October 2005 Market Activity

Good news for the potential homebuyer in Portland and surrounding communities. As of October 31, available home inventory (6,308) was on the rise, reaching the highest level since February. At the current rate of home sales, the current inventory would last 2.2 months.

However, the pace is still brisk. New listings (+13.9%), accepted offers (+5.7%), and closed sales are all up (+5.8%) over this time last year. The year-to-date average days on the market is still just 43 days.

The average home price in PDX over the last 12 months was $276,700–up from the $242,000 average for the twelve months prior.

The moral of the story is that buyers are gaining a little leverage, but there’s no real estate bubble in Portland just yet.

Source: RMLS, October 2005

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Add comment November 15th, 2005