Market Update: December 2009 RMLS Stats & Balanced Market?

Our RMLS™ Market Action report was issued last evening. Here's the full report. Inventory seems to be creeping up again. This isn't a good sign as the closer we get to Spring, the more properties will be coming on the market. Back in November, I wrote an update to a July post on whether our market favored buyers, sellers or whether it was a balanced market favoring both buyers and sellers.

Inasmuch as we just completed 2009, I thought it would be interesting to see where we ended the year. December 2009 had only 1 area that could be deemed a sellers market and that was Northeast Portland (too little inventory). In November, we had 4 areas with too little inventory (favoring sellers). December had just as many areas, like July, with too much inventory (favoring buyers).

Bottom line is we still have too many houses for sale. Once again, the close-in areas are selling and favor both buyers and sellers, the suburbs and outlying areas are taking the hits, and Lake Oswego still has the most houses for sale. This has pretty much been the case for all of 2009.

Sellers Markets (obviously favoring sellers=too little inventory)

• Northeast Portland: December 4.9 months (October: 4.2 months, July 5.8 months)

Balanced Markets (good for both buyers and sellers)

• North Portland: December 6.4 months (October: 3.9 months, July: 5.7 months)
• Southeast Portland: December 5.7 months (October: 4.6 months, July: 6 months)
• Beaverton-Aloha: December 6.8 months (October: 4.7 months, July: 6.3 months)
• Milwaukie/Clackamas: December 6.2 months (October: 6.6 months, July: 6.8 months)

Buyers Markets (obviously favoring buyers=too much inventory)

• Gresham/Troutdale: December 7.8 months (October: 6.1 months, July: 8.3 months)
• Oregon City/Canby: December 8.3 months October: 9.8 months, July: 12.7 months)
• Lake Oswego/West Linn: December 10 months (October: 8.4 months of inventory, July: 11.9 months)
• West Portland: December 7.8 months (October: 8.9 months, July: 9.2 months)
• North Washington County: December 8.9 months (October: 6.7 months, July: 7.1 months)
• Tigard/Wilsonville: December: 8.1 months (October: 6.9 months, July: 9.3 months)
• Hillsboro/Forest Grove: December 7.4 (October 6.3 months, July: 9.1 months)

In the next few days, I'll share more December and 2009 information on our PDX real estate market.

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