Market Conditions Ending July 31, 2012

Portland real estate inventory continues the cyclical June to July inventory trend increase. The inventory levels in the Portland Greater Metropolitan area increased from 3.9 months to 4.6 months ending July 31st. The Average Sales Price ending July 2012 was $287,000 while the Average Sales Price ending July 2011 was $275,000 or a 4.3% increase. One of the most significant factors from July 2011 to July 2012 is the total time on market for listed homes. Last year at this time it was 132 days while this year we are sitting at 100. This is very significant because it shows a one month drop in the time it takes to sell a home. This stat is probably in direct relation to the decrease in inventory of the distressed property market. New listings are up 7.5%, closed sales are up 15.4% and pending sales are up 23% from last July. The average sales price percent change continues is rapid increase from -5% last year to -1% this year. The average sales price percent change compares the rolling average sales price from the last 12 months so the rolling average sales price of the previous 12 months. There are now many areas showing price increases. Overall, this helps to maintain price stabilization as a whole. The freefall of prices are over across the board. Interest rates are still at an all time low which makes for a very good buyer's market.