The Portland RMLS recently released sales information for February 2009. Here are the numbers:

Increasing inventory with 56 new listings on the market since January and 22 new on market in February alone. Closed sales at six shows an increasingly competitive market with not as many buyers active. Pending sales are down 61.5% comparing this same time from last year.

There's no doubt that increased unemployment, increased savings and the virtual disappearance of around 45-50% of individuals savings and wealth are having an impact on real estate.

There have been no sales of land, mutilfamily, or commercial properties since January.

Some sellers are making the price adjustments needed to compete and get their properties sold. It is shocking for many sellers to see what comparable properties are selling for as home equities rapidly shrink to adjust to this current economy.