The upside of the Portland market compared to the West

The upside of the Portland market compared to the West

Nationwide, we have finally seen a raise in median sales price in June which is very encouraging. And locally, we have reasonably good news as well. Our inventory of homes in the Portland Metro area has dropped to 8.2 months, which is the lowest level since August 2007. A comfortable inventory is around 4-5 months, which is the amount of time it would take for the current active listings to be sold. As well, according to DataQuick, foreclosed properties have only accounted for 17.2% of our total home sales in the last 12 months, whereas in the Western states, foreclosures have been HALF OR MORE of all resale activity!
Combined with the data that our median price drop in May has only been 12.7%, compared to vastly higher numbers in AZ, NV, and CA, we are in relatively good shape.