While many new listings are coming on the market- I've taken quite a few this year myself- the good news is that closed sales are up over 18% from the same month last year, and pending sales are up over 20%. It appears the prices have adjusted to the point that buyers are having more confidence entering the market. Our inventory is at 12.9 months compared to 16.6 this month last year.

North Portland still has the lowest DOM (Days on Market) at 74. West Portland (close-in west side) has taken the lead over Lake Oswego/West Linn for most DOM at 206. However, the west Portland market also has the most overall listings as well as the most new listings on the market, and therefore has the highest inventory which is bound to drag sales, along with the higher average sales price of $408,000 compared to the $238,000 of North Portland.

The first time home buyers market continues to be strong up to $350,000 more or less. There are still buyers wanting to take advantage of the tax credit that need to be in contract by April 30th and closed by the end of June.

Seller's, though reluctant, are listing their homes more in keeping with market values. Buyer's continue to seek value and especially in the FHA/first time home buyer's market are asking for significant concessions from the seller in closing costs.

Condo sales- especially in certain circumstances can be quite a bargain compared with years past-( read my blog post below on a $100,000 discount.) Especially now that the building is well past it's peak, it seems just a matter of time until the inventory is absorbed.

Short sales and foreclosures are now present in even the most exclusive neighborhoods, though many buyers are avoiding the short sale process which can often be lengthy and unfruitful. Overall, they are a drag on the market with excess inventory and driving prices lower, most especially in areas that have more than their share of them. Read the entire Market Action Report.