December's Market Report

What’s the bottom line? WE NEED HOUSES TO SELL! Our inventory (houses available to sell or rent) is excruciatingly low at 3,381 active residential listings according our current Market Action report. Okay, it’s not excruciating, but it’s pretty darned low, which is painful when I am writing offers for clients that end up being outbid by 4 other offers! Gresham, where my clients’ offers are being written, only has 277 total listings, per December’s Market Report. (That's CRAZY low and includes condos, manufactured homes, mobile home/trailers, and duplexes or triplexes, as well as single family homes.)

This is the lowest inventory (the time it would take for all of the current homes listed to be sold at the current rate if no other houses were added to the market). We’re at 1.2 months, which is the lowest that it’s been since 1999. Total market time (Days On Market) increased to 56 days.

The closed 2,710 sales in December were the highest ever in the Portland Metro on record. They were 21% higher than the 2,239 closings in December of 2014 and 25.9% higher than November’s closing. Pending sales (1,936) were 16.1% stronger than in December 2014 (1,667) but fell 22.7% from the 2,504 offers accepted last month in November 2015.

Interest rates are staying low and buyers are hungry to take advantage of them. Sellers, however, may still be nervous about the crash of several years ago or haven’t been enticed to buy elsewhere yet.  Call me to get a FREE Market Report on your home. Maybe you’ll be enticed to sell!

Take a peek at the Market Report here: http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879