Final Results for 2005 Portland Metro Real Estate
Depending on your perspective, 2005 was either the best of times or the worst of times for Portland-area residential real estate.
Buyers struggled to find bargains, as average sale prices climbed 15% from $246,000 to $282,900 by year’s end. Housing inventory hovered below 2 month’s available supply for much of the year.
On the other hand, sellers enjoyed double-digit appreciation and quicker sales–30% fewer days on market versus 2004.
In the end, it was a year characterized by low inventory, high sale prices, and quick transactions. Year-end results published by the RMLS show a record $10 billion flowed in residential real estate transactions–a 31% gain over 2004.
Here’s how the numbers closed on 2005:
|
2005 Results
|
Change from 2004
|
|
| Total Volume Closed |
$10.6 Billion
|
+30.9%
|
| Total New Listings |
48,520
|
+5.9%
|
| Total Closed Sales |
37,403
|
+13.1%
|
| Average Sale Price |
$282,900
|
+15.0%
|
| Median Sale Price |
$237,500
|
+15.0%
|
| Average Market Time |
43 days
|
-30.0%
|
Stay Tuned: I will break down average appreciation rates and sale price by community in the next couple days.
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Add comment January 14th, 2006
