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.
The overall price change from March 2009 to March 2010 across Clark County is a depreciation of 11.6%.
If you are curious about your home's value, we can help you determine its value looking at recent comparable property sales.
Wow, you have an incredible amount of inventory. Most of that would have to be absorbed by the market before further stabilization (and only then would prices start to see increases). Good luck with your market.
Posted on Friday, April 23rd, 2010 at 2:21am.