Latest RMLS Market News for June 2009

Here are the latest RMLS statistics for your review. The great news is that when you compare inventory levels from this year alone we have gone from 19.2 months in January to only 8.4 months of inventory on the market currently. This is excellent news for those homeowners who are thinking about listing their homes at this time.

For more detailed information please view the RMLS Market News:



This June, same-month pending sales were up for the first time since December 2006 in the Portland metro area, and inventory reached its lowest point since August 2007.

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%. See residential
highlights table below.

Further, comparing June 2009 with May 2009, closed sales increased 24.5%
(1,776 v. 1,427) and pending sales were up 10% (2,164 v. 1,967). New listings
also rose 9.7% (4,257 v. 3,879).

Inventory fell to 8.2 months, dropping for the fifth consecutive month and reaching it’s lowest point since August 2007. Active listings typically rise at this time of year, but were virtually unchanged since May (14,491 v. 14,493). Conversely,
actives increased 10.1% from May to June in 2007, and 4.2% in 2008.

Second Quarter Report

Comparing the second quarter of 2009 (April-June) with that of 2008, closed sales fell 15.3% (4,625 v. 5,461) and pending sales dropped 3.2% (5,784 v. 5,972). New listings decreased 23.8% (12,165 v. 15,973).

Sale Prices

The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%.

Month-to-month, the average and median sale price were mixed when compared with May levels; the average sale price was up 2.9% ($299,800 v. $291,400) and the median sale price was down 0.04% ($249,900 v. $250,000).

For more information on Real Estate please contact LaDonna Miller- Oregon First Real Estate (503) 310-9076 or ladonnamiller@earthlink.net