The latest RMLS market action report has just been released. According to the statistics, certain areas of activity have improved from March to April, but are still slow compared to April of last year. In comparing April to March, pending sales increased 6.8%. (This is the first time pending sales have increased from March to April since 2005!). Closed sales dropped 6.7% from March to April, keeping with the trend of the past three years. New listings grew 2.7%. At the April rate of sales, it will take approximately 10.3 months to absorb all of the active inventory.

Comparing April 2008 with April 2007, the number of closed sales were down 39% and pending sales decreased 31%. New listings dropped a slight 2.9%. This year-to-date versus last year-to-date, new listings are up 5.8% while closed and pending sales have declined.

The average home sales price in Portland this April was $325,000 and the median price was $275,000. This is the first decline in average and median price since August 2002 and May 2001, respectively. One factor that may have played a roll in this decline is a 51.2% decrease in the number of houses sold for $1 million or more, when comparing April 2008 with April 2007. Year-to-date sales in this price range are down 31.9% compared to the same time last year.*

In my experience, houses that are priced right in the lower price ranges are still selling quickly, and often with multiple offers. There are still some really great finds out there for peope looking to buy their first home or make their first upgrade.

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.