August Residential Highlights
The market continues to follow the trends of recent months. While new listings continue to grow, the number of transactions are down. However, home prices continue to rise at a steady rate. The number of new listings in August grew 9.1% compared to August of 2006. On the other hand, pending sales dropped 18.1% and closed sales fell 13.1%. At the end of August 2007, there were 15,782 active residential listings in the Portland Metro area. Given the month’s rate of sales they would last 6.2 months (see table to the right).
When comparing the period of January 2007-August 2007 to the same period in 2006, new listings have grown 11.8%. Pending sales fell 11.7% and closed sales decreased 8.1%.
Using the average and median sale prices for the twelve months that ended with August 2007
compared to the twelve months ending in August 2006, the average sale price appreciated 7.8% ($337,400 v. $313,000). Using the same formula, the median sale price appreciated
8.1% ($285,000 v. $263,700).
The table below highlights active condo listings vs. closed sales from 2002-2007 for the month of August.
August 2002 898 169
August 2003 863 169
August 2004 877 281
August 2005 548 361
August 2006 1,476 383
August 2007 2,601 342
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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.