Have we reached the bottom?Posted by on Friday, June 15th, 2012 at 7:38am.
In a report posted on Realtor.com last week the Portland/Vancouver real estate market saw an 8.84% year-over-year increase in home values in April. The new median home value in the Portland/Vancouver market as of April is $244,900. The Portland/Vancouver market was the sixth fastest growing market out of 146 national housing markets tracked by the website.
The May 2012 RMLS Market Action report showed improvement across all real estate activity except new listings which were down slightly. May 2012 saw the highest number of pending sales in the month of May since 2007. Closed sales were up 20.4% over the same month last year. Median sale prices were up 6.6%.
Economics 101 at work… The Portland Metro housing market has a 4.2 month inventory, the lowest inventory in years. For comparison, in February 2010 the market had a 12.9 month inventory. This is significant because as demand rises and supply holds steady or decreases prices will continue to rise.
The high demand and low inventory has already prompted several multiple offer scenarios. For example, a buyer client of mine inquired about a bank owned home on Wednesday night this week. I called the listing agent Thursday morning and learned 10 offers had already been submitted in the first week of the listing. This scenario is being repeated again and again in today’s market.
For those who wanted to wait for “the bottom,” I think it has come and gone. There are still opportunities and good deals in any market but now they are harder to find. I am committed to helping you get the best value. I’m here to be responsive to your individual needs and to provide you with an informed, relaxed and hassle-free experience.
Please feel free to reach out when you are ready. I am here for you when the time is right.