Normally during this time of year we do see inventory shrinking and indeed this year is no different. Down from roughly 6,400 homes on the market back in late August to 5,640 as of today as this graph shows:
Again, despite the significant drop in this graph, this drop in inventory is expected and quite normal. What isn’t quite normal is the increase in distressed properties on the market. Back in late August we were seeing an average of about 165 bank owned homes and 225 short sales on the market on any given day; that has now increased to over 200 bank owned homes and close to an average of 240 short sales. This could be a seasonal bump for distressed homes; however without having a good chunk of time between the highly distressed market of just a few years ago and the recovering market we’re in now, it’s really tough to say for sure. Even though these increases aren’t significant, at this point, it is something to keep an eye on.
Being that inventory is dropping this is also increasing the total percent of homes on the market that are distressed to 8% up from 6%:
Also, no graph here, but with inventory declining in resale that is causing a small bump in the percent of the market that is new construction, from 10% to now closer to 12%.
EDIT: I should also mention, the percent of list price being paid saw a solid bump in late September to over 102%; this number has fallen since, but on average buyers are still paying over 98% of a homes list price in Portland and surrounding areas.
I’ll have more market data up in a bit for specific areas; stay tuned.
Your Portland Realtor, Scott McDonald
Everything. Portland. Real Estate. Blog.