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When inventories decline or remain low for extended periods of time, like we've seen locally since 2014, the balance of power shifts to the sellers.
Low inventory levels helped raise the median sales price to a new high while reducing the median days a home is on the market to a new low.
New Down Payment Assistance Grant Programs Available
At any given time in 2016, we had roughly 700 fewer listings on the market available for purchase versus the same period in 2014. Our peak summer months had 1,000+ fewer homes available each month against 2014.
Comparing 2016 vs 2015; closed sale prices are up 11.5% in Portland Metro & 10.2% in SW Washington. The average closed sale price in Portland Metro is $393,900. The average closed sale price in SW Washington is $327,600.
Buyer demand is strong, but many of them are exhausted from rising prices, competitive bidding wars, and the increasing cost of home ownership