Market Conditions Ending February 28, 2013

The Portland Metropolitan Area real estate market continued it's recent drop in inventory. The current inventory stands at 4.5 months. This means that at the current rate of sale it would take approximately 4.5 months to clear off all the homes available for sale assuming no new homes hit the market. This number is 2 month lower than what the number was in February of 2012 and a whopping 6.4 months lower than February of 2011. The average sales price is $282,000 which is a 10.5% increase from 12 months ago. The median price is up 14.7% compared to 12 months ago. The average time it takes from when a home hits to the market to when there is an accepted offer dropped 15.7% from 12 months ago (138 days in 2012 compared to 116 days now). The average sales price percent change is 5.8%. The statistic is a good measure of market appreciation. It takes the rolling average over the previous 12 months ($278,600) and compares it to the rolling average over the 12 months prior to that ($263,300). So on average if you own a home in Portland than you have increased your equity by $15,300.