In December 2014, the Portland housing market experienced the lowest housing inventory it had seen in about eight years. A “healthy” housing market typically has 6 months’ inventory available to buyers. At the time, Portland had about 2.3 months’ inventory. Low inventory drives up prices and competition among buyers. Many sellers were surprised by the number of offers received, though they were pleased that many of those offers were for over asking price.
Inventory looked a little better in January 2015 with 3.4 months’ inventory available, but there is no shortage of buyers looking to snap up homes, and the average days on the market in some neighborhoods, especially for starter homes, is about a week.
Spring is typically when inventory grows strong. People emerge from their winter hibernation and decide this may be the year to finally move. For sellers thinking that 2015 may be their year, I am happy to visit your home and prepare a free Competitive Market Analysis to help you determine top market value should you choose to list. Feel free to contact me for an appointment.