The New Portland Metro Real Estate Report is out and it’s saying the same thing it’s been saying for a while, it’s a Seller’s Market.
It’s not as strong as it was but the low inventory is similar to last Spring. We’ve seen lower prices and more price reductions that show it’s not the feeding frenzy it was. Good homes are still getting snapped up.
What really surprises us is that September’s inventory stayed low. Normally we get a bump, plus it seemed like we had a bit of a lull in September.
If this inventory continues through the holidays, we can only imagine another crazy Spring is looming over us. Recent news stories have talked about the crazy rental market. Since 2010, rents are up 40% in Portland. One person is paying $995 to rent a 250sf “a-pod-ment”. This is apparently a word now.
Here a couple of more charts to show you our current market. Prices are down which happens every year starting at the end of Summer. What’s really moving this market is that we have 2000 less homes for sale than this time last year.