Portland Mortgage Broker

For the 12 months ending in November, 2007 vs. the previous 12 months, the average price in the Portland Metropolitan area appreciated 6.5% according to RMLS. The average price rose from $320,100 to $340,900 and the median price rose from $270,000 to $288,900 for an increase of 7.0% for the same 12 month period. The average sales price for all the sales in the month of November 2007 was $344,500 with an average market time of 67 days. At the end of November there were 14,435 active listings listed in the MLS representing an 8.3 month supply of homes. 5.5 months is considered optimum and to be a balanced market. (Courtesy of RMLS and Rob Levy, a leading Portland real estate broker)

Given the doom and gloom resonating through the national housing market over the last several months, this news nicely supports what I have been saying all along - as goes the local economy, so goes the local housing market. Portland’s economy continues to remain strong, with unemployment well beneath the 5% level considered acceptable by Federal oversight standards.