Market Conditions Ending August 31, 2013

The Portland Real Estate market continued it's blistering pace of homeowners equity increases. The average homeowner who lives in the Portland Metropolitan area increased the equity in their homes by an average of $40,200. In fact 6 of the 12 areas of Portland grew their homeowner's equity by over $40,000 with the highest of them being Lake Oswego/West Linn growing by $78,500 comparing their value to August 2012. The average sales price percent change for the entire Portland Metropolitan area was 12.1%. The average sale price percent change is calculated by taking the average sales prices of home over the last 12 months and comparing it to the average sales price of homes over the previous 12 months. It's a very conservative measure of appreciation. There were 7 of the 12 areas of Portland where the rolling average sales price percent change was over 10%. Another area with unusual data is Milwaukie, Clackamas and Happy Valley. This area dropped their inventory by 50% compared to last year at this time while the rest of the areas averaged an inventory drop of 19%. A big reason the inventory dropped so sharply in Milwaukie, Clackamas and Happy Valley is because there closes sales are up 57% from last August. Total marketing time dropped in every area and averaged 31 days. With pending and closes sales down from last month expect inventory to increase next month.