February 2009 Portland, Oregon Inventory and Property Reports:
Market Conditions Ending February 28, 2009
The Portland Real Estate Market statistics data improved as
expected from January 2009 to February 2009. Total
inventory dropped from an all time high of 19.2 months to 16.6
months or a reduction of 2.6 months. At the current rate
of sale it would take 16.6 months to clear out the entire
Portland inventory assuming no more inventory was added.
The total time on market almost doubled year to date from 85
days to now a 153 days. Closed sales, pending sales and
new listings all dropped substantially from February of 2008 to
February 2009 (38.1%, 30.5%, 19.7%). If you take a
snapshot of the average sale price from February 2008 to
February 2009 the market declined 12.9% while the median sale
price declined 7.5%. This news bodes very well for first
time homebuyers and others who are currently not owners of real
estate. |
For the corresponding statistical data for market conditions ending February 28, 2009 click here.
Click on any link below to see any of the previous market condition summaries for Portland residential real estate broken down by month and year:
Real Estate Market Conditions Archive For Portland, Oregon:
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