The chart above is from the March 2009 Market Action (click to enlarge).
Today’s RMLS Market Action reports the first drop in March to April inventory since 2004. The drop in inventory is attributed to the increase in pending sales as the actual number of active listings increased to . Inventory calculated as the number of active listings divided by their rate of sale. The market still lags… Continue reading RMLS Market Action April 2009
The image below is a snapshot of the just published RMLS Market Action for May 2009. The decrease in inventory (a ratio of the active number of listing (14,493) and rate of sales) can be attributed to an increase sales activity as the number of listings has increased. Between January 2007 and May 2007, inventory… Continue reading RMLS Market Action May 2009
Portland real estate inventory dropped to 8.2 months, the lowest level since August 2007 according to the RMLS Market Action report released today. Many say six months of inventory is market equilibrium. Anything higher indicates a buyer’s market and anything less is a seller’s market. Is that an outdated model in a new economy? Monthly… Continue reading RMLS Market Action June 2009
The Federal Reserve meeting ended its two day meeting today without changing interest rates. CNN reports, “Central bank says the long decline for U.S. economy appears to have ended, although it’s likely to remain week for awhile.” RMLS just released its latest Market Action report with some strong numbers for July: Closed sales in the… Continue reading RMLS Market Action July 2009
RMLS Market Action for August 2009 was just released. Inventory rose for the first time this year but is 21% lower than it was this time last year. At the current rate of sales, it would take 7.8 months to sell all the existing properties on the market. Prior to July, the last time inventory… Continue reading RMLS Market Action August 2009: Mixed Results
RMLS Market Action September 2009 was released today (Portland Metro or whole report). Inventory dropped slightly from August which contrasts with rises month-over-month in 2007 and 2007 between August and September. Cumulative days on market is 144 days but a quick search in RMLS shows that 243 properties sold in the last two months with… Continue reading RMLS Market Action September 2009
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… Continue reading Portland RMLS Market October 2009
This is a bit of a departure from my usual format as I normally don’t paste articles in their entirety but since this was emailed to me and all the sources are cited, here it is. Two different views of the risk to Portland real estate because of subprime issues. I searched Oregonlive.com for both… Continue reading Subprime in Oregon
I stuck my head into the office of Columbia Mortgage’s Shawn Headlee this afternoon. Mainly thinking of myself and that maybe a refinance might be worth investigating. It would be if we were not in a jumbo mortgage situation. He says that rates on jumbo mortgages (over $417,000) haven’t shifted much so no dice for… Continue reading How Low Will Interest Rates Go?