Part of the decline in the Portland market was due to what I would call a self-fulfilling prophecy. Buyers were inundated with these story and they simply assume that the housing slow down applied to their area as well. This is why it is so important for Realtors to be knowledgeable about their markets and their neighborhoods. According to our RMLS market action report, Portland had its second highest total volume in real estate sales in 2006 with $10.4 billion compared to $10.6 last year. Further, the average sale price increased 14% and the median price increased 13.9%!
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