Hillsboro/Forest Grove: March 2013

Hillsboro, Cornelius & Forest Grove Stats & Review

Overall the Hillsboro, Cornelius & Forest Grove market is a seller's real estate market.  On the buyer’s side interest rates are still at all time lows and the marketing time for listings increased.  On the seller’s side when comparing last year at this time inventory is extremely low, appreciation is up and closed sales are up.   When the year to year price comparison is up significantly and the average sales price percent change is up substantially from last year at this time I have to give it a current price trend rating of Appreciating.

Hillsboro, Cornelius & Forest Grove’s Average Sales Price Percent Change is +7.4% ending March 2013 compared to Hillsboro, Cornelius & Forest Grove’s Average Sales Price Percent Change ending March 2012 was -4.9% or an decrease of +12.3% comparatively. 

Average Sales Price Percent Change is a good conservative indicator for determining if a market is appreciating or depreciating.  *This is the 12 month rolling average for sales price which takes the rolling average sales price over her last twelve months (4/1/12- 3/31/13) and compares it to the rolling average sales price of the previous 12 months (4/1/11-3/31/12). 

Hillsboro, Cornelius & Forest Grove, Oregon's Current Real Estate Climate When comparing March’s results this year, (2013) to last year (March 2012) here is what you will find:

The average homeowner's equity increased by $31,700 or  +16.0% of value.
Average Sales Price in March 2013 was $233,400
Average Sales Price in March of 2012 was $201,700
Number of closed sales for the month of March 2013 was 143, up by 16% .
Number of closed sales for March 2012 was 123.
The March 2013 supply of homes stands at 2.7 months, down 44%.
March 2012 supply of homes was 4.8 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 137 days.  This statistic is up 19 days (The March 2012 Total Marketing Time ended at 118 days).

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 Price Appreciation/Depreciation percent change is +7.5%, which is an 12.6% increase from -5.1% ending March 2012 .  The current year to year comparison average sales price change from (March 2012- March 2013) is reflecting price increases of 18%.  With the Rolling Average Price increasing 12.6%, Average and Median Sales Price both substantially higher from last year (18.4% & 15.9%), supply levels low at 3.2 months, demand up, marketing time down to 112 days (135 days ending March 2012) I have to give it an overall market rating of significantly 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.

*This is the 12 month rolling average for sales price which takes the rolling average sales price over her last twelve months (4/1/11- 3/31/12) and compares it to the rolling average sales price of the previous 12 months (4/1/10-3/31/11).  In this case the rolling average over the last twelve months is $282,200 and the rolling average of the previous 12 months was $262,500.  You take the rolling average price difference and divide it by previous 12 month rolling average and you get +7.5%.

When comparing March’s results this year 2013 to last year (March 2012) here is what you will find:

The average homeowner's equity increased by $46,400 or 18% of value.
Average Sales Price in March 2013 was $299,000
Average Sales Price in March of 2012 was $252,600
Number of closed sales for the month of March 2013 was 1935
Number of closed sales for the month of March 2012 was 1694
The closed sales ratio reflected an increase of 241 or 14.2%

The March 2013 supply in the entire Portland Metro area stands at 3.2 months down 1.8 months from last year.
The March 2012 supply in the entire Portland Metro area was 5.0 months, which was down 2.1 months from March 2011’s 7.1  months.

The time it takes on average from when a homeowner lists their home to when a home has an accepted offer is 112 days, which is down 23 days from March 2012’s total market time of 135 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 me know.

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2013 Portland Area/Section Reports:

For the most current Portland real estate market recap summary click here.
For the most current Portland real estate statistics summary click here.
For 2012 Portland Area/Section Reports click here.

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