Zero Inventory in Overlook (Again)
Zero inventory is usually a theoretical idea but for second time the Overlook neighborhood has zero homes available. This small part of Portland in zip code 97227 highlights the difficulty of trying to buy a home in Portland right now. I expect the inventory will go even lower this summer which might give us double digit price appreciation in 2016.
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.