Summer brings balance to the market
With inventory hovering around the 7 month mark it is fair to say that the Portland Metro is in balance. Although a balanced market it is still hard to read. Even though time on market and inventory are at new lows and interest rates are at historic lows [4.375% this week] prices continue to drop. We are now at roughly 2005 pricing but looking at an annualized graph of pricing we appear to be at or close to the bottom.
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 071910