Market Conditions - June 20, 2006 by Carla L. Davis
Portland, Oregon, is seeing rising prices and short average market time, despite fewer sales than last year -- down 10.5 percent. Experts report that the average sales price is currently $329,000, but the greatest demand for housing is in homes prices under $200,000. As with much of the rest of the country, rental properties are also still in demand and at a price premium, although supply seems to be better than it was a few months ago. Inventory in the residential sales market is maintaining a steady 2.3 month supply -- though compared to 2005, listings are up nearly 9 percent. But the good news is for sellers -- who are seeing appreciation 17 percent over last year -- up from the average price of $278,000. One expert reports to Realty Times, "The market is still neutral, but there isn't much out there on the market and as the buyers come looking, especially now that the sun has decided to come out, it may turn around into another seller's market pushing the prices back up [even further]. Only time will tell." |
