Market Conditions Ending June 30, 2012

Portland real estate inventory levels hit 3.9 months! So far every single month this year the inventory levels have dropped. At the current rate of sale it would take approximately 3.9 months to clear out all the remaining inventory available for sale. The last time the inventory hit 3.9 months was in March of 2007 over 5 years ago. The current marketing time is at 114 days from when a home hits the market to when there is an accepted offer on the home. The average sales price is $284,100 while the median sales price is $242,000. These prices are up 6.4% and 8.6% respectively from June 2011 reporting. New listings are up 2.1%, Pending Sales are up 21.7%, Closed Sales are up 6.4% and marketing time is down -14.5%. You can expect that closed sales will also be up sharply next month as well. Overall in Portland there was 2,244 closed sales ending June 2012. The Average Sales Price percent change continues moving lower to -2.1% ($265,800 versus $271,000). Many areas are starting to return a positive average sales price percent change which indicates overall market appreciation.