Our market has been plagued by low inventory, with not enough houses on the market to meet demand. As often is the case, this demand has been helping to drive prices up. Not that a ton of houses have flooded the market, but inventory in April increased from 1.3 months to 1.4 months. When the May numbers come out, I predict we'll see a further increase in inventory.
We have clearly been in a seller's market. A balanced market, where neither buyers nor sellers are seen as having more power or advantage, is thought to be five or six months of inventory.
Speaking of those prices...Our year to date median sales price is now at $329,000, up 13.4% from the year to date median price in 2015 of $290,000.
The other indicator I like to watch is the total market time in our area. The total market time for houses that went under contract in April was 43 days. This compares to 61 days from April 2015. Market times in North, Northeast and Southeast Portland for April 2016 were 25, 29 and 29 days respectively. Isolated to the neighborhoods inside Interstate 205, I'm sure we'd see even shorter market times.
It would be great to see a bit more easing, whereby we'd see more buyers getting their offers accepted.
Read the full Portland area report.
Get in touch with me if you have questions about the Portland real estate market, or want to talk about buying or selling. leslievjones@gmail.com 503-312-8038
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