Inventory: The supply of for-sale homes has dropped across the metro area, creating a market where demand outpaces supply. But some neighborhoods have an even shorter supply, while others are closer to a balanced market.
Front Porch ranked metro area zones by months of inventory -- homes on the market divided by monthly closed sales -- averaged over the last three months. The source data comes from the Regional Multiple Listing Service.
Six months typically represents a balanced market, while anything below represents? a market where demand outpaces supply. Here's how the neighborhoods stack up, along with the average sale price last month:
- North Washington County: 3.1 months, $361,400
- Northeast Portland: 3.2 months, $300,300
- Southeast Portland: 3.6 months, $236,300
- Beaverton/Aloha: 3.7 months, $228,400
- North Portland: 3.7 months, $231,900
- Gresham/Troutdale: 4.4 months, $186,600
- Tigard/Wilsonville: 4.4 months, $287,000
- Hillsboro/Forest Grove: 4.5 months, $223,800
- Milwaukie/Clackamas: 4.7 months, $248,000
- Lake Oswego/West Linn: 6.0 months, $482,500
- Oregon City/Canby: 6.0 months, $232,700
The low supply has set off bidding wars in Portland and some suburban markets, and it's driving rising prices this summer in the metro area and across the country.
Lloyd District: A plan to widen Interstate 5 through the Rose Quarter is gaining momentum. Part of the plan is to loosen height restrictions and encourage more tower development in the area.?
? Friday's real estate transactions and industry notes.
?Elliot Njus
Source: http://www.oregonlive.com/front-porch/index.ssf/2012/06/portlands_tightest_housing_mar.html
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