SEPTEMBER MARKET ACTION

15 10 2010

The new Market Action report from RMLS looks like we are down in AVERAGE SALE PRICE from September 2009 by 3.5% which puts us now at -2.36 % between January and September of this year.  If new listings fell 7.3% from the previous month and closed sales increased by 1.3% and pending sales decreased by 6.2%. 

My opinion of this is that sellers have given up on this market. 

As of today, there are 12,243 homes on the market in the Portland Metro area.  In the last month (Sept. 15-Oct. 15) 3,379 homes have been removed off the market either by canceling or withdrawing their listing; or, having their listing expire.  The RMLS statistic for new listings in this report ending September 30th is 3549 which means another 170 homes were removed from the market in the last 15 days.  Granted some of the these homes may be part of the “new listing” figure too by switching brokers or changing RMLS#s; but, the fact is, that houses are coming off the market at a greater rate than pending or closed sales can handle to balance them out. 

The good news…. If the inventory number goes against the seasonal trend for the Fall and Winter and actually drops further, buyers who “have” to buy, will have less to choose from and the sellers who stay on the market may finally sell their home out of an unforeseen circumstance of this coming market.

 REVISED September 2010 Market Action

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