Market Conditions Ending October 31, 2011

Inventory remained relatively the same at 6.8 compared to September's data. Over the last 6 months we've seen 3 year lows for Portland inventory. When comparing January 2011 inventory levels we've seen a sharp decline from 11.3 months to 6.8 months. The average sales price in ending October was $258,700 while the total market time was 136 days. The average sales price in October 2010 was $276,800 which is a substantial depreciation of -6.9%. The total market time indicates how long the real estate is on the market before a seller accepts an offer on the home. Overall when comparing 2010 with 2011 data new listing are down, while pending sales and closed sales are up. Lake Oswego continues to lead the highest average sales price in the state at $410,600 and when comparing their 12 month rolling average sales price to the previous 12 months they are down -3.4% which is the lowest depreciation in the area.