Market Report for Portland, Oregon

Portland real estate inventory dropped to 8.2 months, the lowest level since August 2007 according to the RMLS Market Action report released today. Many say six months of inventory is market equilibrium. Anything higher indicates a buyer?s market and anything less is a seller?s market. Is that an outdated model in a new economy?

Monthly average sales price was up from May but median price was down. Average price is now just shy of $300,000 and median is $249,900. North Portland days on market is 93 contrasting Lake Oswego/West Linn?s 230 days. Days on market calculations have changed so there is no comparison to 2008. Southeast Portland has the greatest number of homes sold this year: 1056.

As always the ?buy now? question is individual and local. Under the current rules (and no saying they won?t change) the first time buyer credit purchase has to close on or before November 30th. We?ve had buyers lock under 5.0% on 30 year fixed mortgages lately but those rates are VERY dynamic and of course each individual has to qualify. There?s no saying rates won?t drop and prices won?t drop

Market Report for Beaverton

The median sales price for homes in Beaverton OR for Apr 09 to Jun 09 was $236,500. This represents a decline of 0.7%, or $1,750, compared to the prior quarter and a decrease of 15.5% compared to the prior year. Sales prices have appreciated 19.3% over the last 5 years in Beaverton.

The average listing price for Beaverton homes for sale on Trulia was $306,185 for the week ending Jul 22, which represents a decline of 2.5%, or $7,876, compared to the prior week and a decline of 3.1%, or $9,841, compared to the week ending Jul 01. Average price per square foot for Beaverton OR was $149, a decrease of 12.4% compared to the same period last year. Popular neighborhoods in Beaverton include Cooper Mountain – Aloha South, Sexton Mountain, Cedar Hills – Cedar Mill North, West Beaverton, Central Beaverton, and Highland.