May Residential Highlights 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.