March 2013′s 3.1 months of housing inventory ties the lowest levels we’ve seen in the last two years according to the latest RMLS Market Action report. We saw the same level in April and August last year. Actual closed sales are down slightly compared to March of 2013 but the drop in listings is what is really driving the low inventory levels. Inventory is the ration of active listings to closed sales.
3.1 months represents the five county area that defines “Portland Metro” for RMLS. If you dig a little further, North Portland has a 1.7 month inventory! NE Portland has 2.0 months of inventory, 2.4 months in Southeast and 2.6 months.
Here’s our monthly info graphic compiling the RMLS Market Action report: