The Impact Of Tight Inventory On The Oregon Housing Market

Dated: 01/11/2018

Views: 54

The Impact of Tight Inventory on the Oregon Housing Market

The Impact of Tight Inventory on the Housing Market | MyKCM

The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

 

National Association of Realtors

“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”

Joseph Kirchner, Senior Economist for Realtor.com

“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”

Sam Khater, Deputy Chief Economist at CoreLogic

Inventory is tighter than it appears. It’s much lower for entry-level buyers.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

Latest Blog Posts

Portland Oregon Residential Real Estate Review June 2018

June Residential Highlights The Portland metro area saw some cooler activity this June, but closed sales saw a gain over last month. At 2,946, closed sales slipped 7.6% below the 3,187 closings

Read More

Rents Increase 3 Percent Nationaly

Renters are paying an average of $40 more per month than a year ago as June rents brought an upsurge of 2.9 percent in national average rents,according to RENTCafe.com, based on Yardi Matrix data

Read More

The Reason To List Your House For Sale Now

The #1 Reason to List Your House for Sale NOW!If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait!Buyer Demand Continues to Outpace the Supply

Read More

Median Rent Prices Rise In The Portland Oregon Metropolitan Region

Portland Oregon Experiences 3% Yearly Increase in Median RentPortland Rents continue to rise. This latest chart shows the median rent in the Portland region. Two and three bedrooms rose 3.1% and 3%

Read More