Market Conditions Ending April 30, 2009

The Portland Real Estate Market statistics improved from March to now.  The total inventory dropped 1 month to 11 months of inventory.  This means that at the current rate of sale it would take approximately 11 months to clear out the entire Portland Metro inventory assuming no more new listings are added.  On a positive note pending sales grew by 13.6% which means there should be even less inventory next month.  Also closed sales also grew by 10%.  There was a 3.3% increase in listings from last month.  There are still 14,158 active listings available.  In terms of sales price the average sales price for April 2009 was down 10.4% compared to April 2008 and the median sales price dropped 9.1%.  The current average sales price (on a 12 month rolling average) is $319,600 compared with $344,600 one year ago.  This is the reason why people are having a hard time selling, refinancing and purchasing.