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Portland Real Estate Outlook for 2008 We have definitely experienced a slow down in the Portland market in 2007, but we did not come to a halt like many other areas of the country. Portland was one of only three Cities in the US that had an appreciating market in 2007. We ended the year with a 6.2% appreciation. Interest rates on a 30-year fixed loan are bouncing between 5.75% - 6% as of the end of March 2008. What does all this mean? NOW IS A GREAT TIME TO BUY. Interest rates are low, inventory is high, prices are negotiable, and Sellers are motivated. It really doesn’t get any better. 2008 has started like every other year I can remember. January was slow and things started picking up by the middle of February. The big difference this year is that we have a huge number of homes on the market and Buyers are in heaven! Spring is our busiest time of year followed by Summer. I am still seeing relocation Buyers and First Time Home Buyers but I’m not seeing too many Move-UP Buyers. Average time on the market is 85 days, but the best homes (great condition and priced right) are selling in less than 50. The greater Portland area's average home price was up 6.2% in 2007. According to RMLS the average sales price of a home in the Portland is $344,700. The median sales price is currently $290,000. It is still possible to get a great home for under $300,000 Below is a chart showing appreciation for the past 10 years.
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