Current RMLS Market Action Report - May 2008

The May 2008 RMLS Market Action Report is out, inventory is down to 9.2 months however we still have too many homes on the market; this market is begging for buyers to get active.

Last month we saw our first drop in average sales price since 2002, in May we saw another drop of 3.96% from $348,800 average sale price in May 07 to $335,000 in May 08'. These price drops are not necessarily a bad thing for the market (but of course sellers aren't happy about it), the market is self-correcting; something it needs to do and we have expected. Many market analysts feel we have "hit bottom" so to speak in the real estate market, and a few bumps in the road ahead aside, we would tend to agree. There is still some potential for further problems with regards to the economy as a whole, oil prices being a primary factor. We are even seeing oil & gas prices effecting how and where people buy their next home as the commute is now more a factor in that decision than ever before.

Both the average and median sale prices have however increased over April 2008 by 3.1% and 4.5% respectively but we are still seeing an increase in listings which continues to trouble the market, up 2.1% from the same YTD period in 2007.

Click Image for Report PDF

For appreciation / depreciation rates we still see north Portland, NE Portland, Lake Oswego, West Linn & West Portland doing the best, all appreciating still at 4.5% or better on up to 6.5% in north Portland. SE Portland has slipped down to 3.7%, Milwaukie & Clackamas areas are still hurting at a depreciation rate of -7.3%, Oregon City is still just barely managing to stay out of the red at 1.4%. Gresham & Troutdale have been inching towards the red for a few months and finally made it there at a depreciation rate of -1% in May. And a big negative jump for Mt. Hood & Government Camp areas, they almost doubled their depreciation rate in May going from -5.2% in April to -9.8% in May - Those vacation 2nd home cabins don't appear to be as attractive in this economy (yet we still managed to sell 2 last month ourselves).

At last look the west side was slipping n' sliding and that trend has continued with Beaverton & Aloha areas at 1.7%. Tigard & Wilsonville areas just barely keeping themselves out of the red at .4% and Hillsboro & Forest Grove areas and a stand still at 0%.

Clark County as a whole is down -2.4% with SW Heights coming down an astounding 9.8% from 12.4% in April to just 2.7% in May...But hey, they're still in the black. E Heights comes in at a respectable 6%, Cascade Park at a VERY respectable 8.1% and SE County, WOW 15.9%! What's going on there folks? The NE Corner, biggest drop yet at -26.8%. And inventory in SW Washington? Still climbing at 12.6 Months.

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

2008 RMLS Market Action Report Archives

April 2008

March 2008

February 2008
January 2008

Older than 2008 Archives