It's pretty inescapable news that Portland's real estate inventory is low, but it's now confirmed at 1.9 months in March, the lowest level since 2005. Closed sales are up 32% over March 2014, and average Days On Market lessened by 6 days from the previous month to 75.
North Portland is also trending very hot with the lowest DOM of 35. This is pretty spectacular, considering this includes averaging market time of properties that started out overpriced or in poor condition. The neighborhood of St. Johns looks to increasingly show the pressure of a market whose prices that have heated up in other areas, forcing sales into an area that has been overlooked and undervalued for some time. With a New Seasons opening on Lombard and the main street infrastructure already in place in the town's center, more changes in the neighborhood look pretty certain.
Read the whole Market Action report here.