Data: December 31, 2005

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

2005 had been a phenomenal year for real estate in Oregon. As compared to the last quarter in 2004, real estate in the Portland area grew with 7.9% more new listings and 4.4% more closed sales.

Overall, appreciation of median and average home prices went up 15% for the year of 2005. The average sale price jumped from $246,000 to $282,900.

Condo prices also saw an unprecedented increase last year. Average sales prices of condo units increased by 27.2% for 2005. This is a huge jump by any standard. Just 3 years ago, condo price increases were in the negative zone.

Many people are concerned about the real estate bubble, particularly when we are seeing signs of decrease or at the least, stablizing in markets like Nevada, California and Arizona. In general, real estate market moves in a ten year cycle. Our Portland market is in our third year of boom. By theory, we should continue to enjoy healthy growth. However, a word of caution: real estate is also highly dependent upon population growth, employment rate, and expansion of the business sectors. As long as these indicators stay as healthy as they’ve been in the last 24 months, the Portland real estate market should grow steadily.

To search for your home in anywhere in the Metro Portland area, use our FREE Portland Home Search tool. For more information about living in Portland and finding your dream home, call Max at (503) 805-5173, Toll Free (877) 629-5825 or email.

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