Inventory Stable 10 months
Inventory has stabilized around the 10 month mark and closed sales are up slightly. Pending sales are slowing in the Portland Metro area with many zip codes favoring buyers. Even with the metro inventory north of 10 months many close in areas are still at a balance point and some still favor sellers. Condos should continue to see price drops until the market reaches balance – it is still firmly in the favor of buyers. 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 111510