RMLS has released the year end December 2011 Market Action report.  Portland Metro inventory is 5.3 months.  This is the lowest inventory level since June of 2007 (5.0 months).  Inventory is the ratio of the number of closed listings for a month divided by the number of active listings.  There are fewer closed sales and fewer active listings than there were in 2007 but what it shows is that buyers have fewer homes to look at and compete for.

Overall, the Portland Metro market average sales price slid 6.2% from the previous year.  The local market areas are interesting because in 2010 the close in markets fared better than the suburbs.  That wasn’t universally true in 2011 (compare West Linn/Lake Oswego to SE Portland):

Area Average Price December 2011 2011 Change: 1/1/11-12/31/11 2010 Change: 1/1/10-12/31/10
N Portland (141) $222,000 -3.6% -2.5%
NE Portland (142) $266,900 -5.8% -1.4%
SE Portland (143) $214,700 -9.7% -1.4%
W Portland (148) $384,800 -6.2% -2.3%
NW Washington Co (149) $358,100 -1.7% -1.1%
West Linn/Lake Oswego (147) $428,500 -1.4% -10.4%
Gresham/Troutdale (144) $195,700 -8.4% -4.1%
Milwaukie/Clackamas (145) $240,000 -7.8% -9.7%
Oregon City/Canby (146) $233,400 -8.0% -9.4%
Beaverton/Aloha (150) $213,000 -9.7% -2.3%
Tigard/Wilsonville (151) $278,000 -8.7% -3.6%
Hillsboro/Forest Grove (152) $206,300 -9.2% -6.9%