March 2009 Portland, Oregon Inventory and Property Reports:
Market Conditions Ending March 31, 2009
The Portland Real Estate Market statistics data improved from
February. The total inventory dropped a much needed 4.6
months worth of inventory in March. This means that
at the current rate of sale it would take approximately 12
months to clear out the entire Portland inventory assuming no
more inventory was added to the sales pool. A nice
balanced market is 6 months so as you can see there is still
quite a supply available with not enough demand. From
March 2008 to March 2009 the Portland market's average price
decline was 5.7% and the median sales price declined 6%.
The average home price at end of March is $325,000 compared to
$345,000 from March of last year. While the median's price
declined from $289,900 to $272,500. Another key stat is
that new listings decreased by 28.5%. That is huge!
People in Portland are smart they do have a sense of the market
and what they can get for their home. This decrease also
reflects the fact that anyone who purchased in the last couple
years realizes they lost value and cannot end up selling their
home so they don't even try. With the internet people can
see easily what they can buy out there for what price and know
on the flip side they cannot sell their home at the price they
need in order to buy.
For the corresponding statistical data for market conditions ending March 31, 2009 click here.
Click on any link below to see any of the previous market condition summaries for Portland residential real estate broken down by month and year:
Real Estate Market Conditions Archive For Portland, Oregon:
|Share This Page With A Friend:
|Add This Page To Your Reading List: