Good news for all… The market appears to be slowly working its way towards a more balanced buyer/seller playing field. RMLS just released the May 2009 Market Action report and inventory levels have continued to decline for the fourth straight month. Inventory for May stands at 10.2 months. This means that if nothing new went on the market, it would take 10.2 months to sell off everything available. Just so you don’t have to go back and re-read all my previous market activity blogs, here’s an inventory level chart for 2009.

January 19.2

February 16.6

March 12

April 11

May 10.2

All areas of Metro Portland are still showing depreciation. And although nobody likes to see depreciating real estate values, I think we’re going to continue seeing this trend until we work through more of the short sale/foreclosure transactions. The numbers for May are showing us that houses are now selling a bit more rapidly but they’re closing at reduced prices. In other words, buyers are still in the driver’s seat.

If you’re a first time buyer, keep in mind that the $8,000 tax credit ends on November 30, 2009. You need to be sale pending on or before Nov 1st in order to close by this date! The definition of a first time buyer is anyone who hasn’t owned a home within the past 3 years.

As always, I’d love to assist you with all of your real estate needs. You can reach me at 503-421-2407 or Phyllis@PointClickandPack.com.