Market expert Joelle Lewis reports that Portland market activity in March showed forward progress for month to month but remains slow compared to the level of activity a year ago.

Closed sales were up 22 percent over February, she says, and pending sales were up 5.5 percent, but compared to March 2007 pending sales were down almost 37 percent.

Lewis says the most notable thing about March was a decrease in the level of inventory for February to 9.1 months from a high in January of 12.8.

A comparison of the past 12 months shows an appreciation in the average sales price of 4.9 percent, she says, and buyers are not seeing prices fall in the average price range where bargains are scarce.

So how does Lewis see the market developing in the future?

She expects the current conditions to remain stable, making this a great time for buyers to purchase or move into a larger home.

Lewis says builders continue to offer great incentives on existing inventory, but have cut back production, so the deals won't be here long.

For more information on the Portland market, contact Joelle Lewis at:
PDXHomeSeller.com.

Published: April 30, 2008

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