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Portland Inventory up + Interest Rates stable = Buyers market? Not so fast....
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 months97214 = 3.6 months97212 = 4.8 months97232 = 3.5 months97210 = 5.3 months97209 = 12 months97203 = 4.75 months
Condos:97202 = 14 months97214 = 9 months97212 = 11 months97232 = 7.5 months97210 = 10.5 months97209 = 9.6 months97203 = 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 ... more

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