According to statistics from the Willamette Valley Multiple Listing Service (WVMLS), the number of under contract homes increased 8.46% in January 2010 compared to December 2009. Under contract homes were up 18.48% compared to January 2009.

Even though the number of homes actually sold in January 2010 still reflected the traditional winter holiday decline, the rate of sales to available homes on the market picked up, bringing inventory down to 11.5 months. Inventory for December 2009 was 12.8 months.

The median sales price reached a two year low of $165,000 in January 2010. It was down 5.71% from December 2009’s $175,000. First time buyers competing for lower priced properties are likely driving price declines. The inclusion of a tax credit (up to $6,500) for move-up buyers may help stabilize prices in the coming months.

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According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes that went under contract in January 2010 jumped 42.21% from the previous month.  And, that number also showed an increase of almost 40% over the same month the year before.

While the number of homes actually sold in January was down over December, reflecting the traditional winter decline, sales were up by more than 21% year over year.

That helped drop inventory to less than an eight month supply.

More good news, the median price continued to rise, up 0.41% to $242,000 in January 2010 compared to December 2009.  January’s rise is the second consecutive monthly increase in the median price.

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