Only 8% of Portland homes sold last month

To understand our real estate market, you don’t have to understand all the numbers- just some important ones. One number I monitor is housing inventory, currently at 11.1 months, because high inventory equals less home sales and weaker home prices. Right now, inventory (supply) is high, demand is low.

This is great for buyers and challenging for sellers. How so?

According to RMLS data, 1178 homes for sale in the Portland area went under contract in October 2008. In other words, there were 1178 properties in which the seller and buyer agreed to a transaction. This is 1178 properties out of an available 14,492 that were listed on the market. This equates to an 8% success rate for sellers.

As a Realtor, I can say comfortably that pricing is the key for anyone trying to sell their home. Any overpricing by a homeowner will cause their home to languish on the market. As for buyers, selection is favorable and with proper research the opportunity to find good value exists.

Here are the percentages of listings (homes for sale in the RMLS) that found a buyer and went under contract in October 2008. They are termed "pending":

Pending = Area

11% = North Portland (63 of 564)
12% = Northeast Portland (143 of 1205)
12% = Southeast Portland (202 of 1848)
7% = Gresham, Troutdale (84 of 1225)
7% = Milwaukie, Happy Valley, Clackamas (93 of 1278)
7% = Oregon City, Canby (59 of 880)
6% = Lake Oswego, West Linn (68 of 1074)
6% = West Portland (120 of 1925)
7% = Northwest Washington County (51 of 686)
9% = Beaverton, Aloha (115 of 1248)
6% = Tigard, Tualatin, Sherwood, Wilsonville (92 of 1508)
8% = Hillsboro, Forest Grove (88 of 1051)


There are also those properties that not only don't sell, but expire (when the listing contract ends) or are cancelled (removed from the housing market by the homeowner via a listing termination). Here are the percentages of homes, also from last month, that expired or cancelled:

Expired/Cancelled % = Area

31% = North Portland (173 of 564)
25% = Northeast Portland (304 of 1205)
22% = Southeast Portland (400 of 1848)
20% = Gresham, Troutdale (248 of 1225)
24% = Milwaukie, Happy Valley, Clackamas (308 of 1278)
27% = Oregon City, Canby (234 of 880)
21% = Lake Oswego, West Linn (230 of 1074)
20% = West Portland (392 of 1925)
19% = Northwest Washington County (131 of 686)
24% = Beaverton, Aloha (302 of 1248)
18% = Tigard, Tualatin, Sherwood, Wilsonville (271 of 1508)
22% = Hillsboro, Forest Grove (226 of 1051)