Portland-Area Residential Market Activity - April 2006

Mixed news greets the residential real estate community with the announcement of April 2006 results.

First, inventory is rising ever so slightly. New listings are up 7.5% over this time last year. Accepted offers and closed sales are down 18.2% and 16.2% respectively. At the current pace of home sales, the active inventory would take 2.4 months to sell out (up from 1.8 months a year ago).

However, sales continue to be brisk and appreciation remains strong. The average market time for properties year-to-date is 44 days, versus 56 days this time last year. Twelve-month average appreciation for Portland-area residential properties is 16.8%. The average sale price over the past 12 months in the market is now $296,600 (vs. $254,000 for 04/2004 through 05/2005).

The bottom line? The market is moving much more slowly toward a more balanced dynamic between sellers and buyers than I had anticipated. There are perhaps more properties for buyers to choose among, but prices have not flattened.

For a more complete grid of average and median sale prices, appreciation, and days on market by community, visit my Market Action page.

Source: RMLS Market Action, May 2006.

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2 comments May 15th, 2006