August
AUGUST 2005 MARKET NEWS

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August Residential Highlights

With fall just around the corner the market activity in the Portland metro area doesn’t seem to be losing any heat. In fact it’s on fire! For the first time in our recorded history the average sale price was $300,100. Up almost $50,000 from this time last year and yet the number of closed sales did not cool down either, but increased 20.5% (see table below).  The number of pending sales in August 2005 was also 14.8% greater than those in August 2004. Even the number of new listings grew 9.8%.  At the end of August 2005 there were 5,908 active residential listings in the Portland Metro area. Given the current rate of sales they would last approximately 1.6 months (see table to right).

Appreciation

The area’s average sale price for a home in the Portland metro area during the last twelve months ending in August 2005 was $268,200–up 12.7% from the $237,900 average for the twelve months immediately prior. Using the same date range median sale price appreciated 14.8% ($225,000 v. $196,000).

Year-To-Date Trends

Throughout the year the number of closed sales has continued to grow and Year-to-Date numbers ending in August 2005 show more of the same, up 15.8% compared to January-August 2004. The number of pending sales also increased 15.5%. Meanwhile there were only 3.2% more new listings.

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