Thursday, January 9, 2014
November Portland Home Sale Press Release
Portland-area November home sales rose slightly year-over-year to the highest level for that month since 2009 thanks to a jump in new-home transactions that compensated for a drop in resales. The median price paid for a home held at $260,000 for the third consecutive month but rose 13 percent compared with November 2012, a real estate information service reported.
A total of 2,615 new and resale houses and condos closed escrow during November in the five-county Portland-Vancouver-Beaverton metro area. Sales fell 16.8 percent from the prior month and rose 2.8 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.
On average, sales have fallen 10.8 percent between October and November since 1994, when DataQuick's complete Portland-area statistics begin.
While November sales were up only slightly from a year earlier, sales for all of 2013 are on track for a larger increase. A total of 33,805 homes sold in the five-county Portland region between January and November 2013, up 16.1 percent from the same 11-month period in 2012. Sales of newly built homes rose 22.9 percent year-over-year during the January-through-November period, while condo resales rose 14.8 percent and resale house sales increased 15.3 percent.
Although November's sales tally was the highest for that month in four years, it was 16.2 percent short of the average sales total for all months of November since 1994. Sales of existing (not new) single-family detached houses and condos combined were 12.6 percent below the historical November average, while new-home sales were 32.4 percent below average. However, sales of newly built homes have been trending higher, rising 28.3 percent in November compared with a year earlier. November condo resales fell 2.3 percent year-over-year, while single-family house sales dipped 0.4 percent.
The number of homes that sold for less than $100,000 in November fell 38.0 percent year-over-year, while sub-$200,000 deals declined 20.6 percent and sub-$300,000 sales fell 6.8 percent. Sales above $300,000 rose 30.5 percent, while sales over $500,000 rose 39.3 percent.
The Portland metro area statistics in this report and in the tables below reflect sales in Clackamas, Multnomah, Washington and Yamhill counties in Oregon and Clark County in Washington.
The median price paid for all new and resale houses and condos that closed escrow in the Portland region during November was $260,000, the same as in September and October, and up 13.0 percent from a year earlier. The highest median so far in 2012 came in July, at $263,700, which was the highest median for any month since October 2008, when it was $269,900. The median has risen on a year-over-year basis for 21 consecutive months.
The November median sale price was 10.0 percent below the peak $289,000 median in October 2007, and it was 33.3 percent higher than the post-peak trough of $195,000 in January 2012.
Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 17 percent of the Portland area's resale market in November, up from around 15 percent the prior month and down from around 26 percent a year earlier.
On a year-over-year basis, home foreclosures rose nearly 7 percent in November but during the first 11 months of 2013 they fell 36.3 percent from the same 11-month period in 2012.
To view further November Portland highlights, visit DQNews.com.
Media calls: Andrew LePage (916) 456-7157
Source: DataQuick; DQNews.com
Copyright 2014 DataQuick. All rights reserved.
Posted by DQNews and Custom Reports at 9:38 AM