Market Conditions Ending July 31, 2009

The Portland Real Estate market reduced it's inventory yet again for 6 straight months.  Portland currently has 7.3 months of inventory down from 8.2 in June.  From July 2008 to July 2009 the Portland market depreciated by 11% average.  In July 2008 the average sales price $341,100.  Whereas today, July 2009, the average sales price is $303,700.  One key measure is that closed sales and pending sales were both up from the previous month while new listings dropped by 25.4%.  Who would have thought the market would be worse this year than last year.  Well that's exactly where we are at.  When comparing January-July 2008 to January-July 2009 closed sales are down a whopping18.7% while pending sales are down 10%.