PORTLAND INVENTORY PLUMMETS
Buyer demand is absolutely devouring the available inventory in Portland. First time buyer inventory, under $250,000, is now under 3 months. Effective first time buyer inventory is now just ONE MONTH. I define effective first time buyer inventory as FHA financeable, non short-sale and under $250k. In Portland only 800 residential active properties fit this definition and there are currently 652 pending.
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 090109 pdf