Tigard, King City, Summerfield, the Highlands Oregon Real Estate Information Courtesy of Ken and Vicki Miller

Portland, Oregon Months of Inventory of Homes For Sale

The inventory figure represents how long it would take to sell all the homes
currently on the market based on current activity
A six-month level is considered healthy

2009-2013 Portland, Oregon Months of Real Estate  Inventory
March Portland Residential Highlights: Real estate activity continued to see upward momentum this March in the Portland metro area! There were 3,090 new listings, a 31.3% increase over the 2,354 new listings posted in February. This was also a 2.9% increase from the 3,002 new listings posted last March. Pending sales, at 2,534, bested February’s 1,848 by 37.1% but were a 3.6% decrease from last March’s 2,628 pendings. Similarly, the 1,857 closings were a 26.6% increase from February’s 1,467 but fell 4.0% compared to the 1,935 closings recorded in March 2013. There are currently 5,811 active residential listings in the Portland metro area. Total market time in the region fell to 85 days in March, and inventory decreased to 3.1 months.


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First Quarter: 2014 Real estate activity had a fine start the first quarter of 2014, although perhaps not as robust as 2013. The 8,113 new listings represent a 1.9% increase over the 7,963 new listings posted in the first quarter of 2013. There were 6,258 pending sales and 4,892 closings, down 3.2% and up 2.2%, respectively, from the 6,466 pendings and 4,789 closings posted in the first quarter of 2013. Average and Median Sale Prices: The average price in the first quarter this year was $322,700, up 11.2% from the first quarter of 2013 when the average was $290,300. In the same comparison, the median rose 9.9% from $247,100 in the first quarter of 2013 to $271,600 in the same period of 2014.

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2013 Summary: There have been 27,065 accepted offers and 26,782 closed sales to date in 2013, up 12.7% from 24,010 pendings and 14.3% from 23,438 closed sales in the same period last year. The 35,858 new listings to date this year represent a 11.0% increase from the 32,300 entered through the end of last year. Average and Median Sale Prices: The average sales price through the end of the year is $310,600, up 12.9% from the same period in 2012, when the average was $275,000. In the same comparison, the median price increased 12.8% from $235,000 last year to $265,000 to end 2013.

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2012 Summary: There were 32,300 new listings, 24,010 accepted offers, and 23,438 closed sales in 2012. Compared to the same period last year, new listings are down by 5.2% from the 2011 listing count of 34,084. Pending sales are up 16.2% from 20,670 last year. Closed sales are up 19.1% from 19,682. Prices are higher. The average sale price in 2012 was $275,000, 4.4% higher than the average price of $263,300 in 2011, while the 2012 median sale price of $235,000 was 6.3% higher than the 2011 median of $221,000. Total market time dropped 21.5% from 143 days last year to 112 days in 2012. The average price increase and the improved number of sales has resulted in a healthy increase in the total dollar volume of sales, which rose to $6.45 billion in 2012 from $5.2 billion in 2011 and $5.3 billion in 2010.

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2011 Portland, Oregon Months of Real Estate  Inventory
2011 Summary: Comparing activity from 2010 with that of 2011, closed sales rose 4% and pending sales rose 6%. New listings fell 25.4%. Total sales volume for 2011 was about $5.2 billion, down from $5.3 billion in 2010, and $5.5 billion in 2009.
Sale Prices: For the year, the average sale price dropped 6.7% compared to 2010. The median price fell 7.9%.


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2010 Portland, Oregon Months of Real Estate  Inventory
2010 Summary: When comparing activity in 2010 with that of 2009, closed sales dipped 0.2%. Pending sales were 2.1% lower, but new listings were up 3.0%. Total sales volume for 2010 was $5.3 billion, down from $5.5 billion in 2009.

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2009 Portland, Oregon Months of Real Estate  Inventory
2009 Summary: Comparing activity from 2009 with that of 2008, pending sales increased 4%. Closed sales were 0.9% short of the 2008 total. New listings fell 18.8%. Total sales volume for 2009 was $5.5 billion, down from $6.3 billion in 2008, and $9.7 billion in 2007.

2008 Portland, Oregon Months of Real Estate  Inventory
2008 Summary: Comparing market activity in 2008 with 2007, new listings decreased 8.7%. Pending sales dropped 30.8% and closed sales fell 32.1%. At $6.3 billion this year, total sales volume dropped 35% from 2007.

2007 Portland, Oregon Months of Real Estate  Inventory
2007 Summary: Comparing market activity in 2007 with that of 2006, the Portland metro area saw an 8.1% increase in new listings. However, pending sales decreased 15.7% and closed sales dropped 13.1%. Portland had its third highest total sales volume in residential real estate, at $9.7 billion, a 6.7% decrease from the $10.4 billion in 2006. The average sale price increased 6.3% ($342,900 v. $322,600) and the median sale price appreciated 7.2% ($290,000 v. $270,500).

2006 Portland, Oregon Months of Real Estate  Inventory
2006 Summary: In 2006 there were 14% more new listings when comparing market activity in 2006 with that of 2005. However, pending sales decreased 13.6% and closed sales fell 13.4%. Portland had its second highest total volume in real estate sales in 2006 with $10.4 billion compared to $10.6 last year. Further, the average sale price increased 14% (322,600 v. 282,900) and median sale price appreciated 13.9% ($270,500 v. $237,500).

2005 Portland, Oregon Months of Real Estate  Inventory
2005 Summary: 2005 Year’s end saw an increase in overall market activity with 13.1% more closed sales, a 10.7% increase in accepted offers and a 5.9% greater number of new listings when compared with 2004. Further, we had a record breaking total volume in real estate sales of $10.6 billion. Compared with 2004’s $8.1 billion that is an increase of 30.9%. The 15% increase in average sale price ($282,900 v. $246,000) and the 15% appreciation of median sale price ($237,500 v. $204,500) may also account for the increase.

2004 Portland, Oregon Months of Real Estate  Inventory
At year’s end 2004, the Portland metro area observed 8.3% more accepted offers than it had in 2003 Closed Sales also increased 6.6% . However, 2004 realized a small decline in new listings, which were down 2.9% from 2003. 2004 was a landmark year for the Portland metro area due to the fact that real estate sales that closed in the Portland metro area generated $8.1 billion. Compared to 2003’s $6.9 billion that is a sizeable increase of 17%. The 10.6% rise in average sale price ($246,00 v. $222,500) may account for a portion of the net increase. Furthermore, the telltale 9.4% appreciation of median sale price ($204,500 v. 187,000) may also account for the rise in total volume.


2003 Portland, Oregon Months of Real Estate  Inventory
At 2003 year’s end, the Portland metro area had generated 2.2% more new listings than it had in 2002. The only year to have generated more new listings was 1998. No earlier record matched the area’s 2003 performance for generating pending sales (up 10.2% from 2002) and closed sales (up 12.0% from 2002). Sales that closed in 2003 generated a dollar volume of $6.9 billion. Contrast that with the $5.8 billion generated last year and you’ll witness the increase of 19.0%. The jump in closed sales can account for part of that increase, but so can the 5.8% rise in average sale price ($222,500 v. $210,300) and the 5.1% appreciation of median sale price ($185,000 v. $176,500).

2002 Portland, Oregon Months of Real Estate  Inventory
In 2002 new listings rose 1.9%, regaining all of the ground lost in 2001. Other categories pioneered new territory. Closed sales are higher than ever, and, compared to 2001 alone, increased by 3.2%. Pending sales showed the same trend, increasing by 2.2%. All of that closing activity resulted in $5.8 billion of residential real estate activity, an increase of 6.9% over last year’s total of $5.4 billion. Aiding the increase in dollar volume was the increase in the area’s average and median sales prices. Average price for the twelve months of 2002 climbed by 4.8% compared to 2001. Median price climbed 4.1% during the same period.

2001 Portland, Oregon Months of Real Estate  Inventory
The year 2001 saw $5.40 billion in residential real estate sales for the Portland metro area, up $500 million from the volume for 2000. Strong growth in the number of closed sales made 2001 a record year. The 26,845 reported sales represent growth of 8.9% from 2000 and more sales than any previous year. Pending sales grew by a similar margin, up 9.1%. New listings, however, fell 1.6%. The number of new listings entered into RMLS™ (45,298), has not been so low since 1996. Comparing 2001 to 2000, average sales price appreciated 1.2% to $201,000—the first time it has grown past $200,000. Median sales price has appreciated 2.3%, to $169,900.

2000 Portland, Oregon Months of Real Estate  Inventory
Approximately $4.90 billion in residential real estate sales occurred in 2000, up about $100 million from the previous year. A 3.1% decline in the number of closed sales was more than offset by the appreciation rate of 5.3% in average sales price. In dollar volume, 2000 was the best year in RMLS™ history to date. In other measures of market activity, 2000 was very similar to 1999. There were 2.1% fewer new listings in 2000 than in 1999 and 1.2% fewer accepted offers. The average sales price in the Portland market is creeping steadily towards the $200,000 mark, ending at $198,600 for the twelve months of 2000. The median sales price for 2000 was $166,000, a 3.6% increase over the $160,200 median in 1999.

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Ken Miller and Associates, 15405 SW 116th Ave, King City, OR 97224 
Ken Miller & Associates
11725 SW Queen Elizabeth St. #A
King City, Oregon 97224
Office: 503-639-0630
web site: www.kenandvicki.com
email: homes@kenandvicki.com