$ 343,500
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn
$ 177,000 $ 224,700 Oregon City Canby Molalla Beavercreek
Yamhill County
6 © Copyright RMLS™ 2012. All Rights Reserved.
$ 179,300 Gresham Troutdale Sandy Corbett Fairview
$ 201,300 Mt. Hood: Zigzag Welches Rhododendron Wemme Brightwood Government Camp
MULTIPLE LISTING SERVICE
Corporate 8338 NE Alderwood Rd, Suite 230 Portland, OR 97220 (503) 236-7657 Fax: (503) 230-0689
MEDIAN SALE PRICE CONDOS PORTLAND, OR
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 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 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 Coos County 1946 Sherman Ave., Suite 101 North Bend, OR 97459 (541) 751-1070 Fax: (541) 751-1083
This graph represents the median sale price for all condos sold in the last three calendar years in the Portland, Oregon metropolitan area. Median Condo Sale Price
$245,000 $220,000 $195,000 $170,000 $145,000
$120,000
2010
AFFORDABILITY PORTLAND, OR
2011
2012
This graph shows the affordability for housing in Portland, Oregon in March 2012.
Affordability Index 200
180 160
140 120 100
80 60
40 20
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.
0 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12
The statistics presented in Market Action are compiled monthly based on figures generated by RMLS™.
AFFORDABILITY - According to a formula from the National Association of REALTORS®, buying a house in the Portland metro area is affordable for a family earning the median income. A family earning the median income ($73,000 in 2012, per HUD) can afford 186% of a monthly mortgage payment on a median priced home ($215,700 in March). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 3.95% (per Freddie Mac).
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™.
Steve Lucas, Chairman of the Board Kurt von Wasmuth, President/CEO Mary-Frances Makichen, Editor © Copyright RMLS™ 2012. All Rights Reserved.