Market Conditions Ending August 31, 2011

The current inventory for the Portland Metropolitan area dropped by less than 1 month to 6.2 months. This means that at the current rate of sale it would take approximately 6.2 months to clear off the current inventory on the books without any new listings hitting the market. Year over year the average sales prices continue dropping. From August 2011-August 2010 the average sales price is $267,800. From August 2009-August 2010 the average sales price is $284,300. The average homeowner has lost $16,500 or -5.8% of their equity. The total time on market remains strong at 134 days. Total market time is the length of time it takes from a home be available to a home not being available. Pending sales have increased dramatically compared to last August up 29.6%.