Market Conditions Ending June 30, 2010

Currently there is 7.3 month of inventory in the Portland Metro market.  At the current rate of sale it would take approximately 7.3 months to clear it out.  The total market time continued it's decline from 150 days in February to now just 121 days.  It takes about 4 months from when a home is first listed to when an offer is accepted now.  The average sale price from 12 months ago is down 8.2% from $309,300 in June 2009 to $283,800 this month.  The average sales price year to date is $280,700 whereas the media sales price year to date is $239,900.  When comparing June of 2009 to this month pending home sales are down 25.2%, but closed sales are up 13.3%.  There were 2012 closed sales in June and 10,183 closed sales since January in the Portland Market.  Lake Oswego and West Linn continue to lead the state in price with an average sales price this month of $441,400 and there were 239 closed sales.