Portland real estate has sung virtually the same song for the last two years: a dearth of available inventory of for-sale homes.
And today, as 2015 is well under way, the Portland real estate market is humming along to the same tune.
Portland’s local multiple listing service, Regional Multiple Listing Service (RMLS), recently reported the closing residential real estate sales numbers for 2014, and as reported in this recent Oregonian report, the picture isn’t pretty for buyers: supply of Portland area for-sale homes hit an 8-year low, with only 2.3 months worth of inventory available for buyers. A balanced market is considered to have a 6 months supply of homes for sale, and anything less than that is considered to be a seller’s market. For sellers, fewer homes on the market means less competition!
So what is the underlying story here? It’s simply this: we need sellers!
Buying activity has been on a hot streak with December posting a 25.6% gain in closings over December 2013, and a 12.3% gain in accepted offers. In fact, December saw a 15.6% gain over November 2014 in closed sales. For sellers entering the market, this is great news.
Just about every real estate agent will tell you that it’s a great time to sell – no matter what time of year. But the truth is that there is no universal answer that applies to everyone. Depending on your circumstances, your goals and your needs, it may or may not be the best time to sell your home for you. But if you are considering putting your home on the market now or in the next few months, there are certainly positive, objective metrics – such as rising prices, low interest rates, high buyer activity and much less competition among sellers – that are working in your favor as a seller of Portland real estate.
If you have questions about the real estate market or the potential selling value of your home, we’d be happy to speak with you. You can contact us here.