June 2007 Portland Home Appreciation Report
Saturday, June 30th, 2007
Metro Portland Area |
Yr to date
Avg Price |
Avg Mkt Days | Avg Appreciation |
| North Portland | $263700 | 34 | 10.4% |
| NE Portland | $314500 | 46 | 7.7% |
| SE Portland | $285100 | 45 | 10.6% |
| Gresham / Troutdale | $281800 | 62 | 13.4% |
| Milwaukie / Clackamas | $344700 | 58 | 10.3% |
| Oregon City / Canby | $323400 | 58 | 6.5% |
| Lake Oswego / West Linn | $564900 | 79 | 12.6% |
| West Portland | $467100 | 48 | 4.3% |
| NW Portland / Washington County | $405000 | 49 | 4.5% |
| Beaverton / Aloha | $287400 | 52 | 4.2% |
| Tigard / Wilsonville | $378000 | 68 | 3.9% |
| Hillsboro / Forest Grove | $297200 | 56 | 11.7% |
Data: June 30, 2007
Source: RMLS Area Report Metro Portland & Adjacent Regions
Commentary on the Portland Real Estate Market:
The Portland real estate market appreciation, for the first time in the last 36 months, has dropped below 10%. The market has turned into a buyer’s market. That’s great news since our market definitely needs some correction to get soft landing. The Portland real estate market grew 8.9% in the month of June as compared to the same period last year. Though it is not good news for home sellers that the market has slowed and that there’s excess inventory out there, it is great for buyers and for the economy in general. Reason, a gentle slow down is way better than a crash. This soft landing gets our real estate market back to normal.
However, if you were to compare our market with other markets throughout the US, our performance of an almost 9% growth is still stellar.
Cities that were hit hardest were predominantly on the west side including West Portland, Beaverton, Tigard and Wilsonville (around 4.5% growth). These areas had had rapid growth in the last few years and it’s finally calming down.
Despite our cautious tone, we still estimate that the 2007 real estate market will continue to be strong for Portland. We are projecting a growth rate at around 8% throughout the year instead of the 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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