Inventory Hits 10 Year Low
Inventory dropped to 1.9 months in Portland this month. This move signals continued appreciation and more robust activity than usual this summer. When inventory is this low it is a sign that prices will rise. Portland continues to be a magnet city with people relocating from more expensive markets such as San Francisco and NYC.
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. For more information, check out this article we recently published about some of the differences between the 2005 and 2015 markets.
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 current active listings and 6 months of sold data from the RMLS to create this report.