Market Conditions Ending December 31, 2010

As expected the Portland Inventory shrunk a couple of months from 10.2 months ending November to 7.9 months ending in December thanks to stronger pending sales in November.  The average sales price percent change continues it's decline at -2.7% ($282,100 versus $289,900 last year).     When comparing December 2009 to December 2010 new listings are down -8.5%, pending sales are up 6.0% and closed sales are down -2.9%.  The average sales price comparing December 2009 to December 2010 is also down -5.2%.  The total time on market continued to increase from 141 days ending November to 145 days ending December.  That means that if you were to list your home on average it would take almost 5 months to get an accepted offer on the home.