Current RMLS Market Action Report - April 2008

The April 2008 RMLS Market Action Report is out and the news is mixed. First the bad news, lets just get it out of the way shall we? The inventory in April 2006 was 2.4 months, this seems to be almost doubling each April there after. In April 2007 it was 4.4 months...As of the April 2008 report, inventory will last for 10.3 months.

The first drop in average sale price (since 2002) and median sale prices (since 2001) occurred this last month; 3.9% for average sales price and 3.5% for median.

Alright, now that we've gotten that out of the way, here's the good news. From March to April we did see growth of 6.8% in pending sales and this is the first time we've seen that growth since 2005; that's GREAT news. Even though inventory is high, that growth in pending sales is a solid sign of a recovering market. We are still seeing an increase in listing, 2.7% from March to April and we still need to see that decrease.

Click Image for Report PDF

Sales for million dollar + homes is down a whopping 51.2% for April 2008 compared to April 2007, 31.9% YTD.

For appreciation rates, North & North East Portland are still doing great though they are down a touch (7.7% & 6.7%), SE Portland 4.5%. The Gresham & Troutdale areas saw a significant decline from 2.2% to now just barely appreciating at 0.4%. Milwaukie & Clackamas are still in the depreciating column at -5.9%, meanwhile Oregon City and Canby areas have managed to keep from dipping into the negatives coming from a 0.6% appreciation rate in March to 2.5% in April.

On the west side all the numbers have remained pretty close to steady, the only noteable difference is Hillsboro & Forest Grove areas have dipped from 2.7% to 1.3%. Lake Oswego & West Linn are still enjoying solid appreciation rates at 7% though that is a slip from March's reported 8.7%

For SW Washington, the SW Heights area which was seeing a 24% appreciation rate in March has been knocked down to 12.4%, but overall Clark County's numbers are close where they were in March. Their inventory has risen another 2 weeks from 11.9 months to 12.4 months in April.

To download or view the entire report click on the report image or click here

2008 RMLS Market Action Report Archives

March 2008

February 2008
January 2008

Older than 2008 Archives