Saturday, May 2, 2009

Million dollar homes have 55 months of supply

From Agent 503:

Sales on Portland’s million-dollar homes had already slowed markedly in 2008. As of Q1/2009 the pool of buyers has shrunk even further yet. Of the 550 million-dollar-homes that were listed for sale in the first quarter for the Portland metro area, a mere 30 sold, resulting in a record 55-months of inventory and rivaling sunbelt hot-spots such as Phoenix.

The number of million-dollar sales is down 50% from a year ago (Q1/2008) and trails the first quarter of ‘07 by more than 65%. Lake Oswego and the West Hills supply the bulk on the inventory, together these sections accounted for 19 sales over the last three months.

I wonder how the imbalance impacts this project.