Low Inventory Persists
Current real estate inventory levels are struggling to keep up with the pace of home sales as inventory moved to 1.7 months in Portland in July. Increased buyer activity is keeping pending and closed activity at record highs. 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.
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