May 2011 Portland Metro Real Estate Report

23 05 2011

More momentum for the late spring.  It may be a little seasonal but a very welcome one nonetheless.

The washing machine activity seems to still be happening with some gain on one direction and losses in others.  Overall, though, positive signs continue to build in the Portland Market.

Solid sales number increases exist in the lower price ranges of pending and sold homes for most of the Portland Metro areas across the board.  NW Washington County and Gresham/Sandy were the big winners this month with an increase of 41.7% and 36% in sold homes under $200,000.  NE Portland saw near 50% raises in sold homes between $200K-$400K.  West Portland and Lake Oswego also saw a good rise in numbers in the higher ranges above $300K and $400K.

As a whole, sales numbers across the whole Portland area have increased in double digits for a second month in a row.  The under $800K, under $900K, and above $1M territory is very encouraging for the Portland Metro Market in total.  In general, the Portland Metro real estate market has increased 18.4% over the previous 3 months averaged together. 

Average Sales prices are also following suit with our recent RMLS Market Action report for May. Sales prices are up, but spotty however.  The largest loss was in pending Oregon City homes of -7.65%.  The largest gain was pending homes (14.39%) and sold homes (14.56%) in Lake Oswego for the second month in a row.  This number is also heavily influenced by the 55% increase of pending sales over $1M—the sold category though did not see an increase in this category but saw an increase in $700K-$900K homes.  The next bright spot on the list is sold homes in West Portland which also had an 8.7% increase in average sales price for sold homes.  Overall the average pending sale price is up 2.7% and the sold price is up 4.79% for Portland.

The market numbers for Portland bank-owned homes, short sales and vacant homes vary depending on area.  Bank-owned properties are down 26.39% in the pending category and 16.37% in the sold category. 

It is not necessarily frenzy out there, but multiple offers are the norm for many bank-owned properties under $200K it is becoming less hard to win on deals out there for buyers.  With the inventory hanging near balanced around 7 months, the market is showing signs of life this spring.  I am sure Portlanders will welcome both this news and the sun in the coming days ahead.

Emerging Signs of Life in Real Estate

 Complete May Portland Metro Real Estate Report

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