April RMLS Market Report Shows Tight Inventory in Portland

The latest Portland Real Estate Market report from RMLS shows the market coming out of a hot spring and into an even hotter summer. With real estate inventory dropping down to 1.8 months, a low not seen since 2005, Portland home buyers and real estate agents are having to work extra hard to get their offers through.

The median home price rose 7.6% from last year to $301,300, and the average number of days on market is down to 61. That’s two weeks less than in April 2014.

Median home price and days on market tell us what the market is doing now, but inventory gives us a picture of what might be happening in the Portland real estate market in the coming months. When demand for homes is high, and there are fewer homes on the market, it pushes more homeowners to become sellers. If they didn’t, at the rate that buyers are currently scooping up homes in Portland, they would all be gone in under two months!

Low inventory in the Portland real estate market is good news for sellers and a nudge to buyers to act fast. Six months of inventory is normally what real estate agents consider an even balance between buyer demand and the supply of houses for sale. When inventory is higher than six months, sales will be slow and a buyers’ market will result. When inventory is low, as it is now, demand for homes is up, and we call this a seller’s market.

The current low inventory of Portland real estate has more than just theoretical consequences. Not only are prices up, but buyers are going to be competitive. When presented with two very similar offers, sellers will choose the one that has the best chance of closing. Usually that means the cash offer, but the way in which the offer is put together makes a big difference.

In a tight real estate market, it’s all the more important to have a great Portland buyers’ agent who can act fast to help you close the deal on the home of your dreams. Contact us to get started today!