Market Conditions Ending September 30, 2009

The current Portland inventory ending September 2009 is 7.6 months.  This means that if there were no new listings added to the Portland market then it would take approximately 7.6 months to get rid of the current inventory at the current rate of sale.  Right now it takes approximately 131 days to sell a home.  The average market time year to date is 144 days.  The average sales price in Portland continued to decline from the previous 12 months.  It fell 11.8% from an average of $337,00 in September 2009 to an average sales price today of $297,200.  Consequently the median sales price also fell from $280,000 to $250,400 year to date.  New listing were down from 4200 in September 2009 to 3599 new listings in September 2009.  Pending sales are up and closed sales up too.  This is a key indicator that inventory will also be down for October.  Dropping inventory levels to more normal levels will help to stable out the real estate market a bit and get supply and demand levels more in line to create an even market.