I Love Portland Homes

The RMLS market statistics for the first month of 2008 are out. None of the statistics are too surprising. Market activity has appeared to slow compared to January of last year. The number of closed sales was down 31.9%, but we had an 11.9% increase in new listings. At January’s rate of sales, it would take approximately 12.8 months to absorb all of the active residential listings. (Things seem to be picking up as of late and I expect February’s rate of sales to be better, with an even bigger jump as we head farther into spring.) The average home sales price in Portland this January was $342,900 and the median price was $280,000.  For comparison, the average sales price for January of 2007 was $322,900 and the median price was $275,000.*

If you’re thinking of buying a house, this is a great time! There is lots of inventory to choose from, interest rates are still good, and there are less buyers out there competing.

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