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Residential real estate inventory fell to just one month in the Portland-metro area in November, according to listing service RMLS. The record low figure indicates a dearth of homes on the market.

The measure means that for the first time, active residential listings at the end of the month were equal to sales for the month. Typically, about six months of inventory is regarded as a balanced market.

鈥淚t’s just painful for buyers right now, being in a lot of multiple-offer situations,鈥� said Brandi Whitaker, a real estate agent with Wildwood Realty in Northwest Portland.

Downtown condos may be suffering, but detached single-family homes are seeing 鈥渟ome pretty heavy price spikes鈥� in some cases, she said.

The median price of sold homes in the Portland-metro area slipped 0.7 percent to $457,000. That was still more than 10.1 percent higher than a year earlier, in November 2019. Homes spent an average of 41 days on market, an increase from October’s 38 days on average, but far below the 60 days of November 2019.

Residential inventory was already tight before the arrival of COVID-19, Whitaker said.

鈥淲e were already going into a year when inventory was going to be an issue, but COVID exacerbated it,鈥� she said.

So what’s selling?

鈥淎 bit of a yard 鈥� it doesn’t take much,鈥� Whitaker said.

RMLS’ monthly data for the Portland-metro area encompasses Multnomah, Washington and Clackamas counties, and Clark County, Washington.