February 2006 Portland Home Appreciation Report
Tuesday, February 28th, 2006
Metro Portland Area |
Current Avg Price | Avg Mkt Days | Avg Appreciation |
| North Portland | $229,100 | 30 | 20.0% |
| NE Portland | $294,800 | 34 | 17.1% |
| SE Portland | $269,000 | 43 | 15.4% |
| Gresham / Troutdale | $247,900 | 50 | 13.1% |
| Milwaukie / Clackamas | $325,900 | 56 | 17.9% |
| Oregon City / Canby | $308,300 | 46 | 19.6% |
| Lake Oswego / West Linn | $492,000 | 48 | 15.2% |
| West Portland | $434,100 | 51 | 15.9% |
| NW Portland / Washington County | $367,500 | 46 | 14.1% |
| Beaverton / Aloha | $263,600 | 39 | 13.6% |
| Tigard / Wilsonville | $339,000 | 43 | 25.6% |
| Hillsboro / Forest Grove | $263,400 | 41 | 18.7% |
Data: February 28, 2006
Source: RMLS Area Report Metro Portland & Adjacent Regions
Commentary on the Portland Real Estate Market:
In February 2006, the Portland real estate sales numbers are up again. The number of closed sales, as compared to the same period in 2005, increased 2.2%. At the same time, the number of listings (homes available for sale) dropped 6.9%. Our housing inventory is getting tighter by the day. Home owners are not accepting any kind of “low ball” offer. This is indicated by the significant decrease in the number of accepted offered (an 11.3% drop in accepted offers).
At the current rate of supply and demand, our inventory will last only 2.7 months. This is a very low number as we’re just entering into our high season. The average time to market a home has also shrinked by 19%. Literally, homes are “flying off the listings”.
In February 2006, the Portland market appreciation averages to be 16%. From all the indication of both the January and February data, we can conclude that our real estate market is likely to ride as high as 2005, if not higher. If you’re thinking of buying a home, get in the market quickly before it’s priced out of reach.
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