Home prices in Portland are still down from 2007, but their decline is slowing down, according to the RMLS.
The average price of a Portland area home in October 2008 was $324,300. This is a 5.1% decline from October 2007 when the sales price was $341,800. The 5.1% depreciation rate is nothing to be proud of, but less than September's depreciation rate of 5.6% and August's depreciation rate of 6.7%.
Meanwhile, the median sales price of a Portland area home in October 2008 was $275,000. This is a 4.1% fall from October 2007 when the median sales price was $287,000. Again, this is an improvement from September's 5.8% depreciation rate and August's 7.3% decline.
This is only three month's worth of data, so I believe it's too early to call this a positive trend. Nonetheless, this short-term direction is better than seeing home prices falling even more.
All that said, housing inventory continues to climb and that generally means the market's getting slower. Plus, we're headed into what's historically the slowest time of the year for Portland real estate.
In October, inventory reached 11.1 months meaning that if no other homes were listed for sale, it would take 11.1 months for the supply to dry up. The 11.1 months is an increase from September's 10.4 month level. For comparison purposes, housing inventory a year ago was 8.4 months and only 4.6 months two years ago.
The 11.1 months of inventory is the highest since this January's record high amount of 12.4 months.
The number of closed sales, those that have changed hands, was down in October year-over-year 21.4%. Year-to-date, home sales in Portland are down compared to the same time in 2007 by 31.3%.
The total market time to sell a house in our area is currently 127 days.
Please keep in mind these are general numbers for Portland metro. Cities and neighborhoods vary greatly in demand, selling time, and price fluctuation.
By the way, Realtors are a free benefit to buyers when it comes to buying new construction. If you'd like to know more, just ask.
To find out the average sales price and appreciation rates of particular areas in Portland and the suburbs, contact me at 503-381-6750 or visit my website, www.OwnAPortlandHome.com.
About Salvador Del Cid:
When I began selling real estate years ago, I promised myself that I would treat all clients the way I would want to be treated. Today, my clients are satisfied because I listen to them, care for them, and am honest with them. Please contact me if you want this outstanding service.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
