We've experienced a pretty steady inventory in Portland- for months we've stayed around seven months worth and December had us at 7.7. Month to month, December 2008 to 2009, sales were up 52%. However, last year showed an average of 12% loss of value for the year, which of course means some areas suffering more and others less so.
Nationwide, our market is also somewhere in the middle, with Las Vegas at a 26% decline, but San Diego with a 2.7% yearly decline in the latest Case-Schiller report.
Digging in a bit deeper, DOM (days on market) in Portland seem to be a mirror of the average sales price with SE Portland having the most closed sales with an average price of $237,00 at just over 100 days on market. West Portland follows with an average sales price of $400,000 and 185 DOM, with the leader in both areas at 235 DOM for West Lynn and Lake Oswego with a average sales price of $538,000. Interest rates are still historically low and buyers need to see good value to bring a home from "active" to "pending". Price well and prepare well if listing.