Current Market Action Report - July 2008
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Current Market Action Report - July 2008
In the July 2008 RMLS Market Action report we have seen an increase in inventory from 9.5 months to 10 months. Pending and closed sales are pretty much flat, pending being up a smidge at 0.4% and closed sales down by 2.5% as compared to June 2008. Of course compared to July 2007 we're significantly down, 22.3% for pending sales and 30.2% for closed sales.
Sales prices are down 3.5% from from July 2007 and down 2.4% from June 2008.
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North and NE Portland are beginning to feel the crunch of the market, off their pedestal's they are now beginning to see similar depreciation that we are seeing elsewhere in the market. North Portland Real Estate is down from 5.7% in June to 5.1% in July and will likely drop another point or more in August. North East Portland Homes have seen an even sharper drop in appreciation from 6.7% in June to 4.7% in July and with North Portland will likely see another point drop in August.
Across the Portland Metro area we continue to see declines, SE Portland real estate went from 2.1% to just barely remaining out of the red at 0.2%. Gresham and Troutdale areas almost tripled their rate of depreciation from 1.1% in June to 3.2% in July.
Moving South into Lake Oswego & West Linn the appreciation rates although low for those areas remain steady actually gaining from 4.3% in June to 4.8% in July. West Portland actually jumped a bit from 4.9% two full points and then some up to 7.1%! Not bad; especially in this market!
Moving over to the west side the picture gets a little grim again, Beaverton/Aloha Real Estate 1.3% appreciation in June to 0.1% depreciation in July and I suspect that will continue to decline in August. Tigard/Wilsonville -0.6% --> -1.5% in July. Hillsboro and Forest Grove homes also down from -0.5% in June to -1.3% in July.
As usual a quick note on SW Washington their inventory is up only slightly from 12.6 months in June to 12.7 months in July with an average sale price dropping 5% in the last 12 months compared to the 12 months prior.
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