It’s here! RMLS December Market Action. Without further adieu, here’s the punchline:
Month-over-month, the average sale price increased 8.3% when comparing the month of December 2007 with that of December 2006 and median sale price increased 1.1%.
Surprisingly, at least to me, 2007 condo appreciation is listed at 13% over 2006 prices and that follows years of 14%, 14%, and 12% over the prior respective year. I expected condos to be the anchor on the market, not the buoy. RMLS defines appreciation as: Appreciation percents based on a comparison of average price for the last 12 months (1/1/07-12/31/07) with 12 months before (1/1/06-12/31/06). That’s the same metric used for the poll on the right.
Closed sales dropped 29% which makes it even more amazing that Realtor associations are reporting record membership. Inventory rose both for the year and the month. By area breakdown, the Milwaukie/Clackamas area was the only one reporting a loss. All other areas had positive appreciation but none over 10% Portland: West (3.6%), North (8.4%), Northeast (6.4%), Southeast (7.1%). When will RMLS break SW and NW Portland apart for reporting purposes?
I’ll stop there for today. In the coming posts, we’ll look at how our poll results reflected the market, how the market has fared in a longer term view and consider how we sum up our market.