How tight is the housing market? One North Portland ZIP code has zero houses for sale

ne portland home for sale sold
A recently sold house in Northeast Portland. (Elliot Njus/The Oregonian)

Elliot Njus | enjus@oregonian.comBy Elliot Njus | 
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on April 21, 2014 at 12:38 PM, updated April 21, 2014 at 12:39 PM

In a sign of just how slim the pickings are for house-hunters, one small North Portland neighborhood has hit an inventory of zero.

That’s zero single-family detached houses listed as of Monday morning in the 97227 ZIP code, which comprises the southern end of the Overlook neighborhood and part of Boise-Eliot west of North Williams Avenue. (One condo and five townhouses were listed for sale.)

ZIP codes are a fairly arbitrary boundary. And this is a small one, with a population of 3,800 and 1,800 housing units. Still, it speaks to the tight housing market, said Nick Krautter, a Portland real estate broker who pulled the numbers from the Regional Multiple Listing Service.

“It kind of speaks to the market right now,” Krautter said. “We keep hearing from our buyers, why aren’t you sending us any (listings)? There’s literally nothing to send you.”

Across the Portland metro, there was a 3.1-month supply of homes for sale at the end of March, according to RMLS. That means that if sales continued at March’s rate and no new homes were listed, all the homes would be sold in that period.

“Usually that’s theoretical,” Krautter said.

Other Portland neighborhoods are nearing one month of inventory. The Piedmont/Concordia area (97211) has 1.1 months, while Rose City Park/Hollywood (97213) and Mt. Tabor (97215) have 1.2 months each.


About - Tom Ramsey, local Realtor

Local Portland Realtor with 10 years experience specializing in residential sales and investment property. Tom Ramsey Oregon Real Estate Principal Broker John L Scott Real Estate Phone: 503-481-0501
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