Market Conditions Ending February 28, 2010

Ok here is some mixed news for the Portland real estate market.  First inventory stayed steady (increased slightly) from 12.6 months to 12.9 months.  At the current rate of sale for all the active listings it would take approximately 12.9 months clear out all the homes.  The average sales price for a home depreciated on a 12 month basis.  Last February 2009 the average sales price was $325,000 and today, February 2010, the average sales price is $287,800 in the Portland Metro Area.  The time on market increased slightly to 150 days compared to 147 days previously.  Ok now the good news.  Compared to one year ago (that is February 2009) total inventory is down, new listings are up, pending sales are up, closed sales are up, total market time is down.  These are all positive changes.  New listings are up 12.4 %, Pending sales rose by a whopping 45%, Closed sales jumped 18.4% and the total market decreased by 1.5%.  Prices continued to fall from a 12 month rolling average standpoint.  The average sales price is down 11.5% from February 2009.