Portland Metro/Tigard Real Estate News

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Wednesday, December 19, 2007

November Market Report

November Residential Highlights

For the second month in a row there was a slight decrease in inventory in the Portland metro area. At November’s rate of sales, the 14,435 active residential listings at month’s end would last approximately 8.3 months. The number of new listings dropped again, the second time since February 2006, decreasing 3.1% when comparing November 2007 to November 2006.

However, the number of transactions also continues to drop. When comparing November 2007 to November 2006 closed sales decreased 19.9% and the number of accepted offers fell 27.8%. Despite it all, sale prices appear to remain strong. Average sale price increased 6.9% comparing November 2007 with November 2006 and median sale price increased 2.5%. Average

2006 2007

Year-to-Date Trends

Comparing the period of January 2007 through November 2007 to the same time a year ago, we see a slightly different trend than we’ve seen the last couple of months with an overall 8.3% increase of new listings. However, the dip in transactions appears to remain constant, although not quite as intense as the previous two months. The number of closed sales fell 11.8% and pending sales declined 14.8%


Using the average sale prices for the twelve months that ended with November 2007 compared to the twelve months ending in November 2006, the average sale price appreciated 6.5% ($340,900 v. $320,100). Using the same formula, the median sale price also appreciated 7.0% ($288,900 v. $270,000).


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