The Portland Metro area has 1.2 months of home inventory! This is a crazy number that we have never seen before.
What that number means is that if no one listed their house, and buyers continued to buy at the same pace, we would be out of homes in 5 weeks. You have to imagine that half of those homes are either too banged up or troubled to purchase, so in reality there are probably only about two and a half weeks of homes that are actually worth buying.
Compare that to January of 2009 when we had 19.2 months of inventory. Oh, how things of changed. So where does that leave us for the next six months? We see prices rising but we are also wondering where the ceiling is. What’s interesting is that if you look at the average price in 2000 versus today’s average price there’s only a 4.1% annual appreciation. That doesn’t sound nearly out of whack.
Our market did something similar in the 90’s where it popped in price for a bit and then leveled off. We’re hoping that happens here and soon!
Below is a chart showing the average sales price. This is the first time since 2012, when the recovery started, that we have seen price appreciation in December. We have already dealt with several multiple offer situations to kick off the year.
Speaking of multiple offers, we have done some great negotiating for our clients to get the best of those situations, even if they are buyer struggling against many other competitors. Give is us call to see how we can make your real estate plans come true. Call Jaimy at 503-502-3330