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

Real estate sales during June 2007 in the Portland Metropolitan Area have continued to lessen compared to last year. Closed sales have dropped 18.5% and pending sales are down 10.4% since 2006.

Home listings, however, have increased 12.7%. Right now there are 13,752 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 months to sell.

A good rule of thumb is that the higher the number of homes on the market, the longer it will take a house to sell. This is especially true compared to June 2006 when the Portland Metro Area had only 2.6 months of inventory.

This year we had our highest level of inventory in January at 6.2 months and in March we had the lowest of the year at 3.8 months.

Median Sales Price and Appreciation by City:

Home prices in Portland have continued to 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 – $249,900 – 10.4%
Northeast Portland – $277,300 – 7.7%
Southeast Portland – $250,000 – 10.6%
West Portland – $378,500 – 4.3%

Gresham, Troutdale, Sandy, Corbett, Fairview – $260,000 – 13.4%
Milwaukie, Gladstone, Clackamas, Estacada – $305,600 – 10.3%
Oregon City, Canby, Molalla, Beavercreek – $300,000 – 6.5%
Lake Oswego, West Linn – 470,000 – 12.6%

Beaverton, Aloha – $260,000 – 4.2%
Tualatin, Tigard, Sherwood, Wilsonville – $340,000 – 3.9%
Hillsboro, Forest Grove – $270,000 – 11.7%
Mt Hood: Zigzag, Welches, Rhododendron, Brightwood – $276,800 – 12.3%

This continues to be an excellent time for home buyers to go shopping. There are so many homes available that sellers are more willing to accept counter-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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