I Love Portland Homes

It’s market action time again! According to the latest RMLS market statistics, March shows a definite improvement over February (something to smile about!), but doesn’t live up to the amount of activity a year ago. In comparing March to February, closed sales were up 22.2% and pending sales increased 5.5%. At the March rate of sales, it will take approximately 9.1 months to absorb all of the active inventory.

Comparing March 2008 with March 2007, the number of closed sales were down 39.1% and pending sales decreased 36.9%. New listings dropped a mere 1.8%. A positive note for homeowners is that the average sales price has appreciated 4.9% and the median 5.1% over this time last year.

The average home sales price in Portland this March was $336,700 and the median price was $286,500. The average sales price for condos was $264,300, with a 5% appreciation over this time last year.*

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