Portland Real Estate Market Activity - July 2006 results

The transition to a more balanced residential real estate market continues in the Portland metro area, as July 2006 results are released. In a nutshell, although average prices are still continuing an upward trend, the pace of sales has slowed dramatically, creating a wealth of available inventory for buyers to pursue.

Compared to last year, there is nearly 70% more available housing inventory—partially brought on by increases in listings, but affected mostly by fewer sales year-to-date. New listings are up 11.4%, but pending and closed sales are down 21% and 16.7% respectively. At the current rate of sales, the current inventory of homes would sell out in 3.5 months, the highest ratio of active listings to closed sales since February 2004.

Over the past 12 months, Portland-area properties averaged 17.4% appreciation over the previous 12 months. Average appreciation gains continue to range between 14 and 25% (depending on the community) over the past 12 months.

The average sale price year-to-date in the market is now $319,200 (vs. $271,300 for 07/2004 through 08/2005). Half the homes in the metro area sold for more or less (the median) than $269,000 (up from $227,200 last year). The average market time for properties year-to-date is 42 days, versus 47 days this time last year.

I’ve posted the year-to-date market activity in the Portland metropolitan area through July 31, 2006, sorted by community and average sale price.

Source: RMLS, August 2006.

Technorati Tags: homes, prices, average, median, appreciation, Portland

Photo by 24thcentury used under Creative Commons license.

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1 comment August 16th, 2006