January 2011 RMLS Market Action for Portland real estate came out today. There was a sharp spike in inventory to 11.3 months which makes December’s 7.9 months an anomaly in light of the previous month’s inventory levels. Most of the increase can be attributed to a large increase in new listings. I’ll post the City of Portland inventory levels ASAP.
Each month I reiterate that RMLS uses a five county area for Portland Metro compared to Case Shiller that uses the seven county Portland MSA. This month, RMLS also reports the change in average sales price at the county level. Multomah County remained flat in 2010, losing .1% to an average sales price of $285,000.
Clackamas County lost 7.6% for an average sales price of $310,700. Columbia County lost 6.4% ($181,000), Yamhill County 3.5% ($219,400) and Washington County was down 2.3% to $274,900.
Also noteworthy is a sharp drop in average price between December and January to $248,000. We’ll have to wait until this time next month to see if that’s an anomaly as well.
It would be interesting to see the unemployment rates to compare to the market action.
That is a very big decrease in January for just 2 years.