Linda Rossi – August 19, 2019
Overview/Fluctuations
Overall we see prices leveling out everywhere. N Portland and NW Washington County are two areas where we see slight depreciation, but this is not as scary as it looks; more an indicator that prices jumped a bit beyond what Buyers were willing to pay in these areas and there is now a correction in process. Gresham, Oregon City and Beaverton/Aloha in particular remain very strong (see below), and the whole Portland area is pretty solid, albeit w/prices cooling a bit & some seasonal slowing.
Though most think Summertime is the busy season for real estate, truth is that it slows down dramatically as people are off on vacation etc. Spring is the hottest time for Sellers, and the current market and Fall are my favorite times to represent Buyers as they find a new home to call their own. : ) AND, if a home is priced and marketed properly, I have continuing and long-standing success Selling in any time of year.
Per RMLS Market Data for the Portland Metro Area, July 2019:
July 2019 July 2018 June 2019
- New Listings 3,966 4,312 (down 8.0%) 4,281 (down 7.4%)
- Closed Sales 2,994 2,786 (up 7.6% ) 2,756 (up 6.8%) ***This was the strongest July for Closings since 2015’s total of 3,452.
- Pending Sales 2,998 3,071 (down 2.4%) 3,083 (down 2.8%)
- Avg Sale Price $466,000 $455,100 (up $10,900) $472,700 (down $6,700)
- Median Sale Price $411,600 $401,600 (up $18,400) $420,000 (down $8,400)
Neighborhoods: July’s Average Sale Price + 12-month Appreciation :
- North Portland: $406,300 -0.3% (June $417,900) YTD Median: $405,000
- NE Portland: $499,200 1.3% (June $491,500) YTD Median: $429,700
- SE Portland: $424,200 2.7% (June $434,700) YTD Median: $375,000
- Gresham/Troutdale: $373,200 5.5% (June $374,900) YTD Median: $353,500
- Milwaukie/Clackamas: $452,500 3.9% (June $484,200) YTD Median: $417,000
- Oregon City/Canby: $446,600 5.1% (June $460,900) YTD Median: $415,000
- Lake Oswego/West Linn:$681,000 0.6% (June $702,000) YTD Median: $585,500
- West Portland: $587,800 1.5% (June $611,000) YTD Median: $524,900
- NW Wash County: $557,800 -1.8% (June $535,000) YTD Median: $515,000
- Beaverton/Aloha: $411,100 6.3% (June $411,100) YTD Median: $390,000
- Tigard/Wilsonville: $492,600 2.8% (June $472,800) YTD Median: $440,000
- Hillsboro/Forest Grove: $423,300 3.5% (June $433,200) YTD Median: $380,000