Market Conditions Ending September 30, 2012

The Portland, Oregon real estate supply continues increases slightly to 4.6 months from last months 3.9 month year low. This means at the current rate of sale it would take 4.6 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. The average sales price percent change stayed positive again and increased overall to +1.0%. 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 $269,500 which is up 1.0% from last August. Some of the notable statistics ending September 2012 were: the Beaverton/Aloha Average Sales Price Percent Change increased by 14.9%, which is a huge jump in appreciation, the Tigard/Wilsonville's Average Time on Market dropped 83 days or 48% from the year before, and Lake Oswego/West Linn's prices declined slightly. Overall the entire Portland Metro inventory has dropped about 31% from last year. As long as interest rates remain at historic lows between 3-4% and inventory stays under 6 months, then you should expect to see very strong real estate results for Portland.