As promised, here is the latest market action from the local MLS (multiple listing service), for February 2009. A few encouraging notes- we are down to 16 months inventory from 19. Closed sales are up 17.3% from January's numbers and new listings are down. Looking at the DOM (days on market) we are still high at 153 compared to last years 84.
Interestingly, North Portland has the lowest inventory in the Portland area, and also the lowest DOM at 88, though closed sales are down from last years numbers. Lake Oswego and West Lynn are "leading" the average DOM at a whopping 195. With the Lake Oswego area at the highest average price of $520,000- this seems to be a reflection of the higher interest rates given to "jumbo loans" (financing over $417,000) which are costing borrowers 8% plus points, compared to a 30 yr FHA loan at 5% for loan amounts under $417,000.
In this competitive market it's clear that preparing your home and positioning it well on the market are imperative to a successful sale. My DOM for last year was at 45 compared to the average of 88.