June
JUNE 2005 MARKET NEWS

View PDF Version

June Residential Highlights

The small 2% increase in new listings when comparing June 2004 with June 2003, was overshadowed by the 4.4% increase in closed sales, leading to yet another drop in inventory in the Portland Metro area (see table below for details). Pending sales also increased 9.4%.  At the end of June, there were 5,423 active residential listings in the Portland Metro area’s market. Given the month’s rate of sales they would last only 1.5 months–setting another record low for Portland’s inventory measure (see table to right).

Condo Appreciation Rates

Average Change from Sale Price Prior Year

2005 $205,900 17%

2004 $175,300 7%

2003 $164,100 -3%

2002 $169,300 N/A

Appreciation

The area’s average sale price for the last twelve months was $257,800–up 10.9% from the $232,500 average for the twelve months prior. Using the same date range median sale price appreciated 12.2% ($215,500 v. $192,000).

Year-To-Date Trends

Closed sales continue to show growth this year, up 18% when compared to the same time frame in 2004 (see Year to Date Rows of the table below). The number of pending sales also increased 15.2%. New listings changed by growing only 0.9%.

Second Quarter Report

Comparing the second quarters of 2004 and 2005, closed sales are up 10.2% (10,255 v. 9,281), pending sales increased 9.2% (11,413 v. 10, 454) and new listings dropped 1% (13,126 v. 13,257).

Copyright RMLS 2004-2005 All Rights Reserved.