Market Conditions Ending April 30, 2011

Portland's total inventory volume stayed relatively the same from end of March to end of April.  The entire Portland Metropolitan area's inventory levels ended at 7.2 months.  This means that at the current rate of sale it would take 7.2 months to clear out all the current houses on the market if no other homes entered the market.  As a whole the market is still declining by -3.7%.  This number is determined by taking the 12 month rolling sales price average and comparing it to the previous 12 month rolling sales price average ($275,300  versus $285,900).  The average sales price in Portland ending April 2011 is $267,300 and the average total time on market is 153 days.  This means from the time a property is listed to when an offer is accepted it takes about 5.1 months on average.   When comparing April 2011 to April 2010 everything has declined except the total time it takes to sell a home.  New listings are down -34% (3,099 versus 4,713); pending sales are down -33% (2,005 versus 2,991), closed sales are down -17% (1,611 versus 1,941); average sales price has declined -5.2% ($267,300 versus $282,100); and the median sales price has declined -8.4% (219,900 versus $240,000).   The total time on market has increased by 20.7% from 127 days ending April 2010 to 153 days currently.