Market Conditions Ending July 31, 2011

The current inventory ending July 2011 for the Portland metropolitan area stands at 7 months. The Lake Oswego/West Linn area is leading with approximately 9.26 months of inventory. So for homeowners to sell their homes in Lake Oswego either prices need to drop making it attractive for a prospective buyer or people need to take their home off the market. With this much inventory the buyer's have a lot of choices and a lot of power. As supply increases demand falls and thus prices will usually follow suit. Over the last twelve months the average sales price is $269,900 which is down $14,300 from the average sales price the previous 12 months. This equates to -5% depreciation overall in the Portland Metro area. The total market time is staying strong at 132 days.