For July: Yes, Portland remains in a buyers market. But did you know that it was recently named one of the three best housing markets in the country? There are lots of homes for buyers to choose from and interest rates remain in the low 6% range. Great opportunity for buyers! The RMLS average market time in the whole Portland area is 79 days even though there are a lot more homes for buyers to choose from than in past years. (This average market time may be understated.)
In the entire Portland Metro area we've had a small decline in average sales price. The last time Portland had this was August 2002. This decline is in comparing June 2008 average sales price with June 2007. The decline is 2%. The median sales price for the same period dropped 1% RMLS considers an important factor in this first recent decline in prices is the higher end homes market. There has been a 50% decrease in sales of homes priced over $1 million. This is huge. So while the most expensive homes have a serious drop in sales, this skews the stats for the entire Portland market. This statistic should be taken with a large dose of reason, as the general Portland real estate market seems slow but stable.
For the Portland Metro area: The Average Sales Price is: $348,800 The Median Sales Price is: $289,000
There are currently 9,152 Portland homes for sale priced between $150,000 and $750,000. This includes new construction, and homes in great, established Portland neighborhoods. In the past month 999 homes have sold in that price range. The homes available for sale divided by the homes sold means all available inventory would be "absorbed" or sold in 9.2 months--a Buyer's market. (See the table below.)
Months
Type of Market
Less than 2
Hot Sellers Market
2-4
Sellers Market
4-6
Neutral Market
More than 6
Buyers Market
For all properties in ALL price ranges in the entire Portland Metro area there is a 9.5 month supply of property for sale. Last month there was a 9.2 month supply of homes.
If you're a home buyer and want an automated MLS search, go to my site www.PortlandHomeSource.com and click on "The Best Homes Sell Fast" button to set up your own search requirements. Every day you'll receive emails with the newest homes on the market that meet your search requirements. It's easy, it's free and there's no obligation.
www.QuickWhatsMyHomeWorth.com
This is the place to go if you're thinking of selling your home: find out what your home is worth over the internet. There is no obligation and no cost to you. You'll receive a professional analysis of your home compared to similar sold homes and a list of which homes yours will be competing with for the best buyers.
Give me a call (503) 495-3256 and I'll show you the advantages of living in Portland.
Location Characteristics: Portland Oregon is a wonderfully livable city with mild climate, friendly people and a wide variety of things to do. The Portland Oregon Visitors Assn. (POVA) calls Portland "the city of books, beer, bikes and blooms." But that overlooks the Portland Trailblazers, the symphony and art museum. Portland is located 78 miles from the ocean and 65 miles to Mt Hood. The population is approx 510,000 within the city limits and 1.8 million within the metro area. We have a bad reputation in Portland for always having rain. But the average precipitation is 37" per year--less than Atlanta, Baltimore, Houston or Seattle.
About Anne Kadin:
As a Broker with RE/MAX equity group, inc. my job is to educate my clients about the process of buying and selling real estate. I help people determine their options so they can make intelligent decisions. I enjoy this approach much more than the hard sell. I can be reached at my direct line: 503 495-3256. The main office phone is 503 691-9700.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
