Market Conditions Ending January 31, 2010

Well it's time for a new year of real estate in Portland.  The year kicked off with a very slow start to the real estate market.  From a 12 month rolling average the average sales price and median sales price continued it's decline.  This 12 month average sales price showed continued depreciation of 11.7%.  Last year the 12 month rolling average for January 2009 was $327,000 and now the 12 month rolling average January 2010 is $289,200.  The current inventory of home is 12.6 which is up about 5 months from December.  (Inventory is measured in total months.  This means if no new homes entered the marketplace it would take X amount of months to clear the current inventory at today's rate of sale.)  On a positive note the inventory is down about 6.5 months from last January's inventory levels.  The average time on market is 145 days.