The monthly Market Action report for Portland came out today and, with no surprise, indicated that December was a very slow month in our region. December sales were down 34% compared to December 2007. The real surprise was that the number of sales (987) was the lowest monthly total since February 1992 (905). Pending transactions (810) were the lowest number since RMLS began reporting in 1992 and the previous record was 845 in December 1994.
For the year, 2008 total sales were down 32.1% from 2007. Pending sales dropped 30.8% and new listings decreased 8.7%.
Hopefully the slow December was somewhat weather related and we will see a rebound in January. Already our group is seeing more buyer activity then we've had for months.
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