Yesterday I posted the RMLS™ Market Update October 2009 stats in case you missed it.  Market Update Graph-bettyjung.wordpress.comBack in July 2009, I wrote a post about which areas in Portland were either a buyers, sellers or a balanced real estate market.  Looking back at that post, all areas of our real estate market here in Portland have improved since July.  Granted, the areas closer in were driven (and are still being driven) by the first-time home buyer’s tax credit and the high number of foreclosures.  Now that program has been extended and expanded it will be interesting to see next year how the Federal program impacted our market.  However, it definitely impacted the first-time home buyers and the close-in metro areas of Portland.

Here are the current numbers as of October 2009 compared to July 2009:

BALANCED REAL ESTATE MARKET IN PORTLAND

Currently, our latest October 2009 stats show Portland (which includes Clark County, Washington) having 6.5 months of inventory.  5-6 months (or under 7 months of inventory) is considered by our National Association of Realtors® as a balanced real estate market.  We are at the higher end of the range, but we are definitely seeing a balanced market – good for both buyers and sellers – here in Portland, Oregon overall.

Here are the numbers for each of the areas in Portland from our latest RMLS™stats –  October 2009:

Sellers Markets (obviously favoring sellers=too little inventory)

  • North Portland currently has 3.9 months of inventory (in July it had 5.7 months)
  • Northeast Portland currently has 4.2 months of inventory (in July it had 5.8 months)
  • Southeast Portland currently has 4.6 months of inventory (in July it had 6 months)
  • Beaverton-Aloha currently has 4.7 months of inventory (in July it had 6.3 months)

Balanced Markets (good for both buyers and sellers)

  • Gresham/Troutdale currently has 6.1 months of inventory (in July it had 8.3 months)
  • Milwaukie/Clackamas currently has 6.6 months (in July it had 6.8 months)
  • North Washington County currently has 6.7 months (in July it had 7.1 months)
  • Hillsboro/Forest Grove currently has 6.3 months (in July it had 9.1 months)
  • Tigard/Wilsonville currently has 6.9 months (at the higher end and closer to a buyer’s market) (in July it had 9.3 months)

Buyers Markets (obviously favoring buyers=too much inventory)

  • Oregon City/Canby currently has 9.8 months of inventory (in July it had 12.7 months)
  • Lake Oswego/West Linn currently has 8.4 months of inventory (in July it had 11.9 months)
  • West Portland currently has 8.9 months of inventory (in July it had 9.2 months)

Already we’ve been seeing multiple offer situations in the hot seller markets noted above.  As we move into the spring-buying season we will undoubtedly have another frenzy of buying with multiple offer scenarios again. 

Winter is a great time to buy.  Serious buyers and relocation buyers will be out in our marketplace in the next several months.  Rates are so low, inventory is still high in many areas and with the tax credit I am surprised many people are still on the fence.  If you don’t have an agent to represent you, let me help, I’d love to be your Realtor®.

Creative Commons LicenseALL ABOUT…..Portland.Oregon.Real Estate, is licensed under a Creative Commons Attribution-Noncommercial-No askfirst1Derivative Works 3.0 Unported License. © Copyright 2008-2009 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.  Based on a Blog at WordPress.

(For more local and national real estate information, go to www.bettyjung.com).