The number of homes for sale in Portland dropped to a level not seen since June 2006, according to Regional Multiple Listing Service data released Wednesday.
The low inventory has translated to big increases in home prices.
The median sale price increased 15.9 percent in the last year to $250,000. The number of homes sold increased 14.2 percent to 1,935.
Homes are also selling quicker. The average home sold in 112 days, down from 135 a year ago.
The number of homes for sale in the Portland area would only satisfy demand for 3.2 months.
The market is considered balanced when there are enough for-sale properties to meet demand for around five or six months at the present pace of sales.
Matthew Kish – Portland Business Journal – April 11, 2013