Is the real estate market in portland on its way back up? Below is an interview with News Radio 101.1 FM KXL about a surprising market update.

Q. A few weeks ago you said 2012 would be the year the market starts to recover, is that already happening?

A. It feels like it. Inventory is at a 5 year low right now and many homes are getting multiple offers within a few days of being listed.

Q. Does this mean prices are going up?

A. In most of the close in market properties are being bid up! I just looked at comps for a home that averaged a sale price that was 103% of list price.

Q. What effect do you think the big bank settlement over foreclosures will have on the market?

A. I think that we’ll see more bank owned homes listed but I don’t expect it to be a tidal wave. There are so many investors looking to flip right now I think that most of the bank owned homes will be fixed up and resold and that could have a positive effect on neighborhoods.