Portland Real Estate Market Activity for September 2006
September 15th, 2006
The state of Portland’s real estate market did not change dramatically from July to August. Home appreciation values continue double-digit gains, but overall sales volume in 2006 is down 13.5% year-to-date. It is important to remember that these comparisons are made to the record-setting values of 2005.
The average sale price year-to-date in the market is now $320,600 (vs. $275,700 for 08/2004 through 09/2005). Half the homes in the metro area sold for more or less than the median price of $269,900 (up from $230,000 last year).
Over the past 12 months, Portland-area properties averaged 16.4% appreciation over the previous 12 months. The median price is up 16.9% over last year.
New listings are up 15.7% over August 2005, but pending and closed sales were both down about 20%. At the current rate of sales, the current inventory of homes would sell out in 3.6 months, the highest ratio of active listings to closed sales since February 2004. The average time on the market for properties year-to-date is 41 days, versus 45 days this time last year.
Higher inventories (due to an increase in listings and a slower pace of sales) have given prospective buyers more choices and perhaps more negotiation leverage than this time last year. Home sellers should take heart that, on average, properties selling in a little over a month on the market.
For further analysis, I’ve posted the year-to-date market activity by community area for the Portland metropolitan area on my Market Activity page.
Appreciation percentages are based on a comparison of average price from the last 12 months (09/01/05 - 08/30/06) with 12 months before (09/01/04 - 08/30/05).
Source: RMLS, September 2006.
Photo by S Ryo, used under Creative Commons license.
Technorati Tags: Portland, real, estate, market, activity, appreciation, median, average, prices, homes, housing
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Entry Filed under: Market Activity
1 Comment Add your own
1. » From Ron AresR&hellip | September 21st, 2006 at 3:24 pm
[...] The state of Portland’s real estate market did not change dramatically from July to August. Home appreciation values continue double-digit gains, but overall sales volume in 2006 is down 13.5% year-to-date. It is important to remember that these comparisons are made to the record-setting values of 2005. The average sale price year-to-date in the market is […] Read more… Posted by | [...]
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