Market Conditions Ending October 31, 2013

The Portland Real Estate Market continues to significantly appreciate by about 12% per year. The average sales price increased $29,500 or 10% from October 2012 to October 2013. The rolling average sales price percent change returned 12% increases. (The average sales price percent change takes the rolling average sales price over the last 12 months and compares it to the rolling average sales price over the previous 12 months.) Closed sales are up 4.1%, marketing time is down by a week, and overall inventory dropped to 3.4 months from 3.8 last year and 6.8 the previous year. With a low supply and with interest rates very low the Portland real estate market continues it's impressive accent.

Notable Statistics ending this month:
1. Every area of Portland appreciated when comparing the Average Sales Price from last year except Lake Oswego/West Linn (which lost $37,200 equity) and Northeast Portland (which lost $54,200 of equity).
2. The total marketing time changed drastically in many areas and all areas of Portland dropped their total marketing time except the Milwaukie, Clackamas and Happy Valley area which increased their time it takes to get an accepted offer by 23 days. The areas that dropped marketing time significantly include: North Portland (-29 days), Oregon City (-46 days), Lake Oswego (-29 days), West Portland (-38 days), Beaverton (-50) days and Tigard/Tualatin (-74 days).
3. Inventory continued it's decline as well to the Portland area and suburbs. NW Washington County and Beaverton were the rarities with a supply increases of 30% and 8% from last year. The largest supply decreases occurred in North Portland (-31%), Northeast Portland (-23%) and Oregon City/Can by at (-22%).
4. The rolling average price percent change increased significantly in every area except Hillsboro which there was no change from last year. The largest increasing area was NW Washington County at 17.5% while the other suburbs appreciated around 10% give or take a few percentage points.