Inventory Jumps to 11 Months – Mirrors Last Year
Inventory jumped to over 11 months in January mirroring the slow start we had in 2010. The low point in closed sales in January and the end of the moratorium on foreclosures which has become a seasonal norm led to the jump in available homes. Many national indices are predicting a single digit drop for the Portland Metro in 2011. Expect more investor activity as rents stay strong and prices remain attractive.
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. PORTLAND INVENTORY REPORT 021511