on Thursday, April 22nd, 2010 at 2:39pm.
The Regional Multiple Listing Service (RMLS) that serves Oregon and Southwest Washington releases a report every month about mid-way through the following month for the previous month. On April 15, 2010, the March 2010 Market Action Report was released.
The data is pretty raw and does not specify what the monthly inventory is per area, just for the whole of Clark County, Washington. Despite what happens with foreclosures and short sales real estate inventory tends to be cyclical, especially in the Pacific Northwest, where weather is a factor. Buyers tend to be motivated to purchase in the spring and summer months, which is when prices tend to be higher and inventory lower. For March 2010, the trend continues as inventory is down to 7.7 months from 11.6 months in February.
A balanced real estate market is when the inventory is between five to seven months. At just over seven months, we are in a slight buyer's market. In October, 2010, the inventory actually dropped to a balanced market at 6.4 months in Clark County - a dramatic chance from the all-time high inventory in January 2009 of 21 months, probably the best buyer's market in RMLS history.
Real estate is local and will continue be local. Areas are affected differently based on various market factors, crime rates, views and proximity to services and freeways.
Monthly Inventory is as follows:
Downtown Vancouver - 12 months
Northwest Heights - 6.4 months
Southwest Heights - 20.6 months
Lincoln & Hazel Dell - 6.4 months
East Hazel Dell - 9.5 months
Northeast Heights - 7.2 months
Orchards - 10.1 months
Evergreen - 5.1 months
East Heights - 7.2 months
Cascade Park - 8.1 months
Five Corners - 3.5 months
East Orchards - 5.7 months
Fisher's Landing - 6.7 months
Southeast Clark County - 14.3 months
City of Camas - 7.6 months
City of Washougal - 8.3 months
North Hazel Dell - 7.1 months
South Salmon Creek - 6.6 months
North Felida - 6.7 months
North Salmon Creek - 9.5 months
City of Ridgefield - 8.1 months
West of I-5 Clark County - 3.7 months
Northwest East of I-5 Clark County - 8.4 months
City of Battle Ground - 5.7 months
City of Brush Prairie - 10.4 months
East Clark County - no data, 7 listings, no homes sold
Central Clark County - 8.3 months
Mid-Central Clark County - 9.5 months
City of Yacolt - 13.6 months
City of La Center - 10.4 months
North Central of Clark County - 28.7 months
Northeast Corner of Clark County - no data, 7 listings, no homes sold
The overall price change from March 2009 to March 2010 across Clark County is a depreciation of 11.6%.
The areas with the highest price depreciation, year over year from March 2009 to March 2010:
-37.0% in Northeast Clark
-30.8% in Southeast Clark County
-22.0% in North Salmon Creek, Vancouver
-20.0% in the City of Ridgefield
-18.4% in Northeast Heights, Vancouver
-18.2% in Lincoln & Hazel Dell, Vancouver
-18.1% in East Clark County
-17.3% in Northwest Heights, Vancouver
The areas with the least change year over year from March 2009 to March 2010:
+6.0% in Southwest Heights, Vancouver
-0.7% in West of I-5 Clark County
-5.0% in North Felida, Vancouver
If you are curious about your home's value, we can help you determine its value looking at recent comparable property sales.