Market Conditions Ending September 30, 2013

The Portland Real Estate Market continues to maintain this summer's growth. The average sales price percent change is 12.7%. 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. This rolling average is the market's appreciation or depreciation. Or in this case the Portland Market has appreciated by 12.7% or about $35,900 per homeowner. It's been and continues to be a great year to own a home in Portland. The total marketing time dropped in every area of Portland except Milwaukie, Clackamas and Happy Valley where it only slightly increased by 7 days. On average the marketing time dropped by 30 days or a month and the average marketing time was 72 days. This means that when a home hits the market it would take on average 72 days to get an accepted offer. Notable statistics include 9 of the 12 areas of Portland increasing their average sales price percent change by over 10% with Beaverton/Aloha leading at 25%. The average equity grew in Beaverton and Northeast Portland by over $56,000 and $55,000 respectively. As we head into winter and with new listings, pending sales and closed sales down you can expect that inventory should increase again.