Market Conditions Ending April 30, 2010

Overall the current Portland inventory is at 7.3 months.  This means at the current rate of sale it would take approximately 7.3 months to sell off all the homes that are  currently available.  The average sales price continues it's decline downward.  The average sales price 12 months ago was $319,200 and now it's $286,000.  This is a 10.4% drop from a 12 month rolling average standpoint.  March 2009 to March 2010 was a 10.9% drop, February 2009- to February 2010 was a 11.5% drop and January 2009-January 2010 was an 11.7% drop.  There were 1941 closed sales this month and even more pending sales at 2991.  This indicates we should have more closed sales next month.  There was a 49.1% increase in closed sales from last year at this time and overall for the year we are up 41.4% of closed sales.