Market Activity - February 2007

February 21st, 2007

The pace of sales continues to drag in the Portland metro area, according to January 2007 results from RMLS, the local multiple listing service.

Seasonality is certainly a factor, but clearly sellers are anxious with longer selling periods–a trend that started back in July 2006. Buyers picked up the pace in January, consistent with last year–giving hope for a strong spring. However, new listings in January were up nearly 20% over January 2006.

Homes are now averaging about 65 days on the market (up from 44 at this time last year). At the current pace of sales, the 9,841 active residential listings at the end of January would take about 6.2 months (a five-year high) to sell out if no new inventory were added.

Appreciation for the area over 12 months was for most areas averaged between 12 and 16%. The average sale price for a home in the Portland metro area starts the year at $322,900 and the median at $275,000.

Technorati Tags: Portland, Oregon, real estate, market, statistics, activity, home, house, appreciation

Photo by Matt McGee. Used under Creative Commons license.

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Related posts:

1. Early Results for February Market Activity
2. Portland Area Market Activity - December 2006
3. Portland Market Activity - February 2008

Entry Filed under: Market Activity