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

Real estate sales during May 2007 in the Portland Metropolitan Area have cooled compared to last year. Closed sales have dropped 8.3% and pending sales are down 16.4% since 2006.

Home listings, however, have increased 4.8%. At this time there are 12,486 residential homes for sale in Portland and the surrounding areas. With Portland’s current rate of sales this number of homes will take 4.5 months to sell.

A high number of homes on the market generally (but not always) means a longer waiting period for individual sellers. This is especially true compared to May 2006 when the Portland Metro Area had 2.3 months of inventory, or May 2005 when there were only 1.6 months of inventory.

Median Sales Price and Appreciation by City:

So far in 2007, home prices in and around Portland have continued to rise. Here are the pricing statistics that reflect that increase (January 2007 through May 2007).

North Portland – $248,500 – 11.5%
Northeast Portland – $274,500 – 9.4%
Southeast Portland – $248,000 – 11.5%
West Portland – $377,000 – 5.2%

Gresham, Troutdale, Sandy, Corbett, Fairview – $260,000 – 16.3%
Milwaukie, Gladstone, Clackamas, Estacada – $307,700 – 11.2%
Oregon City, Canby, Molalla, Beavercreek – $299,900 – 9.1%
Lake Oswego, West Linn – 462,500 – 13.3%

Beaverton, Aloha – $260,000 – 6.4%
Tualatin, Tigard, Sherwood, Wilsonville – $335,000 – 3.8%
Hillsboro, Forest Grove – $270,000 – 13.1%
Mt Hood: Zigzag, Welches, Rhododendron, Brightwood – $282,700 – 12.7%

In contrast, many other parts of the country have been experiencing negative or no increase in home values! So even though sales and rate of appreciation are lower than what they have been in the past few years, it’s clear that the Portland Metro Area real estate market remains strong.

* 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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