January 2007 seems to follow the same trend as the previous months in 2006, with new listings up and closed and pending sales both down. When compared with with the month of January 2006, the number of new listings increased 19.5%. Closed sales decreased 9.4% and pending sales fell 2.2%. The 9,841 active residential listings at month's end would last approximately 6.2 months given the month's rate of sales.
Portland Metro Review
NORTH PORTLAND ----
Previous Month's Average Sales Price: $255,800.
Year-to-Date Average Sales Price & Appreciation: $255,800, 16.4%.
NORTHEAST PORTLAND ----
Previous Month's Average Sales Price: $284,200.
Year-to-Date Average Sales Price & Appreciation: $284,200, 14.4%.
SOUTHEAST PORTLAND ----
Previous Month's Average Sales Price: $261,800.
Year-to-Date Average Sales Price & Appreciation: $261,800, 16.2%.
WEST PORTLAND ----
Previous Month's Average Sales Price: $390,800.
Year-to-Date Average Sales Price & Appreciation: $390,800, 8.9%.
New Construction in 2006
The sale of properties listed as proposed, under construction, or new construction fell 7% (5,045 v. 5,407) when comparing 2006 and 2005. However, the average sale price appreciated 16% ($365,600 v. $315,200). Median sale price also increased 16% ($300,000 v. $259,000).
Affordability
According to the formula used by NAR, the average Portland family household had 105% of the income needed to purchase the median price home ($273,500) in the greater metro area in December. A family making the median annual income ($66,900) would pay $1331.58 a month for this home with a 20% down payment and a 30-year fixed-rate mortgage with an interest rate of 6.14% (per Freddie Mac).
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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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