March Residential Highlights
Market activity in March showed forward progress for month-to-month comparisons, but remains slow compared with the level of activity a year ago.
When comparing March to February 2008, closed sales were up 22.2% (1,691 v. 1,384) while pending sales also increased 5.5% (1,938 v. 1,837).
On the other hand, comparing March 2008 with March 2007, closed sales were down 39.1% and pending sales decreased 36.9%. New listings also dropped a slight 1.8%.
Also notable in March was a decrease in the level of inventory from February. At the March rate of sales, the 15,412 active residential properties would last 9.1 months.
First Quarter/Year-to-Date
Comparing market activity through March 2008 to the same period in 2007, the first quarter also shows slowing in the number of transactions. New listings grew 7.3% (14,695 v. 13,697).
However, closed sales dropped 32.6% (4,285 v. 6,359) and pending sales were down 35.6% (5,282 v. 8,204).
Appreciation
A comparison of the 12 months ending in March 2008 with the 12 prior shows that the average sale price appreciated 4.9% ($344,700 v. $328,700). Using the same formula, the median sale price appreciated 5.1% ($290,000 v. $276,000).
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*The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.
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1 comment:
Good posts-- we are pretty lucky here in PDX, but are still obviously effected by several factors, the biggest in my mind being the lack of certainty by institutional investors in all things real estate. The equities markets have been all over the place due to this uncertainty, and I think you will see money flow out of Wall Street and into "cash or cash-like" vehicles until analysts feel good about things. I think there wil be a big swoop into real estate then(12-18 months) but people will want real bargains.
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