Portland metropolitan real estate market facts:
* YEAR TO DATE:
Comparing January through August 2010 to January through August 2009
• Average sales prices decreased -5.1%. (2010 = $284,200 / 2009 = $299,600)
• Number of closed sales increased 14.7%.
• Pending sales increased 4%
• Number of new listings increased 6%
Comparing the month of August 2010 with the month of August 2009
• The average sales price increased 1%
• Number of closed sales decreased -25%
• Pending sales also dropped -21.7%
• Inventory Aug 2010 = 11 months / Inventory Aug 2009 = 7.8 months
(Inventory of 6 months is considered a normal market by many)
• Average DOM (days on market) 2010 year to date = 130 days
Lack of consumer confidence is more evident since the tax credit ended. The inventory on the market is increasing while the number of closed sales dropped off in recent months.
Interest rates are spectacularly low. Prices are way down. Supply is high. This is the time when the rich get richer!
All my best~
*Information retreived from the August 2010 RMLS Market Action Report.