October 2009 RMLS Market Action for Portland was released yesterday. The complete RMLS report for all areas is here. The 6.5 months of inventory is the lowest it has been since August of 2007 and is down 67% since January’s all time high. Inventory is a ratio of the number of months it would take to sell all the active listings at the current rate of sales.
Pending sales are up 64% compared to October of last year but those properties are selling at a discount: the average sale price is down 12.6% and median price down 10.9%. The average sales price of a residential property in October was down compared to September and the whole year.
