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.