Portland real estate inventory dropped to 8.2 months, the lowest level since August 2007 according to the RMLS Market Action report released today. Many say six months of inventory is market equilibrium. Anything higher indicates a buyer’s market and anything less is a seller’s market. Is that an outdated model in a new economy?
Monthly average sales price was up from May but median price was down. Average price is now just shy of $300,000 and median is $249,900. The graph on the left is a rolling average of the last 12 months according to footnote 2.
North Portland days on market is 93 contrasting Lake Oswego/West Linn’s 230 days. Days on market calculations have changed so there is no comparison to 2008. Southeast Portland has the greatest number of homes sold this year: 1056.
As always the “buy now” question is individual and local. Under the current rules (and no saying they won’t change) the first time buyer credit purchase has to close on or before November 30th. We’ve had buyers lock under 5.0% on 30 year fixed mortgages lately but those rates are VERY dynamic and of course each individual has to qualify. There’s no saying rates won’t drop and prices won’t drop.