The Portland real estate market showed an upswing in closed sales for February 2011 with levels up from both last February 2010 and last month, January 2011. This was done even with fewer active and new listings on the market.
The market continued to weaken as February 2011 sales data is released. The average sale price in February 2011 declined 10.5% compared to February 2010. When comparing January & February of 2011, the average sale price went down from$248,900 to $244,500.
If you take a look at the first two months of 2011 with the same period (Jan-Feb) in 2010, the data shows that new listings decreased by 23.6%, while pending sales were down 8.3% and closed sales increased 5.4%. During the same two month window the average sale price dropped 10.7% this year compared to last.
The other bright spot in the Portland real estate market is that February had a slight decrease in inventory. Down from11.3 last month 11,746 active Portland homes for sale would last about 10.9 months, at February 2011's rate of sales. Portland real estate housing inventory has stayed pretty much between 10 and 11 months for the last eight months The only exception was in December 2010. The general thought is that six months is a good balance between a buyer’s and seller’s market.
To see how last months data looked, click here.
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Originally posted on West Linn Real Estate.