And the winner of the 'largest inventory issue' is the Portland Westside between $400k - $650k. At 0.8 months of inventory available, it has become a complicated market to navigate for everyone involved. As hard as it is to believe, it is still possible to overprice a home even in the most severe of seller's markets and that's what has claimed many a good home. Anything on the market for over a couple of weeks gets subjected to the 'something must be wrong' tag. Buyers have to contend with a lineup of competitors all playing chicken with their over offer pricing. This has led to increased appraisal issues and sometimes outrageous demands by sellers looking to take advantage of leverage. That's the not-so-good news. The good news is that with patience and professional guidance, great homes can be won. Negotiating with intent, planning and attention to every detail matters when it comes to this competitive of a market place.
With a maddening 1.1 months of inventory, the Portland Eastside market in the price range is exceedingly challenged by low inventory. While new listings are up, demand has far exceeded it. Sellers can maximize their net proceeds by making sure their homes are in top shape before hitting the market as the discount for deferred maintenance can be steep. Buyers should have a professional watching hourly (daily won't do it anymore) and be ready with all the tools available to snare their desired home. Experienced professional representation is a must here.
The southern cities of Portland Metro continue to see a decline in inventory in this price point with a 15%+ decrease in new listings to the market from August of last year. West Linn has seen the sharpest decline while demand in Oregon City, Canby, Aurora, and surrounding areas gain popularity. Definitely a sellers market. Buyers, be prepared to compete.