Market Conditions Ending March 31, 2013

The Portland real estate market continued it's strong performance of cutting inventory and increasing prices. Inventory dropped to 3.2 months. The average sales price percent change increased to 7.5%. The average sales price ending March 2013 is $299,000 and when comparing that to the average sales price ending March 2012 is $252,600 that is 18.4% appreciation and a whopping $46,400 of increased value for each homeowner on average. When further comparing last March to this March, closed sale are up 14.2%, pending sale are up 15.7%, new listings are up 4%, average and median sales prices are up 18.4% and 15.9% and the total market time decreased to 112 days or -16.6%. The last time inventory was lower than this was June of 2006 or about 7 years ago.