December 2008 — Home Sale Highlights

November Residential Home Sale Highlights.   Market activity continued to decline during the November reporting period, with notable declines in the number of closed properties and new listings.  With trepidation we note that the RMLS of Oregon reported that the number of closed sales dropped 39.9% this past month compared to November 2007.  Metro-wide there were (only) 1,041 properties sold during the month, which is the lowest sales total since February 1993.  (There are currently 7,500 to 8,000 Realtor© members of the Portland Metropolitan Association of Realtors©, if you catch our meaning.)  New listings declined 20.2% compared to November 2007.

The inventory of homes shot up to a record 15 months, assuming that the 15,611 active residential listings are sold at the month’s rate of sales (1,041).  For background on this notable trend see this month’s earlier Market Update.

Inventory in Months, Portland Metro Area

2006

2007

2008

January

3.2

6.2

12.9

February

2.7

5.2

10.4

March

2.0

3.8

9.1

April

2.4

4.4

10.3

May

2.3

4.5

9.2

June

2.6

5.0

9.5

July

3.5

5.7

10.0

August

3.6

6.2

9.9

September

4.5

8.6

10.4

October

4.6

8.4

11.1

November

5.1

8.3

15.0

December

4.5

8.5