RMLS Market Action January 2009: Portland Inventory Soars

RMLS-MARKET-ACTION-Inventor While the snow fell, inventory soared to a record 19.2 months.  The total number of active listings appears to be about the same as it was in January 2008 but the slow in sales (732 in 2009 compared to 1085 in 2008) means the listing will take longer to sell in this market.  The 732 closings was the lowest since records started being kept in 1992.

How bad was December for real estate?  January’s pending sales increased 52% from the previous month.

From the “Real Estate is Local” theme, the following chart shows some interesting correlations.  North and West Portland performed the best in change in average sales price from the previous year.  West Portland is the only reporting area with an, albeit small, increase.  Hillsboro/Forest Grove was the only area that reported a increase in pending sales.

The Affordability Index is at the same level that it was in June, 2005.

Total Time on Market (previously calcualted differerently as Day on Market) is 152.

RMLS Area Drop in Pending Sales from 2008 Average Sales Price Change from 2008
N. Portland -45.5% -0.7%
NE Portland -21.4% -1.8%
SE Portland -18.7% -4.7%
Gresham/Troutdale -31.1% -7.8%
Milwaukie/Clackamas -15.3% -5.0%
Oregon City/Canby -24.7% -5.1%
Lake Oswego/West Linn -25.8% -5.8%
West Portland -44.1% +0.3%
NW Washington Co. -32.9% -4.2%
Beaverton/Aloha -26.6% -4.2%
Tigard/Willsonville -29.1% -6.5%
Hillsboro/Forest Grove +3.0% -6.9%

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