Tuesday, July 15, 2008

Portland Median Price down 2% in April - RMLS

The June RMLS report was released today, and it shows a 2% decline from $295k in June 2007, to $289k in June 2008.

Months of inventory are at 9.5 months, almost double the 5.0 months for June 2007, and 4 times the 2.6 months during the peak of the bubble in June 2006.

Closed sales are down 31.3% from June 2007, and pending sales are also down 30%. New listings are only down 16.3% year over year, which to me means that people have figured out that they should only list their house if they absolutely need to sell it.

I still don't see signs of a bottom, but hang on, the ride will only get bumpier what with the Fannie Mae / Freddie Mac issues now coming to light.

Months of inventory are still high at 9.5 months.


Ralph said...

You know your realtor cares about your listing when he takes photos like these.

At least we know the realtor shops at Albertons.

Perplexed said...

That is AWFUL!!

Ralph said...

My favorite photo of the bunch, the balcony where it looks like there is weeds and a small tree growing in a cat litter box. Classy.

Nick said...

I found the area by area numbers pretty interesting. The close in neighborhoods seem to be fairing ok with 5% +/- appreciation. The condo appreciation at 22% (last page of the report) is interesting too.

PDX Outsider said...

I also checked out those stats nick, but don't totally trust them as they still are using rolling 12 month over previous 12 month data.

This is hiding any recent downturns.

Still, it shows that certain areas are holding up better, but not exactly how well.

Anonymous said...

I'm puzzled by the fact that some neighborhoods seem to be "holding up" okay in the stats.

I'm seeing lots of price reductions, and properties sitting on the market for months despite price reductions. Could it be that the lower end properties aren't selling, that the only people buying are those with lots of money, which tends to keep the median and mean prices up?

My own senses tell me the numbers aren't quite reflecting reality. What are the numbers missing?