Portland Market Update, Closing Out 2007
January 16th, 2008
December 2007 Portland-area real estate market results are released and despite softening trends in closed sales, inventory, and time on market, the year ended with increases in average and median selling prices.
The 12-month average selling price in the Portland metro area was $342,900 (up 6.3%), and the median price rose 7.2% to $290,000 when compared to the previous 12 month period. (One should note, however, that December 2007 sales prices showed only a 1% increase over December 2006 sales prices. This may be an indication of stalling prices in future months, but I have been wrong before.)
The year ended with 8.5 months’ inventory available and an average selling time of 73 days, both up substantially from year-end 2006. However, one factor in keeping sale prices stable or growing was the drop-off in new listings during the 4th quarter, down 44% from Q4 of 2006. New construction starts are down significantly, and perhaps sellers of existing homes are waiting for conditions to improve.
Other year-end results:
Through the Portland multiple listing service (RMLS), approximately 28,173 properties totalling $9.7 billion changed hands in 2007, down 6.7% from 2006. It was the third highest total sales volume in the market’s history. New listings were up 8.1%, but closed sales were down 13.1%.
Tomorrow, I will post results by market area for average and median sale prices, plus appreciation and time on market.
Source: RMLS, January 2008 newsletter.
Technorati Tags: Portland, Oregon, real estate, market, statistics, results, sales, listings, prices, homes, housing, appreciation
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Related posts:
- Portland Real Estate Market Activity for September 2006
- Market Activity - December 2007
- 12-Month Portland Metro Appreciation Values
Entry Filed under: Market Activity
3 Comments Add your own
1. Ralph | January 16th, 2008 at 3:04 pm
In each MLS area for Portland (141, 142, 143, 148) there were more canceled listings than new listings. What is keeping supply down is more people are taking their houses off market. I’m guessing a big jump in January of new listings as people race to get the new 8-series MLS numbers.
2. Ron | January 16th, 2008 at 11:27 pm
Ralph is right. In December 2007, expired and canceled listings outnumbered new listings by a total of 1,342. By comparison, in December 2006, expired and canceled listings outnumbered new listings by just 181.
3. kelly | January 28th, 2008 at 7:30 pm
I don’t know what to make of average and median prices. It seems that most of the newer houses are larger and more expensive and they always bring it up. I have 3 friends who have houses for sale and they are not moving. One has been on the market for well over a year and one of the others for about a year. I see houses sitting all over and people just not selling. So are prices really stable or are people just not selling and artificially making things look better?
I am about to enter the market but I feel like things are going to correct 5-10%. I hear people not selling thinking that come summer the buyers will be there. I think we’ll see some get more panicky about July when the summer is 1/2 gone and they still haven’t sold.
Leave a Comment
Some HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
Trackback this post | Subscribe to the comments via RSS Feed