Metro Inventory sheds 40% in one month
Inventory saw a sharp drop in March with many people feeling that we are near the bottom of the market. 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. The convergence of the expiration of the tax credits and fears of rising interest rates are fueling the market. Pending sales in many neighborhoods are equal to the amount of active listings.
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 041510