RMLS Market Action for August 2009 was just released. Inventory rose for the first time this year but is 21% lower than it was this time last year. At the current rate of sales, it would take 7.8 months to sell all the existing properties on the market. Prior to July, the last time inventory levels were this low was in August of 2007.
Sales are up from this time last year but down from July. New listings are down.
The average sales price of Portland area property is down 10.6% from this time last year (median down 10.8%).
The average sales price was up 2.7% to $296,300 but the median price was down .04% to $249,900.
There is still plenty of room for concern with the overall economic news, especially Oregon’s unemployment rates. We’ve seen car manufactures offer job loss protection and now Prudential Northwest Properties has introduced it to the Portland real estate market (as has Directors Mortgage). It isn’t a fix all but may help some.
I expect that we will see an increase in the number of pending sales through October as we don’t know if the government will expand, extend or let the First Time Buyer Credit expire.