Market Conditions Ending May 31, 2011

Inventory dropped slightly from last month to 6.8 months currently. If there were no more new listings added to the market it would take approximately 6.8 months to clear off the current inventory at the current rate of sale. The average sales price over the last 12 months compared to the average sales price from the previous 12 months also dropped to -3.8% from $284,000 compared to $273,900. This means the average sale price in the Portland area from May 2010-May 2011 was $273,900. While the average sales price from May 2010-May 2009 was $284,600. This totals a total Portland market drop of -3.8%. The Total Marketing time until a listing goes Pending is an average of 145 days which is down for the year but higher compared to May 2010 (123 days). When a listing goes Pending it means there is a mutual acceptance on an offer. All statistics are down when comparing May 2011 to May 2010 this includes: new listings, pending sales, closed sales, average sales price, median sales price and the total time on market.