Portland, Oregon March 2008 Market Statistics

The market is picking up, as it usually does in March, and things are moving quicker than last month. However, the year over year comparisons still shows a big slow down compared to last year. The March 2007 inventory was 3.8 months versus the current 9.1 months in March of 2008 which is a nearly 140% increase in inventory levels. The result is that homes are now taking substantially longer to sell than this time last year.

On the other hand, prices on residential homes are still up 5.1% from this time last year, with the median home selling for $344,700 versus $328,700 last year. The condo market is showing similar appreciation with the median price at $264,300 which is up 5% from $251,300 in March 2007. Although it should be noted that most of this appreciation happened last year and is not from the first few months of 2008.

Market Highlights

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