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West Portland Statistics Review: December 2013Overall the West Portland market is a seller's real estate market. With the Rolling Average Price remaining flat at 0.5%, Year-to-Year Average Price is lower at -6%, supply levels low at 2.9 months, demand up, marketing time down to 69 days (from 110 days ending December 2012), rolling averages reflect significantly appreciating prices, and the average home price reflects depreciating prices. The current West Portland real estate market reflects UNCHANGED PRICES.West Portland's Average Sales Price Percent Change is 7.7% ending December 2013 compared to West Portland's Average Sales Price Percent Change ending December 2012 was 7.2% or an increase of 0.5% comparatively. *Average Sales Price Percent Change is a good conservative indicator for determining if a market is appreciating or depreciating and is the 12 month rolling average for sales price, which takes the rolling average sales price over her last twelve months (1/1/13 - 12/31/13) and compares it to the rolling average sales price of the previous 12 months (1/1/12 - 12/31/12). West Portland, Oregon's Current Real Estate Climate when Comparing December's results this year (2013) to last year (December 2012), here is what you will find: The average homeowner's equity decreased by ($ 26,700.00) or -6% of value. Average Sales Price in December 2013 was $ 426,200.00 Average Sales Price in December of 2012 was $ 452,900.00 Number of closed sales for the month of December 2013 was 192, up by 17%. Number of closed sales for December 2012 was 164. The December 2013 supply of homes stands at 2.9 months, down -29% December 2012 supply of homes was 4.1 months. (The supply or inventory is how long it would take to sell off the current/available homes on the market at the current rate of sale.) The time it takes on average from when a homeowner lists their home for sale to when a home has an accepted offer is 69 days. This statistic is down by -41 days (The December 2012 Total Marketing Time ended at 110 days). Untitled Document It's important to compare these statistics to the entire Portland Metropolitan area as a whole which includes all of the city of Portland as well as the surrounding suburbs. This will help you to determine how each area is performing. Portland Metropolitan Area Stats & Review The current Rolling Average Price Appreciation/Depreciation percent change is currently at +12 % which is an +8% increase from +4% ending December 2012. The current year-to-year average sales price change from (December 2012- December 2013) is reflecting price increases of +6% . With the Rolling Average price increasing +8%, Average price higher at +6%, Median price higher at +7%, Supply levels low at 3.2 months, Demand up by 7.2%, and Marketing time down to 87 days (111 days ending December 2012). The Rolling averages reflect significantly appreciating prices, and the Average home price reflects appreciating prices. Therefore, overall market prices are SIGNIFICANT APPRECIATING PRICES. To establish trend you need to consider the very longer term such as rolling average sale price percent change from year to year but you also need to consider the immediate trend when compared to last year's same month and in many cases even the previous few months of data. The 12 month rolling average sales price takes the rolling average sales price over her last twelve months (1/1/13 - 12/31/13) and compares it to the rolling average sales price of the previous 12 months (1/1/12 - 12/31/12). In this case the rolling average price over the last twelve months is $310,600 and the rolling average price over the previous 12 months was $275,000. You take the rolling average price difference and divide it by previous 12 month rolling average and you get +12%. When comparing December's results this year 2013 to last year (December 2012) here is what you will find: The average homeowner's equity increased by $ 18,500.00 or +6% of value. Average Sales Price in December 2013 was $ 308,700.00 Average Sales Price in December of 2012 was $ 290,200.00 Number of closed sales for the month of December 2013 was 1782 Number of closed sales for the month of December 2012 was 1760 The closed sales ratio reflected a increase of 22 or 1.3% The December 2013 supply in the entire Portland Metro area stands at 3.2 months down -0.4 months from last year. The December 2012 supply in the entire Portland Metro area was 3.6 months, which was down -1.7 months from December 2011's 5.3 months of inventory. The time it takes on average from when a homeowner lists their home to when a home has an accepted offer is 87 days, which is down -24 days from December 2012's total market time of 111 days. Portland Metro Real Estate data comes from the RMLS of Portland, which is the region's local multiple listing source for real estate listings. If you would like to receive e-mailed reports simply let us know. 2013 Portland Area/Section Reports:
For the most current Portland real estate market recap summary click here.
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