Did Portland real estate hit bottom in January? Are we looking back at the bottom or a bump? Portland housing inventory dropped again in March 2009 to 12 months RMLS Market Action reports. January had the highest ever recorded inventory at 19.2 months, it dropped to 16.6 in February and March levels are close to the levels reported in both January and October 2008. There’s been a drop in inventory every February to March reporting period in the last three years. The 26.5% drop this year is about the same as the 26.9% drop seen in 2006 but more than doubles the 12.5% drop in 2007. I feel the real estate market is gaining straingth but the overall economic picture leaves a question mark.
Year to date numbers are higher for both pending and closed sales and median price but are not at 2008 levels. The number of listed houses has not decreased sigificantly from February (down a total of 30 units) so the decrease in inventory is due to an increase in sales. Last week’s post provides graphs as to where those listings are located and in what price range.