July Market Report
RMLS just released July’s Market Action and, as I predicted, it looks quite a lot like last month’s. The feeling around town is that the market has “found itself”, for lack of a better term. While we clearly aren’t in the middle of a bustling real estate season, we certainly should find some joy in the relative calm that we are enjoying. While many other markets are still fighting off monthly depreciation and rising inventory, Portland has found a sort of stasis. The local market continues to churn along. Here’s a quick snapshot:
July 2008 vs June 2008 - nearly a mirror image
July 2008 vs July 2007 - Sales down 30%. Prices down 3.5%.
Inventory at 10 months supply.
Average market time - 72 days.
As usual, specific locations are doing much better than others. Close-in neighborhoods are holding strong and actually enjoying decent rates of appreciation. North Portland, for example, had a market time of 51 days with 5.1% appreciation rate. Northeast Portland was at 56 days and 4.7%.
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