May Residential Highlights Market Activity in the Portland Metro Area appears to have cooled when comparing May 2007 to May 2006. While new listings continue to grow, the market experienced a decline in both closed and pending sales transactions. The number of new listings in the market continued its growth trend, increasing 4.8% over last May’s total. See table below. On the other hand, the total amount of closed sales dropped 8.3% (2,802 v. 3,054), while pending sales dropped 16.4% (3,054 v. 3,651). The average sale price reached a record high of $348,800. This is likely the result of increased high end home sales, which included five homes that sold for $2 million or more. The 12,486 active residential listings at the end of May would last approximately 4.5 months at the month’s rate of sales.
Year-To-Date Trends New l i s t ings have grown considerably when comparing market activity for January-May 2007 to the same period of time in 2006. In that time, new listings ha v e inc r e a s ed 1 5 . 8%. On the other hand, pending sales and closed sales have declined 8% and 5% respectively. See Year-To-Date rows below for more information.
Appreciation Using the average and median sale prices for the twelve months tha t ended wi th May 20 07 compared to the twelve months ending in May 2006, the average sale price appreciated 10.1% ($331,600 v. $301,300). Using the same formula, the median sale price appreciated 10.6% ($279,900 v. $253,000).
NORTH PORTLAND ---- Previous Month's Average Sales Price: $269,300. Year-to-Date Average Sales Price & Appreciation: $264,000, 11.5%.
NORTHEAST PORTLAND ---- Previous Month's Average Sales Price: $328,700. Year-to-Date Average Sales Price & Appreciation: $312,900, 9.4%.
SOUTHEAST PORTLAND ---- Previous Month's Average Sales Price: $293,300. Year-to-Date Average Sales Price & Appreciation: $281,700, 11.5%.
WEST PORTLAND ---- Previous Month's Average Sales Price: $473,600. Year-to-Date Average Sales Price & Appreciation: $464,100, 5.2%.
BEAVERTON ---- Previous Month's Average Sales Price: $286,300 Year-to-Date Average Sales Price & Appreciation: $285,200, 6.4%.
TIGARD, TUALATIN, SHERWOOD ---- Previous Month's Average Sales Price: $378,800 Year-to-Date Average Sales Price & Appreciation: $375,600, 3.8%.
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*The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.
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