Portland Home Sales up in 2011!

The Portland Home Sales numbers are in and there were 19,682 Portland-area homes sold in 2011. That is a 4 percent increase compared with 2010, according to the Regional Multiple Listing Service. But the median price for the year fell 7.9 percent, to $221,000.

The weight from distressed home sales continue to impact our Portland market. Of the homes sold in 2011, 22 percent were bank-owned. Those had an average sale price of $170,000, a 36 percent less compared with market-rate properties. Another 11 percent sold as short sales at a 17 percent discount.

However, year over year declines got smaller in 2011 which is a sign of prices stabilizing. Analysts forecast that in 2012 the prices will increase by 1.9%. That’s great news for Portland sellers but no so great for Portland buyers.

Market Action Report Portland December 2011

by Betsy Ballantyne

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