Seasonality Having an Effect on Inventory Levels
Current real estate inventory levels are beginning to experience the natural shift up as we move from Summer to Autumn. Overall, inventory levels rose slightly to 1.9 months in Portland in August. We should continue to expect strong buyer activity, as interest rates are still at low levels, and current pending and closed activity remains high. Portland continues to be a magnet city with people relocating from more expensive markets such as San Francisco and NYC.
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 properties 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.