Market Conditions Ending April 30, 2012

Portland Inventory continues is recent decline. Signs of stability and price stabilization approach as inventory drops again from 5.0 to 4.7 months. This means at the current rate of sale it would take approximately 4.7 months to clear off all the homes for sale in the entire Portland Metro Area assuming no new homes hit the market. This is the fourth straight month of decline and the Portland Market has not hit this low of levels since May 2007. When comparing the data from last year Pending Sales are up 18%, Closed Sales are up 13% and the Average and Median Sales Prices remained relatively flat. As you can imagine the Average Marketing Time dropped as well, from 153 days in 2011 to 123 days currently. When looking at the real estate pricing, the price of homes stayed flat when comparing April 2011 to April 2012, but when looking at the Rolling Averages from April 2011 - April 2012 we are still down -4.1%. The Average Sale Price from May 2011- April 2012 was $262,100 and the Average Sales Price from May 2010 - April 2011 was $275,500. This will provide some exciting summer statistics.