Inventory At Lowest Level Since 2007

Housing inventory in the Portland area is at its lowest level, 8.2 months, since August 2007.

According to the latest RMLS Market Action report, the 8.2 months of inventory last month, in June of 2009, fell from May’s 10.2 month level. This also marks the fifth consecutive month inventory has fallen. And while it’s true that inventory levels typically decrease in the summer, this action is different from June 2007 and June 2008 when inventory increased from the previous May.

Having 8.2 months of inventory means that if no other properties were listed for sale, it would take 8.2 months for the supply to dry up. The lower the inventory, the less selection buyers have. It’s important to note that a balanced market between buyers and sellers is 5.0 months of inventory- so despite the drop Portland still remains a buyer’s market, heavily in my opinion.

As for home prices, they remain down double-digit style.

The average sales price of a Portland area property last month was $299,800. That’s a 14% fall compared to June 2008 when the average price was $348,800.

The median sales price of a Portland area home last month was $249,900. That’s a 13.5% tumble from June 2008 when the median price was $289,000.

The total market time or average time on the market that it’s taking to sell a property is 147 days.