Inventory of for-sale houses tightens; ‘It’s pretty nuts’

Inventory of for-sale houses tightens; ‘It’s pretty nuts’

IMG_4101.JPG
RMLS’s February Market Action Report shows sales accelerating, inventory tightening and prices rising. (Mike Francis / The Oregonian)

Mike Francis | The Oregonian/OregonLiveBy Mike Francis | The Oregonian/OregonLive
Follow on Twitter
on March 13, 2015 at 9:02 AM, updated March 13, 2015 at 9:07 AM

Reddit

Jason and Michelle Merritt, owners of Hillsboro-based Merritt Realty Group, don’t need the monthly real estate report to know how active the real estate market is. They’re living it.

“It’s pretty nuts,” said Jason Merritt. “Houses that are being well-marketed, we’re seeing them sell immediately.”

Even by Portland-area standards, Hillsboro is hot. The latest report from the Regional Multiple Listing Service shows that the median sales price for Hillsboro-Forest Grove rose 10.9 percent year-over-year in February. The average sales price of Hillsboro-Forest Grove properties last month was $279,800, still below the Portland-area median.

Portland’s market is accelerating into spring. Across the metropolitan area, median sales prices in February rose 2.2 percent above January to $285,000. At the same time, the inventory of available properties tightened again to about a three-month supply, down from January’s 3.4 months, but still not as low as December’s suffocating 2.3 months — a level not plumbed for years. New listings, pending sales and closed sales all rose in February.

Merritt said even houses that are priced a little higher than sellers might expect to receive, if well-prepared for sale, “are getting multiple offers and selling in a day or two.”

The hottest part of the market is being driven by first-time buyers taking advantage of low interest rates to borrow money, he said.

“Money is pretty much free right now,” he said, citing widely available rates of 3.5 to 4.5 percent. “The strings are loosened a little bit.”

— Mike Francis

Advertisements

About PortlandHouseListings.com - Tom Ramsey, local Realtor

Local Portland Realtor with 10 years experience specializing in residential sales and investment property. Tom Ramsey Oregon Real Estate Principal Broker John L Scott Real Estate Phone: 503-481-0501 tomramsey1@gmail.com www.PortlandHouseListings.com
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s