Market Activity - March 2007

Q1 2007 is in the books, and while the Portland metro area real estate market will not be setting any new sales records this year, neither has the sky hasn’t fallen, either.

Yes, inventory is up. Listings are taking longer to sell. But, we’re comparing numbers to the record years of 2005 and 2006, so our perspective is somewhat skewed, yes? Buyers have more choices and are being pickier than when the market had low, low inventories.

According to the RMLS, the metro area’s multiple listing service, the average amount of time to market a home to an accepted offer is still hanging at 65 days. The current inventory of homes would sell out in 4.9* 3.8 months at the current rate of sales.

The average sale price, year-to-date, is $328,500* $327,800 and the median weighs in at $280,000* $275,500.

Twelve-month average and median price comparisons with the same period the year before show that homes in the Portland area are appreciating at 12+%.

Coming soon, average and median sale prices, as well as 12-month appreciation rates by market area.

* Corrections made by RMLS, 4/18/2007.

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Add comment April 16th, 2007