Today’s RMLS Market Action reports the first drop in March to April inventory since 2004. The drop in inventory is attributed to the increase in pending sales as the actual number of active listings increased to . Inventory calculated as the number of active listings divided by their rate of sale.
The market still lags behind 2008 in pending and closed transactions but continues to see month-over-month improvements. Current market time was 148 days in April (152 days for the year). The method of calculating days on market has changed, but as a comparison, July 2006 had a DOM of just 38! When the change was made the DOM jumped by about a factor of two so the difference is still significant. Inventory for July 2006 was 3.5 and that calculation has not changed. There were 11,457 active listings. NE Portland’s 107 days on market is the lowest reported for April 2009.
The market over $1,000,000 remains slow. In 2007, there were 74 sales in Portland over $1M in the first four months of the year. In 2008, it dropped to 56. In 2009, there are a total of 17 recorded sales through April 30th. I obviously would like to add number 18 to that list with the sale of our remodel project at 2356 NW Hoyt. I have a vested interest in hoping that the return of reasonable rate jumbo loans will accelerate the higher end of the market.