North Portland Statistics Review: September 2013

Overall the North Portland market is a seller’s real estate market.  On the buyer’s side interest rates are still very low with small increases from all time lows.  On the seller’s side overall inventory is extremely low, closed sales are up and marketing time is 46 days.  When the year to year price comparison is up significantly and the average sales price percent change is also up significantly from last year at this time I have to give it a current price trend rating of significantly Appreciating.

North Portland’s Average Sales Price Percent Change is +12.8% ending September 2013 compared to North Portland’s Average Sales Price Percent Change ending September 2012 was 2.3% or an increase of +10.5% 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 (10/1/12- 9/30/13) and compares it to the rolling average sales price of the previous 12 months (10/1/11-9/30/12). 

North Portland, Oregon's Current Real Estate Climate when Comparing September’s Results this Year (2013) to Last Year (September 2012), here is what you will find:

The average homeowner's equity increased by $43,900 or  +19.0% of value.
Average Sales Price in September 2013 was $278,000
Average Sales Price in September of 2012 was $234,100
Number of closed sales for the month of September 2013 was 80, up by 21%.
Number of closed sales for September 2012 was 66.
The September 2013 supply of homes stands at 3.9 months, down -23%.
September 2012 supply of homes was 5.0 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 46 days.  This statistic is down by -22 days (The September 2012 Total Marketing Time ended at 68 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 +12.7%, which is an 11.7% increase from +1.0% ending September 2012 .  The current year to year comparison average sales price change from (September 2012- September 2013) is reflecting price increases of 12.7%.  With the Rolling Average Price increasing 11.7%, Average and Median Sales Price both substantially higher from last year (12.8% & 15.4%), supply levels low at 3.7 months, demand up, marketing time down to 72 days (102 days ending September 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 (10/1/12- 9/30/13) and compares it to the rolling average sales price of the previous 12 months (10/1/11-9/30/12).  In this case the rolling average over the last twelve months is $303,800 and the rolling average of the previous 12 months was $269,500.  You take the rolling average price difference and divide it by previous 12 month rolling average and you get +12.7%.

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

The average homeowner's equity increased by $35,900 or 13% of value.
Average Sales Price in September 2013 was $317,300
Average Sales Price in September of 2012 was $281,400
Number of closed sales for the month of September 2013 was 2158
Number of closed sales for the month of September 2012 was 1894
The closed sales ratio reflected an increase of 264 or 13.9%

The September 2013 supply in the entire Portland Metro area stands at 3.7 months down 0.9 months from last year.
The September 2012 supply in the entire Portland Metro area was 4.6 months, which was down 2.1 months from September 2011’s 6.7 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 72 days, which is down -30 days from September 2012’s total market time of 102 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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