Market Activity - June 2006

The news is mixed, depending on your point of view, as June 2006 results are released for Portland’s metro residential real estate market.

Home buyers should find some relief in the news that the available supply of homes for sale is 58% higher than a year ago. Home sellers can take solace that appreciation gains continue to outpace historical averages, but will need to be more patient and proactive as buyers sift through the increased inventory.

The transition of the area’s real estate market continues. Year-to-date new listings are up nearly 12% over the January-June time period in 2005. In June 2006, new listings jumped over 21% over June 2005 (5,530 vs. 4,558). Pending and closed sales are down 11.8% and 8.0% respectively from last year at this time.

However, average appreciation gains continue to range between 14 and 26% (depending on the community) from over 12 months ago. The twelve-month average appreciation for Portland-area residential properties was 17.4%. The average sale price over the past 12 months in the market is now $305,700 (vs. $260,400 for 06/2004 through 07/2005).

The average market time for properties year-to-date is 42 days, versus 49 days this time last year. At the current rate of sales, the current inventory of homes would sell out in 2.6 months, still far less than a ‘balanced’ market rate of 5 months’ inventory.

Click here for a table showing the year-to-date market activity in the Portland metropolitan area through June 30, 2006, sorted by community and average sale price.

Technorati Tags: Portland, real estate, homes, prices, sales, appreciation, market, activity

Photo by mharrsch used under Creative Commons license.

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1 comment July 17th, 2006