Inventory Uptick, But Close-in Still Tight
Although the greater Portland metro area experienced an uptick in inventory, closer-in neighborhoods such as Sellwood/Eastmoreland, Kerns/Laurelhurst, Multnomah Village, and more, actually reduced the number of homes for sale. Larger suburban areas (Vancouver, Beaverton), in addition to the condo market, are slowing down as well.
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.