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March Residential Highlights
Market activity in March showed forward progress for month-to-month comparisons, but remains slow compared with the level of activity a year ago.
When comparing March to February 2008, closed sales were up 22.2% (1,691 v. 1,384) while pending sales also increased 5.5% (1,938 v. 1,837).
On the other hand, comparing March 2008 with March 2007, closed sales were down 39.1% and pending sales decreased 36.9%. New listings also dropped a slight 1.8%.
Also notable in March was a decrease in the level of inventory from February. At the March rate of sales, the 15,412 active residential properties would last 9.1 months. (Source: RMLSTM)
First Quarter / Year-to-Date Trends
Comparing market activity through March 2008 to the same period in 2007, the first quarter also shows slowing in the number of transactions. New listings grew 7.3% (14,695 v. 13,697). However, closed sales dropped 32.6% (4,285 v. 6,359) and pending sales were down 35.6% (5,282 v. 8,204). (Source: RMLSTM)
Appreciation
A comparison of the 12 months ending in March 2008 with the 12 months prior shows that the average sale price appreciated 4.9% ($344,700 v. $328,700). Using the same formula, the median sale price appreciated 5.1% ($290,000 v. $276,000). (Source: RMLSTM)
New Construction in 2007
The sale of properties listed as proposed, under construction or new construction increased 6% (5,370 v. 5,045) when comparing 2007 and 2006. The average sale price appreciated 6% ($387,200 v. $365,600) and the median sale price grew 6% ($318,600 v. $300,000). (Source: RMLSTM)
Affordability
According to a formula used by NAR, the average Portland family household only had 99% of the income needed to purchase a median priced home ($276,500) in the Portland metro area in December.
A family making the median annual income ($63,800 according to HUD) would pay $1,340.46 a month for this home with a 20% down payment and a 30-year fixed-rate mortgage with an interest rate of 6.1% (per Freddie Mac). (Source: RMLSTM)
Condo Appreciation
Average Change from
Sale Price Prior Year
March 2008 $264,300 5%
March 2007 $251,300 4%
March 2006 $242,800 14%
March 2005 $210,600 13%
Yamhill $173,600 8%
(Source: RMLSTM) |
