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Local Market Trends
Home sales rose as the foothills region
entered its prime spring selling season and as prices continued to rise sharply
in the second quarter, The pace of sales, meanwhile, continued to be brisk.
Sales rose more than 39 percent, from 360 in the first
quarter to 503 in the second quarter of 2006. The median price of a home jumped
5.0 percent during this same period.
While the number of home sales adhered to its usually
predictable trend of increasing in the spring season, rising prices coupled with
inflating mortgage interest rates may have been putting a damper on buyer
activity as seasonally adjusted sales fell by 11.6 percent. Sales were down from
569 in the second quarter of 2005.
Despite a seasonally adjusted decline in sales, homes
continued to sell at an ever-quicker pace, showing signs that the region's
recent housing boom isn't quite ready to give up. Average market time was 48
days in the second quarter of 2005. By the first quarter 2006, that market time
had fallen to 46 days. In the second quarter this year it fell to 43 days.
Year-over-year prices all rose sharply. The median
price for a home went from $261,465 in the second quarter of 2005 to $305,000 in
the same period this year, a 16.7-percent increase. The median
price is the price at which half of the homes sold were priced higher and half
were priced lower.
Accumulated housing inventory in the April-June period
this year was estimated at 2.34 months. This is the amount of time it would take
to sell all available homes if no more homes were put on the market.
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The table
below provides a summary of real estate activity for the second calendar
quarter of 2006 for parts of metropolitan Portland, Oregon, within
southern Clackamas County. Results include data for single-family detached
homes (both site-built and manufactured), as well as for townhouses and
rowhouses, in communities including Oregon City, Molalla, Canby,
Wilsonville, Barlow, Beavercreek, Mulino, Colton and other unincorporated
areas of the county. For data regarding a more specific area, call
503-632-8258.
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Month
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Units
Listed |
Listed
Volume |
Listed
Average |
Units
Sold |
Sold
Volume |
Sold
Average |
Rough
DOM¹ |
| April |
259 |
110,540,941 |
426,799 |
154 |
54,792,892 |
355,798 |
42 |
| May |
322 |
131,219,276 |
407,513 |
179 |
59,873,352 |
334,488 |
38 |
| June |
314 |
131,061,938 |
417,395 |
170 |
61,398,390 |
361,167 |
49 |
 |
| Totals: |
895 |
372,822,155 |
416,561 |
503 |
176,064,634 |
350,029 |
43 |
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| Total Listed:
895 |
Sold Units: 503 |
Remaining
Units: 392 |
Inventory²
Accum: 2.34 |
Min Sold Price:
$119,900 |
Median
Sold Price:
$305,000 |
Average
Sold Price:
$350,029 |
Max Sold
Price:
$1,395,000 |
Source:
Regional
Multiple Listing Service, Portland,
Ore.
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1.
Rough days on market. Actual DOM is longer. Rough DOM varies due to
reporting inconsistencies among brokers, and is used only to analyze
market trends.
2.
Inventory Accumulation is an approximation of the amount of time, in
months, that would be required to sell all existing inventory if no new
listings were received. The equation to calculate Inventory Accumulation
is A = R ÷ [S ÷ M], where A is Inventory Accumulation, R is the number
of remaining units, S is the number of sold units, and M is the number of
months in the reporting period.
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