Portland Metro Market Conditions

Randy McCreith, Principal Broker

March 21, 2011

View the full Portland Metro Market Conditions Report with all graphs.

This monthly market analysis is a commentary and commentators have much more latitude than pure journalists. With that in mind, I want to give a quick update on the numbers in the monthly report and then comment on other market conditions beyond the numbers. Regardless of the cable channel you watch for news and commentary, half the people cheer in agreement and half the people jeer at the ‘liar’. I expect no better treatment!

The Numbers…

Improved closed sales and pending sales in February confirm we did have a good start to this year. Looking in the first chart of pending sales, you will see that we are tracking a bit better than 2009, but worse than 2010 which was artificially improved by the tax credit. Inventory is lower than the past years (good for sellers) but this seems to be caused by seller reluctance to list their homes, rather than by the rate of sales (not as positive).

Our average sales price and median price is down between 8-10% from a year ago. Definitively now, our prices in the Portland metropolitan area on average are where they were in 2004 (this is amazing). The good and the bad! This seems to well illustrate a continuing condition where we get encouraging and discouraging information mixed. Sales numbers may be improving but values continue to drop. We long for the days when the good news becomes predictable and a trend.

I often get asked about market conditions beyond sales statistics. Stay tuned for upcoming posts about the three most common questions I receive and my usual responses.
Randy McCreith, Principal Broker

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