Inventory is holding at a very healthy 7.2 months, its lowest point since May 2010. The charge was led by a high sales volume in March. Momentum appears to be continuing in May and June with sales volume holding. Many national indices are predicting a single digit drop for the Portland Metro in 2011 which is still the 8th best city in the Case Shiller 20 city index. Expect more investor activity as rents stay strong and prices remain attractive.
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.