West Portland: June 2013

Northwest and Southwest Portland Stats & Review

Overall the West Portland market is a seller’s real estate market.  On the buyer’s side interest rates are still very low with increases from all time lows earlier this year.  On the seller’s side overall inventory is extremely low, closed sales are up and marketing time is very low.  When the year to year price comparison is up and the average sales price percent change is also up considerably from last year at this time I have to give it a current price trend rating of significantly Appreciating.

West Portland’s Average Sales Price Percent Change is +9.9% ending June 2013 compared to West Portland’s Average Sales Price Percent Change ending June 2012 was -3.1% or an increase of 13.0% 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 (7/1/12- 6/30/13) and compares it to the rolling average sales price of the previous 12 months (7/1/11-6/30/12). 

West Portland, Oregon's Current Real Estate Climate When comparing June’s results this year, (2013) to last year (June 2012) here is what you will find:

The average homeowner's equity increased by $25,600 or  +6.0% of value.
Average Sales Price in June 2013 was $443,800
Average Sales Price in June of 2012 was $418,200
Number of closed sales for the month of June 2013 was 301, up by 9%.
Number of closed sales for June 2012 was 275.
The June 2013 supply of homes stands at 2.8 months, down 24%.
June 2012 supply of homes was 3.8 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 77 days.  This statistic is down by -45 days (The June 2012 Total Marketing Time ended at 122 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 +10.0%, which is an 12.1% increase from -2.1% ending June 2012 .  The current year to year comparison average sales price change from (June 2012- June 2013) is reflecting price increases of 10.0%.  With the Rolling Average Price increasing 12.1%, Average and Median Sales Price both substantially higher from last year (10.5% & 12.4%), supply levels low at 2.9 months, demand up, marketing time down to 70 days (114 days ending June 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 (7/1/12- 6/30/13) and compares it to the rolling average sales price of the previous 12 months (7/1/11-6/30/12).  In this case the rolling average over the last twelve months is $292,500 and the rolling average of the previous 12 months was $265,900.  You take the rolling average price difference and divide it by previous 12 month rolling average and you get +10.0%.

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

The average homeowner's equity increased by $29,800 or 10% of value.
Average Sales Price in June 2013 was $313,900
Average Sales Price in June of 2012 was $284,100
Number of closed sales for the month of June 2013 was 2511
Number of closed sales for the month of June 2012 was 2244
The closed sales ratio reflected an increase of 267 or 12%

The June 2013 supply in the entire Portland Metro area stands at 2.9 months down 1.0 months from last year.
The June 2012 supply in the entire Portland Metro area was 3.9 months, which was down 2.1 months from June 2011’s 6.0  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 70 days, which is down -44 days from June 2012’s total market time of 114 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.

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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