Lattest Market Action from RMLS

November Residential Highlights
For the second month in a row there was a slight decrease in inventory in the Portland metro area. At November’s rate of sales, the 14,435 active residential listings at month’s end would last approximately 8.3 months. The number of new listings dropped again, the second time since February 2006, decreasing 3.1% when comparing November 2007 to November 2006. However, the number of transactions also continues to drop.

When comparing November 2007 to November 2006 closed sales decreased 19.9% and the number of accepted offers fell 27.8%. Despite it all, sale prices appear to remain strong. Average sale price increased 6.9% comparing November 2007 with November 2006 and median sale price increased 2.5%.

Appreciation
Using the average sale prices for the twelve months that ended with
November 2007 compared to the twelve months ending in November 2006, the average sale price appreciated 6.5% ($340,900 v. $320,100). Using the same formula, the median sale price also appreciated 7.0% ($288,900 v.$270,000).

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