In contrast to January 2004, this winter has been much warmer both in terms of the temperatures and the real estate market. By the end of January, closed sales reached a total that was 41.7% greater than that of the previous month. Similarly, accepted offers were up by 41% and the pool of new listings was 16% larger. At January’s rate of sales, Portland’s 6,284 active residential listings would take approximately 3.4 months to sell.

New Construction in 2004

The number of homes listed as proposed, under construction, or new construction continues to rise. Thenumber of properties listed as such in 2004 (4,754) is 13.8% greater than those listed in 2003 (4,177). Their average sale price rose 8.9% ($271,900 v. $249,600) while median sale price rose 9.6% ($217,900 v. $198,800).

Affordability

The average Portland family household had 144% of the income needed to purchase the medianpriced home ($210,000) in the greater metro area. A family making the median annual income ($67,900) would pay $980.40 a month for this home with a 20% down payment and a 30-year, 5.75% (per Freddie Mac) fixed-rate mortgage.

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