The RMLS released the November 2008 statistics, and nobody should be surprised. Everything is down except the days on market. We are down 39.9% in total sales compared to last November and had the lowest total sales (1,041) in one month since February 1993. Comparing November 2008 to October 2008, new listings dropped 25.5%, pending sales declined 12.6% and closed sales were down 28.9%.
So what does this mean to Portland Real Estate Investors?
It means that there are some great opportunities out there if you look in the right places. Seller’s have to be motivated if they are putting their home up for sale in this market and during this time of the year. Obviously the are not all short sales or foreclosures, but quite a few are.
November 2008 RMLS Market Action (1.1 MiB, 55 hits)