December Summary Looks Pretty Solid for Portland
January 17th, 2008 by dirkknudsenAccording to RMLS statistics, end-of-year 2007 saw a 6.3% increase in average home sale prices (and 7.2% increase in the median). Please note that these metrics roll 12 months of sales activity together and compare them to the previous 12-month roll-up. While this method ’smooths’ the data, it tends to minimize the most recent months’ activity.
As I have compiled these reports each month, the month-over-month changes to the average and median sale prices has become smaller and smaller. In some market areas, the median did not change appreciably over the past 3 or 4 months.
Areas relying on high amounts of new construction growth showed the smallest gains (Happy Valley, City Center, Oregon City/Canby, and Beaverton/Aloha.
Lake Oswego/West Linn, Northeast & Southeast Portland, plus Yamhill and Columbia Counties were among the stronger markets.
Below are the December 2007 results for year-to-date average and median sale prices, appreciation, and time on market (or DOM*).
| Area | YTD Avg. Sale Price | YTD Median Sale Price | 12-Mo. Appreciation | DOM |
| Lake Oswego / West Linn | $567,900 | $465,000 | 7.8% | 66 |
| West Portland | $468,100 | $379,700 | 3.6% | 80 |
| NW Washington County | $419,400 | $385,000 | 5.4% | 75 |
| Tigard / Tualatin / Sherwood / Wilsonville | $374,700 | $339,900 | 5.3% | 84 |
| Milwaukie / Clackamas | $334,200 | $300,000 | -5.4% | 79 |
| Oregon City / Canby | $329,600 | $303,000 | 1.2% | 79 |
| Northeast Portland | $321,600 | $283,000 | 6.4% | 60 |
| Hillsboro / Forest Grove | $297,900 | $270,000 | 5.5% | 68 |
| Beaverton / Aloha | $286,500 | $260,000 | 3.4% | 56 |
| Southeast Portland | $285,500 | $250,000 | 7.1% | 62 |
| Yamhill County | $281,600 | $247,500 | 6.1% | 138 |
| Gresham / Troutdale | $281,900 | $259,900 | 6.3% | 89 |
| North Portland | $266,600 | $253,500 | 8.5% | 55 |
| Columbia County | $254,000 | $240,000 | 11.6% | 105 |
Source: RMLS, January 2008.
* Note: DOM or days on market may exhibit reporting inconsistencies and should be used to analyze trends only.
