The February, 2008 numbers are in from the RMLS and Portland's inventory has dropped from a high in January of over 12 months to just over 10 months for February, 2008.
Inventory of 10 months means that if not another listing was added to the RMLS starting now, it would take approximately 10 months for all current listings to clear from the market... sold, cancelled, expired or withdrawn.
Additionally, for February, 2008 Portland's year-over-year appreciation rate is just over 5%. That number is an average for the whole Portland metro area. Some areas are compensating for others. Nevertheless we're still in a great position compared to many distressed areas around the nation. Open-houses continue to draw large numbers of folks, especially as we've recently had some lovely spring weather.
Happy Homeowning! Keith Berne, RE/MAX Equity Group, Broker, Realtor®, GRI 503-495-5238
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