Surprising (to me), Portland's home prices and housing inventory both improved from August to September, according to the latest Market Action report by the RMLS.
The average home price in Portland in September 2009 was $290,100 compared to an average price in 2008 of $315,300. That's an 8% price decline (but in August the price decline worse at 10.6%).
The median price of a Portland home in September 2009 was $241,400 compared to a median price in 2008 of $267,000. That's a 9.6% decline in price (but in August the fall was steeper at 10.6%).
Also, housing inventory shoved history aside and decreased from August to September. Historically, inventory increases at this time and continues thru the new year. Housing inventory in September was 7.6 months (down from the August level of 7.8 months). Note that despite the decrease, Portland remains a buyer's market.
The average time on the market for a Portland area home to sell also dropped a slim margin. The current time is 131 days. The previous month the average was 135 days.
As I've said before, buyers in this market have tons of selection and leverage. Sellers better price it right at minimum.
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.
