Market Conditions Ending October 31, 2012

The Portland, Oregon real estate supply drops to a 5 year low of 3.8 months of inventory. The last time the inventory reached this low of level was March of 2007 and the last time the inventory dropped beneath this level was in August of 2006 when the inventory was at 3.6 months of supply. This means at the current rate of sale it would take 3.8 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 staying flat, pending sales being up, closed sales being 42% and the, average and median sales prices being up while the total time on market is down. The average sales price percent change increased again to 2.3%. 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 $284,600 which is up 10.0% from last October. Year to date new listings remain flat at -3.3%, pending sales are up 17.6%, closed sales are up 20.4%, the average, median, and 12 month rolling sales prices are all up and the total time until an accepted offer is down -21%.