In August 2022, every location had over one month of Housing Inventory, North Portland and NW Portland had over two months of Housing Inventory, and Happy Valley had over three months of Housing Inventory.
And when we compare year-on-year, it looks like there's been an absolute Housing Inventory explosion. But, let's put this Housing Inventory into perspective.
Yes, when we compare the August 2021 Housing Inventory to the August 2022 Housing Inventory, we can see tremendous growth, but that's because August 2021 had ridiculously low Housing Inventory.
And let's be clear, we're not drowning in inventory now, even after all that growth. We still have plenty of room for more Housing Inventory. And month-on-month is where we want to see that continued inventory growth, but when we look at the month-on-month change, we can see a 50/50 split across the twelve locations.
Happy Valley showed massive growth, but Lake Oswego, NW Portland, NE Portland, and SE Portland show only a slight increase. North Portland remained flat, and Hillsboro, Beaverton, Tigard, SW Portland, Milwaukie, and Gresham have decreased Housing Inventory.
Now, this is only one month, so we don't need to go crazy thinking our Housing Inventory is crashing, but we need to keep an eye on these subtle inventory shifts. And we don't want to take our current Housing Inventory for granted because, as we've seen before, it can go away very quickly.
I hope you find this information helpful. Feel free to contact me with any questions.🙋♀️Have a great day!