Market Conditions Ending February 28, 2011

Portland's housing inventory is sitting at 10.9 months ending February 2011.   This means that if the current rate of sale stays the same it would take approximately 10.9 months to clear off the current supply of homes available on the market should no new listings hit the market.  We are still in a very strong buyer's market.  The 12 month average sales price compared to the previous 12 month average sales price is -3.2%From February 2009 to February 2010 the average sales price in the Portland metro market was $287,700 and now from February 2010-February 2011 the average sales price is $278,600.  When comparing February 2010 to February 2011 the data reflects that closed sales were up and pending sales were down considerably.  The average sales price in February in 2011 dropped 10.5% compared to February 2010 and the median sales price dropped 9.1%.  Year to date Jan-Feb 2011 versus Jan-Feb 2010 closed sales are up, pending sales are down and new listings are down.   The total time on market increased 17 days from 160 in January to 177 days ending February 2011.