Market Conditions Ending December 31, 2008

The overall market conditions at the end of December were down. From December 2007 to December 2008 closed, pending and new listings all decreased significantly. Closed sales fell by 34%, pending sales fell 34.2% and the number of new listings fell by 17.4%. Inventory decreased to 14.1 months and the average time on market hit 138 days. The total sales volume for 2007 was 9.7 billion and at the end of 2008 the total sales volume is 6.3 billion. There were lots of records that were hit in this market since the records have been kept in 1992. Closed and pending transactions were at a record lows since 1992.  This was a definitely a correcting year for this Portland Area market.