October Numbers for Portland: (WARNING: May be too graphic for some!)
Posted on November 7, 2007
Filed Under Real Estate, General |
October numbers have pretty much settled, so here are they are in graphic form. Again: click on the image to open a two page pdf, which will give corresponding data.
UNIT SALES
Not attractive - down over 32% - but they are what they are. The good news is closed sales track thirty days behind pending sales, and pending sales for the month were up dramatically over September (see data) so there will be a leveling of the trend line.
MONTH’S SUPPLY of INVENTORY
If you’re wondering how MSI could come down from September if the sales were down, it’s because there were over 3600 listings that expired in October, many of which were never relisted.
MEDIAN PRICE
And the trend continues, unlike most areas of the United States. (Remember, though: real estate is local.)
The fundamentals are all still in place. Good economy, more people moving into than out of the area, historically low interest rates. The passage of Measure 49 last night means less development and ultimately lower supply for the increased demand.
So while prices in some areas are dropping - dramatically in some individual cases - I think the buyers sitting on the sideline waiting for a fire-sale are going to be sorely disappointed.
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