RMLS™ AUGUST 2009 STATS

This past week our RMLS™ rolled out their market action report for August 2009.  Here’s the full report.

From my observations, the majority of transactions closing are under the conforming loan limit of $417,000, in first-time buyer price ranges and in certain close-in areas of Portland.  The mid-to-upper range isn’t moving as quickly or as often.  August saw lots of price reductions occurring once again.  In checking our “hot” sheet daily, I knew the listing inventory was increasing in August but; frankly, it increased just slightly compared to what I thought it would.  The inventory in Portland currently is at 7.8 months, an increase from 7.3 months in July.  This gives me the indication we are still not at the bottom. 

August is typically one of our busiest buying months and during summer’s buying frenzy; yet, inventory increased inspite of the droves of  first-time buyers purchasing due to the tax-credit, low interest rates and the bulk of housing for sale on the market.  What this tells me is that  1) short sales and foreclosures are increasing in number and/or 2) our housing market still isn’t on a rebound.  

From our peak in August 2007 to August 2009, prices in Portland have decreased by 17.3%.

RMLS™ states that:

Sales activity:   (pending sales & closed sales) outpaced totals from last August in several areas. Portland posted a 13% increase in pending sales and 4% in closed sales.

Housing Inventory:  Inventory, on the other hand, rose in many areas this month. However, most of the increases were modest and inventory remains well below 2008 levels.

Portland saw inventory rise to 7.8 months, up from 7.3 in July, but was still 21% below where inventory was in August 2008.

Days on Market:  In Portland it took 135 days to sell a property, up 11.5% from last August when it took 121 days.

In checking our RMLS™ stats daily, I am also seeing many new listings come on the market in September.  There have also been a tremendous amount of price reductions.  I won’t be surprised if our inventory in September increases once again as I am seeing relatively fewer sales vs. new listings coming on the market thus far this month as well.

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