Neighborhoods in inner Portland are seeing very low numbers of homes on the market. At least one broker is calling it a “severe seller’s” market.
In some North Portland neighborhoods, the inventory of homes is so low that at the current rate, everything could be sold in less than three weeks.
Nick Krautter of Keller Williams Realty says when there are more than six months of inventory, it’s generally a buyer’s market.
When there’s less, it’s a seller’s market. But he says that could inspire some sellers to put their homes on the market.
He explained, “We have a lot of demand from buyers and there’s a lot of sellers that they are either underwater or they don’t have a lot of motivation to sell right now. And I think we’re going to see that change and I think this will be the year that we’ll see things hit a bit more of an equilibrium and that’s going to be because of prices going up.”
Economists say growing confidence in the economy and very low interest rates are prompting more people to buy.
Areas outside Portland’s inner core, aren’t selling as quickly. The overall inventory for the Portland/Vancouver area is 4.2 months.