Market Conditions Ending January 31, 2011

Inventory rose by 3 months ending December to January 2011.  At the end of January the Portland Metro area has 11.3 months of inventory.   At the current rate of sale it would take 11.3 months to clear out the current homes for sale assuming no new listings hit the market.  The average Sales Price Percent Change is -3%.  This is calculated by taking the average sales price from January 2009-January 2010 which is $289,000 and dividing it by the average sales price from January 2010-January 2011 which is $280,200.   If you are breaking the stats down by county Clackamas suffered the largest decreases in value at -7.6% while Multnomah suffered the least of the decline at -0.1%.  The total time on market jumped to 160 days.  Which means it would take on average 5.3 months before you as a seller would get an accepted offer on your real estate.  When comparing January 2010 to January 2011 new listings are down -20.5%, pending sales are down -3%, closed sales are up 5% and the average sales price is down -11.9%.