RMLS Market Action March 2010
By Charles Turner
Portland real estate inventory dropped 40% between February and March! After a two month spike with over 12 months, inventory levels have returned, at least for now, to the levels that we saw during the last half of 2009. There were positive changes in all of the market metrics: average sales price, median sales price, pending sales, closed sales, inventory levels, and days on market.
Average and median prices also increased from last month but the average price is down 5.8% from this time last year. The average sales price is $238,900.
Pending sales in Lake Oswego/West Linn are up 91% from March 2009. Pending sales are up across all reported areas.
North Portland still has the shortest days on market: 91. The average days on market for the Metro area is 142.
Home sales are finally taking off here in Sarasota Florida. Your stats look like things are picking up in your area, too. Good luck
The Tampa Bay market is still a bit slow but at last beginning to show some signs of life. We still have way too many short sales and foreclosures to get off the books before anything really good is going to happen.
I am excited to see that things are picking up in Portland, but I am concerned that our recovery may be slowed or stopped by an increase in interest rates. How long will the real estate market be blessed with low interest rates? On the other hand, if inflation picks up, then real estate values would probably rises as well, in spite of higher rates.
Nice statistics. Learning a lot here. Keep posting more and do keep in touch.
Very good article. I am moderately pessimistic about real estate activities. The commercial real estate bubble is still to burst.