Current Market Action Report - Courtesy of RMLS - February 2008

The current RMLS Market Action Report for February 2008 is out and as expected the information shows a marked improvement over January 2008.

In January we were at 12.8 months of inventory on the market, we are now down to 10.4 months, a good sign. The fact that we are seeing this decrease could be evidence of a slight recovery in the market as even though the numbers are not great, they are following the seasonal trend rather than getting worse (inventory decreases are typical from January to February). Had we seen inventory remain the same or increase, I'd be worried! I'm expecting to see March's inventory somewhere around 8 months when those numbers come out.

Click Image for Report PDF

Our inventory is up from 13,904 in January to 14,407 in February however our closed sales are up 27% in February (1,384 in February 1,085 in January); sales are picking up. We are still seeing higher listings as compared to this point in 2007 (4% increase) and decreased closed sales (27.1%) so we still have work to do before we reach a more normalized market.

Appreciation rates are still slipping, January's 8.3% in North Portland is down to 7.6% in February. Clackamas, Milwaukie, Oregon City and Canby are still slipping further into depreciation, -6.4% in Clackamas/Milwaukie in January now is at -6.7%, Oregon City and Canby went from 1.1% to 0.7%. South East Portland on the other hand saw a bump in appreciation, from 6.7% in January to 7.2% in February and Lake Oswego / West Linn areas also have improved gaining a point from 7.5% to 8.5%, very respectable in this market.

Washington / Clark County is seeing similar changes in the market from a 17 month inventory down to 14.6 month with some areas improving with regards to appreciation and some not so much.

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

2008 RMLS Market Action Report Archives
January 2008

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