Portland, Oregon March 2011 Real Estate Market Action

16 03 2011

LCorporal Wetzel

Still notching it down a bit this month on the sales prices, the average sales price is down 1.8% and the median sales price in down 0.6%.  Portland is down dramatically between February 2010 and February 2011 for the average sales price by 10.5% and the median sales price by 9.1%.  Although these numbers seem somewhat scary for the sellers in this market, overall Portland is still hanging onto its average sales price much better than many other markets around the country.  Currently our average price is hovering around August 2004 levels.

Bright spots within the Portland Metro Area are NE and SE Portland which have an average sale price decrease of only 0.5% and 1.9%.  NW Washington County also stuck under -2% with a decrease of only 1.6%

Compared to Last Year

Inventory down 2 months.

Closed sales up 5.8%.

Pending sales down 13.9%

New listings dropped 26.1%.

Compared to Last Month

Inventory down 0.4 months.

Closed sales up 3.8%

Pending sales up 6.9%

New listings dropped 7.8%

We are still looking good in the sale category by month, which means buyers are still buying in this market regardless of the state of the economy.  Many will be taking advantage of the low interest rates now before they begin to tick up once again.  Ted Jones, Chief Economist for Stewart Title, has always said, interest rates follow oil prices.  As we all know, the gas at the pump is astronomical right now.  Even Spongebob can’t absorb this kind of increase.

 March 2011 Market Action

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