Market Conditions Ending December 31, 2011

Portland Inventory hits a 4 year low! The Portland market's inventory continued it's decline for the year to 5.3 months remaining. This means that at the current rate of sale the supply of homes will last 5.3 months assuming no new listings hit the market. The supply is one key indicator of overall market performance. The Average Sales Price for the Portland Metropolitan area ended the year at $260,800. When looking at the entire year from January - December 2011 and comparing it to January - December 2010 the average equity lost for the average homeowner for 2011 was -$18,800 or -6.66%. The average market time remained fairly level at 142 days until an offer is accepted. When comparing December 2010 - December 2011 closed sales were up 10.3%, pending sales were up 19.3%, and new listings were down -11.7%. This is the reason why overall inventory levels are the lowest they've been since July of 2007. Each individual area that makes up the entire Portland Metro area had depreciation for December.