March
MARCH 2005 MARKET NEWS

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March Residential Highlights

With the south winds bringing surprisingly low temperatures and an increase in rainy days, the growth of closed sales and decrease in new listings may have contributed to the surprisingly low inventory in March 2005. At the current rate of sales it would take 1.8 months to sell Portland’s 5,664 active residential listings–the lowest inventory yet.  Closed sales were up 34.3% when compared to March 2004 (see table below). The number of accepted offers was also 13.7% greater.  However, new listings dropped 8.8%.

Condo Appreciation Rates

Sale Price Prior Year

2005 $210,600 +21%

2004 $173,600 +2%

2003 $170,000 +10%

2002 $154,900 N/A

First Quarter/Year-To-Date

March did much to rally the first quarter of 2005. By its end, closed sales had grown to total 31.5% more than in the first quarter of 2004.  Similarly, pending sales had climbed 23.6% higher. New listings also increased 3.2% when compared to the same time frame last year.

Appreciation

To calculate sale price appreciation, prices for the twelve months that ended with March 2005 are compared to prices for the twelve months ending in March 2004.  Using those time periods, the average sale price appreciated 10.7% ($251,400 v. $227,200). Using the same date range to compare median sale price we see a 10.8% appreciation rate ($209,900 v. $189,500).

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