Interest rates have dropped close to historic lows and fewer homes will be listed for sale this fall and winter. Expect these trends to keep inventory low in Portland. Metro inventory levels dropped to 1.8 months in Portland in October. Expect strong buyer activity as interest rates are still at low levels, and current pending and closed sales remain high. Portland continues to be a magnet city with people relocating from more expensive markets such as San Francisco and NYC.
This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of properties are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use active listings and 6 months of sold data from the RMLS to create this report.