Market Conditions Ending May 31, 2008

The overall real estate market in Portland, ending May 31, 2008 remains slow and steady. There are currently 9.2 months of inventory remaining which is a decrease from April’s 10.3 months of inventory. This means that with the current inventory levels available in the greater Portland area it would take 9.2 months to sell off all the current active listings that are available at the current month’s rate of sale. This was the second month in a row that the average sales price declined year to date. May 2008’s average sales price is down 4% compared to May 2007’s average sales price. 30 year fixed interest rates in May have hovered between have been 5.5%-6.5% which is still historically very low. The average time it takes to sell a home for May was 72 days and year-to-date it’s 79 days. This does not account for those houses that have been listed for awhile and then cancelled however. If you are an investor and thinking of picking up an investment property now is a good time. I can help you determine location and pricing.