Inventory Dramatically Drops
Metro inventory levels hit a new 17-year low, down to 1.2 months in Portland in December, making the close-in market incredibly tight. The volume of sales remains high; however strong buyer activity continues to outpace the number of properties on the market. Pending sales are beginning to taper off, which may help balance the market in January.
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.