Portland Real Estate Market Update November 2010

Homes Under Contract Up More Than 6%

According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes that went under contract in October 2010 was up 6.3% as compared to September 2010.

In fact, the number of homes with an accepted offer is now at its highest level since April, when the numbers were driven by the deadline for the Homebuyer Tax Credit.

The increase is one example of how the real estate market in Portland is showing steady improvement.

Homes selling faster

Homes in the Portland area in October sold faster than the month before, trimming three days from September, and one day from October 2009.

This is significant, because the traditional busy season for real estate is summer, when families are relocating while school is out. Generally, we expect sales to drop in the fall and winter months.
Median price falls slightly

The median sales price dropped 2.52% from September to October. Affordable areas include Beaverton with median prices of $192,500 and Hillsboro with$200,500.

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