Market Conditions Ending August 31, 2012

Portland real estate inventory supply continues to stay very low at 3.9 months. This means at the current rate of sale it would take 3.9 months to clear out all the current homes for sale assuming no more homes were to hit the market. This low supply of homes is caused by new listings being down, pending sales being up, closed sales being up, average and median sales prices being up and total time on market being down. For the first time in a very long time the average sales price percent change for the entire Portland metropolitan area was positive at 0.2%. The average sales price percent change measures the rolling average sales price over the previous 12 month and compares it to the 12 months prior to that. The average sales price was $281,700 which is up 3.6% from last August. Some of the more significant moves of the month are the Pending Sales are up 9.1% from last year and Closed Sales are up 28% from last year and the time it takes to sell a home (marketing time) is down -27.3%. As long as interest rates remain at historic lows between 3.5-4% then you should expect to see very strong real estate results for Portland.