Inventory Hits 10 year Low in Portland, Oregon
The last time inventory was this low was June of 2005 when our metro inventory was at an all time low of 1.5 months. Currently we’re at 1.9 months in Portland but here are some of the differences between 2005 and 2015.
In 2005 the average price was $286,000
In 2015 the average price is $337,000
That’s up 18%
In 2005 the average days on market was 41
In 2015 the average days on market is 75 [higher than you expected right?]
That’s up 34 days
While the market feels a little crazy right now with many homes selling way over asking the truth is that in 2005 it was even faster. Homes were selling in almost half the time on average and prices were going up quicker as well. It is a fantastic time to be a seller in Portland Oregon but it is a tough time to be a buyer. That being said it is great helping so many people who felt stuck in homes that were underwater or who couldn’t get a loan during the downturn.
Also, check out our May 2015 Inventory Report, including a more detailed look at inventory numbers by neighborhood!