Portland Real Estate Market Activity - July 2007

August 23rd, 2007

Portland’s real estate market is still singing that same ol’ song.

July 2007 results for the local housing market are not surprising, nor particularly shocking. It’s the same refrain of the past few months–longer time on market, increasing available inventory, slower pace of sales….and rising prices.

Here is the chorus:

• Year-to-date, new listings are up 10% and closed sales are down 3.3% over 2006.
• Inventory is up to 5.7 months (vs. 3.5 months last year).
• Through the year, the average sale price in Portland is now $341,900 (vs. $319,200 at this time last year). The 12-month average is $335,100.
• Average appreciation in the Portland area is 8.1% for the past 12 months.
• It’s taking 58 days on average to sell a home in Portland. Last year at this time, it took 42 days.

Unanswered questions in the lyrics:
Are homeowners panicking? (My take: no, but they are eager to sell. I think some will let their listing expire if conditions don’t improve.)

Are homebuyers scooping up bargains? (My take: some are, but sellers continue to be firm on price discounts and repairs, especially if they have made price reductions already.)

Tomorrow, the area’s average sales prices and annual appreciation figures.

Source: RMLS, August 2007.
Photo by redgum, used under Creative Commons license.

Technorati Tags: Portland, Oregon, real estate, homes, housing, median, average, prices, sales, inventory, listings, appreciation

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Related posts:

1. Portland Real Estate Market Activity - July 2006 results
2. Portland Real Estate Market Activity - September 2007
3. Portland Real Estate Market Activity for September 2006

Entry Filed under: Market Activity