Portland Oregon Real Estate Market Activity - June 2007
Neither significantly up, nor significantly down, the Portland metro real estate market continues its delicate balance of a slower pace of home sales and still-rising sale prices.
Results through May 31, 2007, when compared to January through May of 2006, show that new listings are up 15.8%, closed sales are off 8%, and pending sales are down about 5%. The disparity, though, hasn’t pushed things into a pure ’sellers’(oops) ‘buyers’ market, where increased inventory creates downward pricing pressure.
In fact, the 12-month roll-up of average and median prices shows 10+ percent increases over the same period the year before. And at the current pace of home sales, the existing inventory would take just 4.5 months to sell off (vs. 2.3 months in May 2006).
The year-to-date average home sale price throughout the Portland metro area is now $337,900; the median value is $314,500. As of May 31, 12,486 homes are currently on the market throughout Portland and its suburbs. Average selling times are down from last month (63 days), taking 60 days to sell (up from 43 days this time last year).
Bargain hunters in the Portland area will need to look carefully for softening prices. North and Southeast Portland, Gresham, Milwaukie/Clackamas, Lake Oswego/West Linn, Hillsboro, and Yamhill County all show double-digit average appreciation increases. West Portland, Tigard/Tualatin/Wilsonville, and NW Washington County have exhibited lower-than-average appreciation rates, perhaps due to a slowing in new construction.
While the fundamentals of the local real estate market continue to be relatively healthy through the first half of the year, the real risk for a subdued Q3 and Q4 would appear to be mortgage rates. Over the past 6 weeks, rates have risen on 30-year fixed loans as much as a half to three-quarters percent, adding hundreds of dollars per month to buyers’ monthly payments.
Tomorrow: Year-to-date average and median sale prices, plus appreciation statistics, sorted by community.
Technorati Tags: Portland, Oregon, real estate, market, activity, results, statistics, sales, homes, houses
Source: RMLS, June 2007 report.
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2 comments June 18th, 2007
