The supply of homes for sale in the Portland market continues to drop according to the RMLS Market Action report released today. The general convention is that six months of inventory indicates a neutral market but that number should probably be revised downwards as I think buyers are more willing to walk away than they were in the past. It was 153 days in April of 2011. Inventory in the close-in areas of Portland is lower in three instances than the five country Portland Metro reporting area.
- N Portland: 4.3 months
- NE Portland: 3.5 months
- SE Portland 3.2 months
- W Portland 4.8 months
Average ($262,500) and median ($225,000) prices are almost the same as this time last year. The report shows Days on Market is down to 123 days. It was 153 this time last year. On the other hand the graphic to the right shows that the rolling average and median prices are down. That compares the last 12 months with the 12 months prior to that.
[Both graphics are from the Market Action report]