Portland Metro Area Home Sales:
Our July 2007 House Market Report

Real estate sales in the Portland area have continued to slow since last month. Much of this may be caused from the many mortgage lenders who have gone out of business.

Active listings are up 55% compared to this time last year. Right now there are 14,831 residential homes for sale in Portland and the surrounding areas—and with Portland’s current rate of sales this number of homes will take 5.7 months to sell.

You’ve probably heard the rumors that we are experiencing a “buyers market” in the Portland area. While there is more inventory than there has been in past years, we’re not technically in a buyers market. . .yet.

A “buyers market” occurs only when the housing inventory reaches 8-10 months. When inventory increases to that level you will see the home appreciation stop and prices drop, but so far our highest level of inventory was in January at 6.2 months.

Median Sales Price and Appreciation by City:

Home prices in Portland are still on the rise from last year. This graph shows the average sales price of all homes sold in the Portland Metro Area.

Here are the pricing statistics for individual areas that reflect that increase.

North Portland - $250,000 – 8.2%
Northeast Portland - $280,000 – 7.2%
Southeast Portland - $250,500 – 10.8%
West Portland - $379,000 – 2.8%

Gresham, Troutdale, Sandy, Corbett, Fairview - $260,000 – 12.7%
Milwaukie, Gladstone, Clackamas, Estacada - $302,000 – 7.1%
Oregon City, Canby, Molalla, Beavercreek - $304,000 – 7.1%
Lake Oswego, West Linn – $462,800 – 9.3%

Beaverton, Aloha - $262,000 – 3.2%
Tualatin, Tigard, Sherwood, Wilsonville - $340,000 – 4.1%
Hillsboro, Forest Grove - $270,000 – 10.8%
Mt Hood: Zigzag, Welches, Rhododendron, Brightwood - $260,000 – 7.2%

This continues to be an excellent time for home buyers to go shopping. There are enough homes available that sellers are more willing to negotiate and accept contingent offers than they have been in the past.

If you’re a first time home buyer 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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