New Construction in 2007

The sale of properties listed as proposed, under construction or new construction increased 6% (5,270 v. 5,045) when comparing 2007 and 2006.  The average sale price appreciated 6% ($387,200 v. $365,600) and median sale price grew 6% ($318,600 v. $300,000).

2007 Summary 

Comparing market activity in 2007 with that of 2006, the Portland metro area saw an 8.1% increase in new listings.  However, pending sales decreased 15.7% and closed sales dropped 13.1%.  Portland has had it's third highest sales volume in residential real esatet, at $9.7 billion, a 6.7% decrease from the $10.4 billion in 2006.  The average sale price increased 6.3% ($342,900 v. $322,600) and the median sale price appreciated 7.2% ($290,000 v. $270,500).

Fourth Quarter Summary 

Comparing the fourth quarter of 2007 with that of 2006, new listings declined 43.7% (5924 v. 10,525).  Closed sales and pending sales also dropped 24.5% (5,298 v. 7,021) and 26.9% (4,766 v. 6,522), respectively.

Comparing Inventory in Months  (which means if we didn't list any homes for this period time we would have no inventory left)

January              2005 3.4%      2006 3.2%        2007 6.2%        2008 12.8%

February           2005 3.0%       2006 2.7%       2007 5.2%       2008 10.4%

March                2005 1.8%       2006 2.0 %      2007 4.9%        2008 9.1%

April                   2005 1.8%       2006 2.4%       2007 4.4%       2008 10.3%

May                    2005 1.6%       2006 2.3%       2007-4.5%       2008 9.2%

June                    2005 1.5%       2006 2.6%       2007 5.0%       2008 9.5%

July                     2005 1.7%       2006 3.5%       2007 5.7%       2008 10.0%

August               2005 1.6%       2006 3.6%       2007 6.2%

September       2005 1.9%        2006 4.5%      2007 8.6% 

October             2005 2.2%        2006 4.6%      2007 8.4% 

November        2005 2.2 %       2006 5.1%      2007 8.3% 

December        2005 2.1%        2006 4.5%      2007 8.5% 

Average Market Time:  2007 - 60 (41 in 2006)

There were 14% more new listings when comparing market activity in 2006 with that of 2005. However, pending sales decreased 13.6% and closed sales fell 13.4%. See table below. 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% (322,600 v. 282,900) and median sale price appreciated 13.9% ($270,500 v. $237,500).