December 2006 Portland Home Appreciation Report
Metro Portland Area |
Current Avg Price | Avg Mkt Days | Avg Appreciation |
| North Portland | $253700 | 50 | 17.5% |
| NE Portland | $295800 | 56 | 15.4% |
| SE Portland | $280500 | 52 | 15.8% |
| Gresham / Troutdale | $289200 | 59 | 15.2% |
| Milwaukie / Clackamas | $374800 | 61 | 20.3% |
| Oregon City / Canby | $370800 | 73 | 15.6% |
| Lake Oswego / West Linn | $454100 | 55 | 16.7% |
| West Portland | $467500 | 55 | 10.3% |
| NW Portland / Washington County | $341600 | 47 | 7.6% |
| Beaverton / Aloha | $273200 | 51 | 12.7% |
| Tigard / Wilsonville | $363000 | 47 | 8.6% |
| Hillsboro / Forest Grove | $306800 | 50 | 15.9% |
Data: December 31, 2006
Source: RMLS Area Report Metro Portland & Adjacent Regions
Dave’s Commentary on the Portland Real Estate Market:
2006 has been an interesting year. The first 6 months started off with a big bang. The market experienced huge increases in almost every price category. Then Intel announced the big layoff, coupled with the rapidly cooling national market, the Portland real estate market slows down somewhat during the second half of the year.
Despite the gradual market correction in Portland real estate, Portland home prices appreciated by another 14% in December 2006 over the same period last year. Our real estate market continues to buck the national trend. Considering the national average at 2.9%, Portland is doing extremely well.
In December, our home inventory suddenly shrank to 4.5 months from about 5.5 to 6 months in the previous months. Fewer homes on the market means a tighter supply. This is likely to apply pressure on prices to rise.
The overall average sale price for the year of 2006 is $322,600 with a median price at $270,500. Compared with the average home price in 2005 at $282,900, the Portland real estate market broke the $300,000 mark in no time.
We estimate that the 2007 real estate market will continue to be strong for Portland. However, we are still projecting a slower growth rate at around 10% instead of 17% of the last few years. Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers.
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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