January home sales in Portland show promise for consumers

The number of homes sold in the Portland area during January rose to the highest level for that month in four years, according to research from DataQuick News. In addition, the median price paid for those houses and condos dropped to a seven-and-a-half-year low.

The culmination of these two market factors make it a good time to buy for consumers looking in the surrounding Portland area. A total of 1,729 condos and new sale houses for sale in Portland closed escrow during January in the five-county Portland Vancouver-Beaverton metro area.

Home sales for the month were the highest since January 2008, when 1,985 homes were sold. The median price paid for all new and resale houses for sale in Portland that closed escrow in January stood at $195,000. According to the source, the median price paid per square foot for existing single-family detached homes fell to $123.

These figures represent an improving buyer's market. Consumers will be better able to find properties for an affordable rate in this sought-after quality neighborhood.