Market Conditions Ending May 31, 2009

The Portland Real Estate Market statistics improved from April to May.  The current inventory remaining in the Portland area is now 10.2 months compared to 11 months last month.  Coming into the summer months the decline was expected but if history proves itself the next three months should remain relatively level and then in September the inventory spiked up significantly over the last few years.  Ok if we compare last month with this month pending sales rose by 5.8% and closed sales also increased by 9.6%.  The amount of new listings that entered the market place also grew by 1.9%.  There were 1427 closed sales in the Portland Metro area last month.  The current average 12 month rolling average home price is now $315,500 compared with $343,200 one year ago.  This is a 8.1% decline.