My New Blog

Market conditions for the NE Portland are good for the Portland Metro area.  June 2008 totals show the average sale price for residential property in all of the NE Portland market area to be $326,000 according to the Realtor's Multiple Listing Service.  Over the last few years, the NE Portland real estate market has enjoyed high demand, with high appreciation rates.  Value appreciation over the past year has been 6.7% for the entire market area.  Average Days on Market in June 2008 was 54 days, compared to 46 days one year ago.  Moderate appreciation is still occurring, however, it is widely accepted that the market has cooled, witnessed by longer marketing times, a large inventory of homes for sale and more buyer/seller negotiations taking place.  It is common for Sellers to pay a portion of Buyers closing costs, especially in lower-end transactions.  The unemployment rate for the Portland metro area is 5.3% compared to 4.8% one year earlier.