While we’re not quite at Passenger Pigeon or Dodo Bird levels yet, among the more scarce items in Oregon right now are available homes for sale.
Scarcity By The Numbers
New figures for greater Portland and Salem show no sign of Oregon’s white hot real estate market slowing down, at least yet. The inventory, or housing supply of greater Portland is now at 1.3 months of home supply, a half-month drop from the prior month’s figure. This is a very low level, especially when compared to historical norms. As a result, fewer homes are now available to buyers wishing to live in Oregon.
Why is this Happening?
Part of the reason for available fewer homes is because of the Great Recession’s virtual stoppage of home construction. We are still digging out of that house-building deficit. Also fueling the flames of an already super-heated market is Oregon’s position as the most moved-to state according to news reports based on moving company surveys.
Salem Heats Up, Too
Greater Salem typically has an ample supply of housing. This is due in part to greater Salem having a population of around 400,000, significantly less than the 2.2 million people who live around greater Portland. Demand is simply lower around Salem.
Yet, even Salem’s normally abundant housing supply is now very close to the bottom of the 3 to 6 month backlog typically considered a ‘normal’ inventory level.
The Bottom Line
Fewer homes for sale coupled with a rising number of homebuyers is a recipe for increased scarcity. As a result, expect Oregon home prices to continue to climb. What Oregonians are witnessing is a clear ‘seller’s market.’
View the complete latest housing report for greater Portland here and view the new housing report for greater Salem here. Make sure to check out page two in each report to view specific figures for average market time and sales price in your Oregon town or metro area neighborhood.
Thinking About Selling?
It’s difficult for sellers to ‘time the market.’ Selling in this ‘seller’s market’ is a rare opportunity that many sellers have long hoped for. Contact Certified Realty using the form below for a free consultation of what your Oregon property could sell for in today’s exciting ‘seller’s market.’