Current Market Action Report - Courtesy of RMLS - January 2008

The latest Market Action Report for Portland Metro & Surrounding areas is out and the numbers are out standing for buyers; sobering for sellers.

You may have heard recently that our current inventory is at 9 months, or 10 months - scratch that, we're up to 12.8 months. In 2006, just as the real estate bubble was bursting so to speak, that number was at 3.2 months. For those of you wondering what "inventory" means in terms of real estate, if the current rate of home sales remained the same, and no new homes came onto the market, it would take 12.8 months to sell all homes currently on the market. This number however will continue to grow as the RMLS MA Report shows in January we had 4,937 new listings and only 2,756 closed & pending sales; simple arithmetic shows sellers are not out of the woods yet. As Realtors in the market we are however expecting the market to even out a bit more this year.

Click Image for Report PDF

Currently there are 13,904 homes on the market and even though our inventory is climbing,

appreciation and average/median sales price are still on the rise in the majority of the Portland Metro area with Multnomah County seeing the most significant overall increase in average sales price at +9% thanks in large part to the North and North East areas. Clackamas County is the lowest at 3%, Washington County at 6%.

The areas that stand out the most in terms of highest appreciation are North Portland at 8.3%, North East Portland at 7.3% and South East Portland at 6.7%. Of course areas such as NW Portland & Lake Oswego/West Linn still continue to see solid appreciation rates of 6.3% (NW-PDX) and 7.5% (LO/WL).

The areas that stand out in poor performing numbers are Clackamas & Milwaukie at a negative rate (yes, the area is depreciating - investment potential anyone?; use this stat in an offer negotiation!) at -6.4%. Oregon City / Canby areas are the next lowest at 1.1% appreciation.

Quick note about Washington, their inventory just in Clark County is at 17 months currently with an overall sales price appreciation of 1% so within the Metro area of Portland we're definitely doing better than our neighbors just over the river.

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

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