Trend: Inventory of detached homes continues to fall as sales volume increases. Some areas now favor sellers. Homes under $250,000 are selling incredibly fast with the first time homebuyer tax credit expiring in the next few months. Condo inventory has stabilized but I predict prices will continue to fall until there is less inventory.
Highlights: Piedmont, Arbor Lodge/Kenton & Sellwood are strong with lower inventory. Gresham and Happy Valley are at 9.4 and 8.4 months respectively, lower than last months numbers. Downtown & the West Hills have the highest inventory.
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 property 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.