Market Conditions Ending June 30, 2008

From May to June there was a slight increase in closed sales for the second straight month. Pending sales dropped 6% from last month which is an indicates that closed sales will be down next month in July. In comparing closed sales from June of 2007 to June of 2008 we are down by 31.3% and pending sales are down 30% this is a huge decrease. New listings also dropped 16.3% too. The current inventory remaining is approximately 9.5 months. What this means is that at the current rate of sale it would take approximately 9.5 months to clear out all the current listings assuming no new listings hit the market. This number is up from May’s 9.2. In the two previous years inventory climbed from May to June as well so it’s a normal trend. Pricing of real estate in the Portland Metro area as remained relatively flat. The average sales price for June is down 1% compared to June 2007 and the median price dropped 2% year to date. The average sales price did rise from last month. Because pending sales are down in each area some as high as 53.3% next month will have less closed sales comparatively.