(Cindy's Blog about Portland Real Estate & Stuff)
Here is the latest 12 month Market Trend Report for West Linn, Oregon. We are always one month behind so these are the statistics for February, 2011. It looks like the inventory inched down slightly from 10 months to 9.9 months. What this means is that it would take 9.9 months to sell all the current active homes on the market.
An average inventory would be around 5-6 months, so anything above that would be a buyer's market, and anything below that would generally be a sellers market. Inventory in months is calculated by dividing the active listings at the end of the month in question by the number of closed sales for that month.
What's the difference between the average day compared to the average cumulative days on the market?
The average sales price is arrived at by totalling all the sales as to dollar amount and dividing by the number of sales. Median sales price is the mid-point of sales, at which half of the homes sold above this point, and the other half sold below.
Inventory in months: 9.9 down from 10 in January 2011
12 Month Average Sales Price: $392,061
12 Month Median Sales Price: $375,000
February 2011 Average List Price: $438,256
February 2011 Average Sold Price: $328,440 (February2010 was $365,067)
February 2011 Median Sold Price: $292,500 (February 2010 was $321,500)
Average Days on the market: 91 down from 137 in January 2011 (February 2010 was 96)
Cumulative Days on the market (CDOM): 189 down from 272 in January 2011 (February 2010 was 120)
When it comes to the Average Days compared to the Average Cumulative days on the market, to me the cumulative days on the market give you a more realistic idea. The average day on the market can be from when a home was listed with one agency, where the cumulative days are the total days listed with all agencies if there were more than one.
I haven't gotten the latest Portland Metro market stats, but to compare a little of how West Linn compared to the entire Portland Metro Area, the the inventory in months for the Portland Metro area was 11.3 months in January 2011 compared to the 10 months of inventory in West Linn.
If you have any questions or would like to recieve this report (or another one to your local area) directly to you, please feel free to contact me at cwestfall@prunw.com or 503-819-5241. As always, you can find lots of information on my website www.cindywestfall.com.
* Information from RMLS
West Linn Market Trends for February 2011 Post on March 13 2011
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