here’s some useful info from the RMLS database about Portland area housing trends. We are presently at an 8.6 month supply; 5.5 months is considered a balanced market. In other words, it’s a great time to be buying a home because there are more houses to choose from and sellers are being forced to offer incentives or cut prices to stay competitive.
ü Average Days on Market (All Portland-Metro) for Sept 2007: 60 Days
ü Average Sales Price (All Portland-Metro) for Sept 2007: $334,000
ü Average Days on Market (SE Portland): 54 Days
ü Average Sales Price (SE Portland): $269,800
ü Average Days on Market (Milwaukie/Clackamas/Happy Valley): 64 Days
ü Average Sales Price (Milwaukie/Clackamas/Happy Valley): $337,600
ü Average Days on Market (Tigard/Tualatin/Wilsonville): 59 Days
ü Average Sales Price (Tigard/Tualatin/Wilsonville): $355,900
ü Average Days on Market (Oregon City/Canby): 69 Days
ü Average Sales Price (Oregon City/Canby): $338,000
ü Average Days on Market (Lake Oswego/West Linn): 61 Days
ü Average Sales Price (Lake Oswego/West Linn): $547,700
ü Average Days on Market (West Portland): 63 Days
ü Average Sales Price (West Portland): $467,100
ü Average Days on Market (Gresham/Troutdale): 67 Days
ü Average Sales Price (Gresham/Troutdale): $286,300
ü Inventory in Months (Active Listings/Closed Sales): 8.6 Months
(Current inventory would last 8.6 months to sell, if no other homes were listed)
ü Comparing the 12 months ending in Sept 2007 with the 12 prior, the average sales price increased 6.9% (Portland Metro)
ü 30 year Fixed Mortgage rate is approximately 6.00%
If you’d like more details, give our Portland mortgage company a call and we’ll be happy to explain more.
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