Portland is still a strong buyer's market, but housing inventory is doing the traditional spring dip.
Latest RMLS reporting shows that housing inventory in March 2009 fell to 12 months. This was a significant drop from February's level of 16.6 months.
Having 12 months of inventory means that if no other homes were listed for sale, it would take 12 months for the supply to dry up. A balanced market between buyers and sellers is seen as five months of inventory. Bottom line, buyers still rule the market.
The number of active listings in March 2009 numbered 14,158- down slightly from February's 14,188 listings. But closed sales grew in March 2009 from February by 38.2%, while pending sales rose 28.3%.
The yearly figures, however, still reflect the state of the market. Closed sales were down in March 2009 by 30% compared to a year ago- a big impact on home prices.
The average sales price of a Portland area home in March 2009 was $297,000- down 11.8% compared to March 2008 when the average price was $336,700.
The median sales price of a Portland area home in March 2009 was $246,400- down 14% compared to March 2008 when the median price was $286,500.
The current time on market that it takes to sell a home is 156 days.
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