market action report for janyary 2012
DESCRIPTION
Market Action Report for Janyary 2012TRANSCRIPT
A Publication of RMLS™, The Source for Real Estate Statistics in Your Community
© Copyright RMLS™ 2012. All Rights Reserved.
Residential Review: Metro Portland, Oregon January 2012 Reporting Period
January Residential HighlightsThe year has started off on a
positive note. Sales activity in the Portland metro area continued to show improvement in closed and pending sales when comparing this January to the same month a year ago. Closed sales experienced a 18.3% increase, posting the highest numbers for January since 2007. Pending sales saw growth of 22.4% in the same comparison. Market time also improved, decreasing from 160 to 136 days.
There were 16.5% fewer newly listed residential properties. The combination of higher sales and fewer new listings helped to create a much lower listing inventory for this season than seen in the previous two years. At January’s rate of sales, the active listing count of 8,514 would be exhausted in only 7.0 months. (See chart to the right.)
Comparing month-to-previous month, closed sales fell 24.1% (1,612 v. 1,224) when compared to December 2011, pending sales increased 26.3% (1,443 v. 1,823) and new listings climbed 53.7% (1,700 v. 2,613).
Sale PricesT he average sa le pr ice of
$249,100 for January 2012 was virtually the same as the $248,900 posted in January 2011, while the median declined 3.5%.
Compared to December 2011, the average price fell 4.5% ($260,800 v. $249,100) and the median fell 4.2% ($216,600 v. $207,500).
Over the rolling twelve month calculation shown to the right, which compares February 2010-January 2011 with February 2011-January 2012, the median price dropped 6.9% and the average price declined 6.1%.
New Listings
Pending Sales
ClosedSales
AverageSale Price
MedianSale Price
Total Market
Time
January 2,613 1,823 1,224 249,100 207,500 136
Year-to-date 2,613 1,823 1,224 249,100 207,500 136
January 3,128 1,489 1,035 248,900 215,000 160
Year-to-date 3,128 1,489 1,035 248,900 215,000 160
January -16.5% 22.4% 18.3% 0.1% -3.5% -14.6%
Year-to-date -16.5% 22.4% 18.3% 0.1% -3.5% -14.6%
2012
2011
Chan
ge
Portland Metro Residential Highlights
*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.
Inventory in Months*2010 2011 2012
January 12.6 11.3 7.0February 12.9 10.9March 7.8 7.1April 7.3 7.2May 7.0 6.8June 7.3 6.0July 10.8 7.0August 11.0 6.2September 10.5 6.7October 10.7 6.8November 10.2 6.2December 7.9 5.3
Percent Change of 12-Month Sale Price Compared With The Previous 12 Months
Average Sale Price % Change: -6.1% ($263,200 v. $280,400)
Median Sale Price % Change: -6.9% ($220,500 v. $236,800)
*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.
For further explanation of this measure, see the second footnote on page 2.
2© Copyright RMLS™ 2012. All Rights Reserved.
AREA REPORT • 1/2012Portland Metropolitan Area, Oregon
1 Percent change in number of pending sales this year compared to last year. The Current Month section compares January 2012 with January 2011. The Year-To-Date section compares year-to-date statistics from January 2012 with year-to-date statistics from January 2011.
2 % Change is based on a comparison of the rolling average sale price for the last 12 months (2/1/11-1/31/12) with 12 months before (2/1/10-1/31/11).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.
Act
ive
List
ings
New
Lis
tings
Expi
red/
Can
cele
d Li
stin
gs
Pend
ing
Sale
s 20
12
Pend
ing
Sale
s 20
12 v
. 201
11
Clo
sed
Sale
s
Ave
rage
Sal
e Pr
ice
Tota
l Mar
ket T
ime
3
New
Lis
tings
Pend
ing
Sale
s 20
12
Pend
ing
Sale
s 20
12 v
. 201
1
Clo
sed
Sale
s
Ave
rage
Sal
e Pr
ice
Med
ian
Sale
Pric
e
Avg
. Sal
e Pr
ice
% C
hang
e2
Clo
sed
Sale
s
Ave
rage
Sal
e Pr
ice
Clo
sed
Sale
s
Ave
rage
Sal
e Pr
ice
Clo
sed
Sale
s
Ave
rage
Sal
e Pr
ice
141
N Portland 296 120 63 85 25.0% 40 195,700 67 120 85 25.0% 40 195,700 200,100 -3.1% 1 250,000 - - 3 694,700
142
NE Portland 557 226 103 176 45.5% 132 268,300 109 226 176 45.5% 132 268,300 219,800 -6.2% 2 307,500 3 192,300 3 323,000
143
SE Portland 777 294 141 226 22.2% 164 225,400 110 294 226 22.2% 164 225,400 170,500 -8.4% 4 154,000 3 104,000 3 348,800
144 Gresham/
Troutdale 577 181 96 96 -13.5% 72 216,600 121 181 96 -13.5% 72 216,600 165,900 -7.1% - - 1 49,000 2 152,500
145 Milwaukie/
Clackamas 794 235 102 141 3.7% 107 230,600 113 235 141 3.7% 107 230,600 204,300 -7.9% 1 103,000 4 101,200 - -
146 Oregon City/
Canby 549 138 58 95 14.5% 69 222,700 159 138 95 14.5% 69 222,700 200,800 -7.2% - - 3 43,500 1 200,000
147 Lake Oswego/
West Linn 589 153 87 97 12.8% 75 364,800 176 153 97 12.8% 75 364,800 300,000 -1.3% - - 1 320,000 1 275,000
148
W Portland 913 278 178 173 1.8% 127 366,300 176 278 173 1.8% 127 366,300 290,000 -5.5% - - 4 126,900 1 520,000
149
NW Wash Co. 391 132 43 86 13.2% 46 339,100 118 132 86 13.2% 46 339,100 311,000 -0.9% - - - - - -
150 Beaverton/
Aloha 598 242 88 183 31.7% 112 206,900 154 242 183 31.7% 112 206,900 173,000 -8.8% - - 1 60,000 4 323,100
151 Tigard/
Wilsonville 729 235 101 153 47.1% 96 260,900 166 235 153 47.1% 96 260,900 235,400 -8.6% 1 80,000 6 122,100 - -
152 Hillsboro/
Forest Grove 597 187 78 171 92.1% 91 183,800 145 187 171 92.1% 91 183,800 173,500 -8.7% 2 97,800 3 496,700 2 182,100
153
Mt. Hood 114 11 14 10 -16.7% 4 257,800 134 11 10 -16.7% 4 257,800 177,500 -5.1% - - - - - -
155
Columbia Co. 352 56 17 52 73.3% 29 140,500 165 56 52 73.3% 29 140,500 115,000 -12.8% - - 1 90,000 - -
156
Yamhill Co. 681 125 66 79 0.0% 60 158,800 121 125 79 0.0% 60 158,800 139,800 -9.8% - - 3 224,300 4 130,300 , , , , , , , , , , , , ,
Year-To-Date
COMMERCIAL LAND MULTIFAMILYRESIDENTIAL
Year-To-Date Year-To-DateCurrent Month Year-To-Date
Note: Data for Polk and Marion Counties is now reported in the monthly “Polk & Marion Counties” Market Action Report.
Note: Data for the North Coastal Counties is now reported in the monthly “North Coastal Counties” Market Action Report.
3© Copyright RMLS™ 2012. All Rights Reserved.
NEW LISTINGS PORTLAND, OR
This graph shows the
new residential listings
over the past three
calendar years in the
greater Portland, Oregon
metropolitan area.
TOTAL ACTIVE LISTINGS
PORTLAND, OR
This graph shows the
total active listings over
the past three calendar
years in the greater
Portland, Oregon
metropolitan area.
ACTIVE RESIDENTIAL
LISTINGSPORTLAND, OR
This graph shows the active
residential listings over the
past three calendar years in
the greater Portland,
Oregon metropolitan area.4000
6000
8000
10000
12000
14000
16000
Active Residential Listings
2010 2011 2012
5,000
7,500
10,000
12,500
15,000
17,500
20,000
Total Active Listings
2010 2011 2012
0
1,000
2,000
3,000
4,000
5,000
6,000
New Listings
2010 2011 2012
© Copyright RMLS™ 2012. All Rights Reserved.4
This graph represents
monthly accepted off ers
in the Portland, Oregon
metropolitan area over
the past three calendar
years.
PENDING LISTINGS PORTLAND, OR
This graph shows the
closed sales over the past
fi ve calendar years in the
greater Portland, Oregon
metropolitan area.
CLOSED SALES PORTLAND, OR
This graph shows the
average market time for
sales in the Portland,
Oregon metropolitan area
over the past three calendar
years.
DAYS ON MARKETPORTLAND, OR
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Pending Sales
2010 2011 2012
0
500
1,000
1,500
2,000
2,500
Closed Sales
2008
2009
2010
2011
2012
020406080
100120140160180200
Average Market Time
2010 TMT 2011 TMT 2012 TMT
© Copyright RMLS™ 2012. All Rights Reserved.5
This graph represents the average sale price for all homes sold in the Portland,
Oregon metropolitan area.
AVERAGE SALE PRICE
PORTLAND, OR
$175,000
$195,000
$215,000
$235,000
$255,000
$275,000
$295,000
$315,000
$335,000
$355,000
$375,000
Nov
-01
May
-02
Nov
-02
May
-03
Nov
-03
May
-04
Nov
-04
May
-05
Nov
-05
May
-06
Nov
-06
May
-07
Nov
-07
May
-08
Nov
-08
May
-09
Nov
-09
May
-10
Nov
-10
May
-11
Nov
-11
Average Sale Price
100000
120000
140000
160000
180000
200000
220000
240000
JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC JAN
Median Sale Price: Portland, OR & Clark Co., WA
Clark County Metro Portland, OR
This graph shows the
median sale price over
the past 12 months in
the greater Portland,
Oregon, metropolitan
area and Clark
County.
MEDIAN SALE PRICE
PORTLAND, OR
$ 139,800
Yamhill County
$ 200,100N Portland
$ 219,800 NEPortland
$ 170,500 SEPortland
$ 165,900GreshamTroutdale
SandyCorbettFairview $ 177,500
Mt. Hood:Zigzag
WelchesRhododendron
WemmeBrightwood
Government Camp
$ 204,300 Milwaukie/Gladstone/Boring/ClackamasEstacada
$ 200,800
Oregon City
Canby
Molalla
Beavercreek
$ 300,000
Lake Oswego
West Linn
$ 290,000 West Portland
$ 311,000
North Washington County
Sauvie Island
$ 173,000
Beaverton
Aloha
$ 235,400
Tigard/Tualatin
Sherwood
Wilsonville
$ 173,500
Hillsboro
Forest Grove
$ 115,000
Columbia County
$252,100 Heights
$114,500 Cent. Vancouver
$160,000Cascade Park
$138,5005 Corners
Orch.
$152,000HazelDell
Minnehaha
$190,000Felida
$227,000Salmon Creek
$176,200Camas/Washougal
$215,500
Brush Prairie
Hockinson
$194,000
Ridgefield/La Center
$185,000
Battle Ground
$143,800
N/NE Clark County$192,000
Woodland
MEDIAN SALE PRICEJanuary 2012
PORTLANDMETRO
6© Copyright RMLS™ 2012. All Rights Reserved.
SW WASHINGTON
MULTIPLE LISTING SERVICE
The statistics presented in Market Action are compiled monthly based on fi gures generated by RMLS™.
Market Action Reports are compiled for the following areas: Portland metropolitan area, Southwest Washington, Mid-Columbia, 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™.
Steve Lucas, Chairman of the BoardKurt von Wasmuth, President/CEOMary-Frances Makichen, Editor
© Copyright RMLS™ 2012. All Rights Reserved.
Lane County: FlorencePO Box 414
Florence, OR 97439(541) 902-2560
Fax: (541) 902-1341
Curry CountyPO Box 6307
Brookings, OR 97415(541) 469-0219
Fax: (541) 469-9695
Lane County: Eugene2139 Centennial Plaza
Eugene, OR 97401(541) 686-2885
Fax: (541) 484-3854
Southwest Washington1514 Broadway, Suite 101
Vancouver, WA 98663(360) 696-0718
Fax: (360) 696-9342
Douglas County3510 NE EdenbowerRoseburg, OR 97470
(541) 673-3571Fax: (541) 673-6581
Corporate825 NE Multnomah, Suite 270
Portland, OR 97232(503) 236-7657
Fax: (503) 230-0689
Mid-ColumbiaPO Box 1088
Hood River, OR 97031(541) 436-2956
Fax: (541) 387-6657
Eastern OregonPO Box 751
Hermiston, OR 97838(541) 567-5186
Fax: (541) 289-7320
Coos County1946 Sherman Ave., Suite 101
North Bend, OR 97459(541) 751-1070
Fax: (541) 751-1083
Salem2110 Mission St. SE, Suite 305
Salem, OR 97302(503) 587-8810
Fax: (503) 585-3817
This graph represents the median sale price for all
condos sold in the last three calendar years in the
Portland, Oregon metropolitan area.
MEDIAN SALE PRICE CONDOS
PORTLAND, OR
$120,000
$145,000
$170,000
$195,000
$220,000
$245,000
Median Condo Sale Price
2010 2011 2012
AFFORDABILITYPORTLAND, OR
This graph shows the aff ordability for housing in Portland, Oregon in December 2011.
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Affordability Index
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 ($72,000 in 2011, per HUD) can afford 182% of a monthly mortgage payment on a median priced home ($216,600 in December). The formula assumes that the buyer has a 20% down payment and a 30 year fi xed rate of 3.96% (per Freddie Mac).