Portland Metro Review
NORTH PORTLAND ----
Previous Month's Average Sales Price: $255,800.
Year-to-Date Average Sales Price & Appreciation: $255,800, 16.4%.
NORTHEAST PORTLAND ----
Previous Month's Average Sales Price: $284,200.
Year-to-Date Average Sales Price & Appreciation: $284,200, 14.4%.
SOUTHEAST PORTLAND ----
Previous Month's Average Sales Price: $261,800.
Year-to-Date Average Sales Price & Appreciation: $261,800, 16.2%.
WEST PORTLAND ----
Previous Month's Average Sales Price: $390,800.
Year-to-Date Average Sales Price & Appreciation: $390,800, 8.9%.
New Construction in 2006
The sale of properties listed as proposed, under construction, or new construction fell 7% (5,045 v. 5,407) when comparing 2006 and 2005. However, the average sale price appreciated 16% ($365,600 v. $315,200). Median sale price also increased 16% ($300,000 v. $259,000).
Affordability
According to the formula used by NAR, the average Portland family household had 105% of the income needed to purchase the median price home ($273,500) in the greater metro area in December. A family making the median annual income ($66,900) would pay $1331.58 a month for this home with a 20% down payment and a 30-year fixed-rate mortgage with an interest rate of 6.14% (per Freddie Mac).
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*The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.
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