Portland Metro Area Home Sales:
January 2008 House Market Report.

Homes sales in the Portland Metro Area have continued to decline since the end of 2007.  Our market has shifted and is now considered a “buyers market”. A “buyers market” occurs when the number of sellers is greater than buyers.

Active listings are up 11.9% compared to January 2007 but closed sales are down 31.9% and pending sales fell 34.3%. There are currently 13,904 residential homes for sale in the Portland Metro Area–and with Portland’s current rate of sales this number of homes will take 12.8 months to sell.

*This chart shows the number of homes for sale in Portland, Pending Sales, Closed Sales, Average Sales Price, Median Sales Price and Market Time compared to January 2007.

Median Sales Price and Appreciation by City:

Home prices in the Portland area have continued to increase even though the housing market has slowed. This graph shows the average sales price of the homes sold in the Portland Metro Area.

Here are the pricing statistics for individual areas that reflect that increase.
(average sales price – Year to date appreciation)

North Portland – $268,100 – 8.3%
Northeast Portland – $329,900 – 7.3%
Southeast Portland – $279,600 – 6.7%

West Portland – $503,100 – 4.6%
Gresham, Troutdale, Sandy, Corbett, Fairview – $249,600 –4.4%
Milwaukie, Gladstone, Clackamas, Estacada – $369,000 – -6.4%

Oregon City, Canby, Molalla, Beavercreek – $319,300 – 1.1 %
Lake Oswego, West Linn – $588,800 – 7.5 %
Beaverton, Aloha – $257,100 – 3.2%

Tualatin, Tigard, Sherwood, Wilsonville – $377,700 – 4.8%
Hillsboro, Forest Grove – $280,600 – 4.2%
Mt Hood: Zigzag, Welches, Rhododendron, Brightwood – $239,800 – 2.5%

This is the optimum time for home buyers and investors to go shopping: foreclosures are on the rise, housing options are plentiful and sellers are motivated to sell.

If you’re a first time home buyer or an investor feel free to contact us with your questions.

* Market statistics provided by RMLS Market Action Report.

Peter Stewart is a licensed real estate broker in Portland, Oregon as well as a frequent contributing writer for OHM. Please don't hesitate to contact him with any questions you may have about buying or selling a home in the Portland area.



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