Market Conditions Ending November 30, 2012

The Portland, Oregon real estate supply adjusted slightly to the 5.5 year low last month due to seasonal fluctuations. The inventory is currently at 4.2 months. This means at the current rate of sale it would take 4.2 months to clear out all the current homes for sale assuming no more homes were to hit the market. This low supply of homes is caused by new listings being down, pending sales being up, closed sales being up, average and median sales prices being up while the total time on market is down. The average sales price percent change increased again to +3.2%. The average sales price percent change measures the rolling average sales price over the previous 12 month and compares it to the 12 months prior to that. The average sales price was $279,400 which is up 7.7% from last November. With pending sales up 2.7% don't expect those huge increases in closed sales in the next couple months. Appreciation is occuring in almost all areas of Portland and some are seeing very high appreciation around 15%. Some interesting statistics this month is that Hillsboro prices are up 16.4% from last November and they are also on the of only areas where total marketing time increased (by 25 days). Beaverton's Average Sales Price Percent changed is climbing drastically at 14.7% and the marketing time is down by 53 days. In NW Washington County the marketing time to an accepted offer is down by 63 days and the inventory is down 59%. West Portland's appreciation from last November is 16.4% or about $59,000 on average per homeowner. Lastly Clackamas and Southeast Portland's Average Sales Price percent change are were very high at 13% and 16.4% increases.