Weeks, Not Months of Inventory
Metro inventory levels bumped up slightly to 2.0 months in Portland in November, but the close-in market is incredibly tight. Strong buyer activity has pending sales at new highs with fewer homes being listed to satisfy demand.
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 active listings and 6 months of sold data from the RMLS to create this report.