Shocking Portland Real Estate Market Update

by | Mar 19, 2012 | How to Guides, Market Reports

Here’s the details from todays interview on News Radio 101.1 FM KXL:

Q. What’s the shocking news about the market?

A. Prices in Portland are going up again. After years of steady declines prices are up 4% over last year and 2% month to month.

Q. Why do you think the market is finally turning around?

A. The demand is now much bigger than the supply. Compared to last year – 18% more closed sales, 26% more pending sales but new listings are down 15%. That imbalance is keeping inventory low.

Q. Normally more property goes on the market in Spring and Summer… will that stop the increases we’re seeing now in prices?

A. I think we’d need to see 2-3 times more homes new to the market to flatten out the increases we’re seeing and I just don’t think we’ll see that much new inventory this year.

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