Portland Inventory up + Interest Rates stable = Buyers market? Not so fast….

by | Feb 21, 2008 | How to Guides, Uncategorized

News broke this past Friday that inventory had skyrocketed to 12.8 month in the Portland Metro area, the highest level since 2000. For the previous 4 months we’ve been hanging in around 8 months which is just on the buyers side but not too much. The tipping point is considered to be 6 months.

Like many other people this new inventory report was a bit shocking to me. So I ran my own numbers based on detached homes in close in neighborhoods. I looked at inventories based on the last 6 months of sales and here are the results:

Detached homes:
97202 = 2.5 months
97214 = 3.6 months
97212 = 4.8 months
97232 = 3.5 months
97210 = 5.3 months
97209 = 12 months
97203 = 4.75 months
97201 = 8.4 months
97227 = 7.6 months
97217 = 3.6 months

Condos:
97202 = 14 months
97214 = 9 months
97212 = 11 months
97232 = 7.5 months
97210 = 10.5 months
97209 = 9.6 months
97203 = 14 months

So the news as I see it is that if you own a home close in then you are largely unaffected by the metro statistics. My only concern is that people will see the overall market conditions and mis-interpret those numbers. There are categories of properties and areas with the majority of the inventory that are skewing the numbers. Close in = OK. The big exception is condos as you can see by the higher inventory. If you’re thinking of buying a condo now is a great time to be a buyer.

Non-Conforming loan limits: You might have heard about the change in “jumbo” Loans – until last week it was any loan over $417,000. Some areas with high median prices benefitted from the change but Portland with a median price of $280,000 is too low to see any change. This would have helped buyers and sellers in the higher price ranges but no change for us in Portland.

For everyone who get’s my quarterly newsletter and gift you have already heard the good news that I am now a Principal Broker! I have also hired a full time assistant so if you hear from Yvonne LeGrice welcome her to my team!

With all the changes going on it’s a great time to buy – give me a call sometime – 503.901.8100.

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