I Love Portland Homes

RMLS has put out the latest market statistics covering the month of November and most of the trends are still following those of previous months.  The number of closed sales has dropped almost 20% compared to this time last year.  The number of new listings dropped for the month, although this year-to-date we’ve seen an 8.3% increase in new listings over last year. At the current rate of sales, it would take approximately 8.3 months to absorb all of the active residential listings. The average home sales price in Portland this November was $344,500 and the median price was $285,000.  (Year-to-date prices through November 2007 are $342,500 average and $290,000 median.)  The average sales price has appreciated 6.5% for the twelve months ending in November 2007, compared to the twelve months ending in November of 2006.  The average time on the market has also increased since November of last year from 51 to 67 days. *

This is a great time to buy a house, if you’re in the market! There are lots of houses to choose from, and things are moving slow enough that buyers can weigh their options and make well thought out decisions. If you’re thinking of buying a house in 2008, feel free to give me a call!

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.