Quoting RMLS Market Action for February, published March 15th:
February Residential Highlights
The number of homes changing hands in the greater Portland Metro area is up again. When comparing February 2006 to the same month of the previous year, the number of closed sales increased 2.2%. Alternatively, the number of new listings dropped 6.9% and the number of accepted offers decreased a significant 11.3%.
At the end of February 2006, there were 5,503 active residential listings in the Portland Metro area. Given the month’s rate of sales they would take approximately 2.7 months to sell. Furthermore, the average time a listing remains on the market in the Portland Metro area continues to shrink–falling 19% from February 2006 (47 v. 58).
When comparing market activity through February 2006 to the same time period in 2005, it appears that there has been a downward shift.The number of closed sales is down slightly–1.3%. New listings also decreased 1.7%. Pending sales dropped more considerably, falling 8%.
To calculate sale price appreciation, prices for the twelve months that ended with February 2006 are compared to prices for the twelve months ending in February 2005. Using those time periods, the average sale price appreciated 16% ($288,500 v. $248,700). Using the same date range to compare median sale price we see a 16.9% appreciation rate ($242,000 v. $207,000).