Market Conditions Ending July 31, 2010

The Portland real estate inventory jumped from 7.3 months in June to 10.8 months in July.  This means that if there were no more active listings added to the Portland market it would take approximately 10.8 months to clear off the current available listings at the current rate of sale.  The average time on market remained the same at 121 days.  This is the total time it takes from when a property is listed to when an offer is accepted.  The 12-month percent change compared with the previous 12-month percent change of the average sales price continues declining.  It has slowed down to a decline of 6.4% in July compared with 8.2% in June,9.5% in May, 10.4% in April, 10.9% in March, 11.5% in February and 11.9% in January.  The sales price has actually risen from 1 year ago by 2.9%.  The average sales price is $297,000 compared to $288,600 last year.