April 2011 Portland Market Action

16 04 2011

The ice is melting and, dare I say it, we may see a bottom here, for 6 months or longer.  This month on the sales prices, the average sales price is up 6.8% and the median sales price in up 0.6%.  Portland is down between February 2010 and February 2011 for the average sales price by 6.8% and the median sales price by 10%.  These numbers are far below the trends for year-to-year numbers. 

 Bright spots within the Portland Metro Area are NE again with a .4% drop in year-long sales price.  On number of sales, we are seeing movement in Lake Oswego/West Linn at 5.2% and West Portland at 3.2% over last year.  Columbia County is also up from last year by 1.7%. 

On the price end, NE Portland is the only victor, if you could call it that, with a cut of only – 0.4% for the year.  Most are in single digit drops, but others still plummeting with double digits.

Compared to Last Year

Inventory down 0.7 months.

Closed sales down 10.2%.

Pending sales down 16.2%

New listings dropped 38.7%.

Compared to Last Month

Closed sales up 50.4%

Pending sales up 26.5%

New listings dropped 6%

 The ice is melting…learn to swim or seek higher ground.  Either way, the small steps toward improvement could mean the steals are behind us.  Now is possibly the best time to get a seller to sell at the lowest point.  Winter 2011 could be another low point too since we don’t really know, but the interest rates then could really kill that marketplace if they go up a point.

It is a comeback in the making, just like RTV, be ready…

 April 2011 Market Action

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