May 2006 Portland Home Appreciation Report
Metro Portland Area |
Current Avg Price | Avg Mkt Days | Avg Appreciation |
| North Portland | $243000 | 30 | 21.5% |
| NE Portland | $298100 | 31 | 17.8% |
| SE Portland | $258900 | 39 | 17.3% |
| Gresham / Troutdale | $247600 | 46 | 13.3% |
| Milwaukie / Clackamas | $341100 | 46 | 20.9% |
| Oregon City / Canby | $314900 | 41 | 20.1% |
| Lake Oswego / West Linn | $510300 | 47 | 13.7% |
| West Portland | $452100 | 37 | 14.5% |
| NW Portland / Washington County | $382900 | 32 | 15.6% |
| Beaverton / Aloha | $276600 | 37 | 16.9% |
| Tigard / Wilsonville | $350800 | 51 | 27.9% |
| Hillsboro / Forest Grove | $271700 | 44 | 20.3% |
Data: May 31, 2006
Source: RMLS Area Report Metro Portland & Adjacent Regions
Dave’s Commentary on the Portland Real Estate Market:
In May 2006, the Portland real estate prices appreciated by an average of a whopping 17.4% over May 2005. Given our current rate of sales, our inventory will last for only 41 days. Though the market still appears to be tight, there’s some sign of the market entering a stablization phase. The number of closed and pending sales decreased 6.6% and 5.1% (an improvement from April 2006) respectively. Having said that, we do need to analyze this information carefully. 2005 was an exceptional year by any means in the history of our real estate market. Our May data is still phenonmenal by any standard.
The Portland May 2006 market continues to show cautious strength. Homes under the $500,000 mark are still selling fast across the Portland Metro area. Much of the slower sign is coming from exclusive homes in the $650,000 and above range. As mortgage interest rates rise, more home shoppers will also be more inclined to find homes as soon as possible. Tigard and Wilsonville, in particular, are showing phenomenal growth strength. Appreciation in these two areas have reached almost 28% in one year.
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