Metro Inventory Dwindling
Even though pending sales dropped in May new listings were also down, the net effect was the lowest inventory so far in 2010. We are now very close to a balanced market. Move in ready homes in the core of the city are selling very rapidly across multiple price points. I had predicted a slow May which held true but activity is increasing now that we’re in June.
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 061510