The blog is reflective of the inventory in the Metro Portland region: "New Listings" "Pending Sales" and "Solds" during the comparative months of October.
You're, most likely, experiencing the same "low inventory" in your area.
The post was written to compare Oct '10 to Oct '11 stats in the Metro Portland market, SW Portland. It shows inventory down 22% over last year October for new listings which hit during the month. I'll probably do another market report today to see what November is doing (you inspired me) . . . but I'm guessing the stats will show inventory down. Keep in mind the 22% decrease is in October . . . not even the beginning of the winter lull.
Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland, LLC
Exclusive Buyer Agency since 1999
I hate the word SALES, but the 'sales' part of me should be giving you a rosy picture and telling you that there is always a gem to be had if you look hard enough.
The reality is that the Pacific Norhwest is in the worst overall shape in the Union. We started out well and held our own while Calif , Florida, etc were imploding, but it hit hard here and wont go away. Sellers have no equity orknow they cant afford to move up. They cant find anything anyway, because of all the others like them who are not selling. Buyers are convinced that we have a further drop in values on the way. Some large companies tracking data are saying we have another 20% to drop on average. I have to duck now---other salespeople just threw rocks at my head!
So, I doubt you will see any BLOOM here in the spring. It will most likely be like this past spring/summer. More activity than winter but nothing to crow about. I value homes for banks. They are mini-appraisals called Broker Price Opinions, and the banks use these to decide on foreclosing, marketing, etc. Having done about 2,000 homes all over our main three counties during the past 18 months, I know values and trends throughout the neighborhoods. Contact me if you want pure buyer representation. I usually do not solicit business from these answers but since many others are, here is my hat in the ring, lol.
Inventory levels have been down around 6 - 6.5 months (meaning if no new listings came on the market, how long would it take to sell everything currently listed with the current average days on market) for about five months now. Earlier in the year, inventory levels were around 11 months, so one could conclude either there is less on the market at this time or the homes are just selling faster. It's actually a mix. An inventory level around 6 months is considered a balanced market, which is what we now have in the Portland metro area.
However, as others mentioned, coming up to the holiday period can be scary for sellers, so many decide to list after the holidays. Also, the banks are holding their inventory for this and other reasons, but we should see more REO's hitting the market after the holiday season.
If you are needing a good Realtor to help you in your search, please do not hesitate to contact me. I can also help you search through listings that may have expired that can be additional options that are not currently on the market. Feel free to call or email me directly. Good luck with your search.
Real Estate Broker
Windermere Realty Group
Congratulations on your recent move. You are right to take note of the slim pickings. There are several factors that lead many sellersâ€™s to wait and they are: the holidays, the weather, and the days being shorter. Many sellers will wait until spring to make the move, but not all.
On the other side, there are seller's that know that anyone looking to buy this time of year is a serious buyer. Homes are selling in this holiday season and the smart seller and buyer are making it work.
The bottom line - if you don't mind trekking through the wet and cold, you can find some real gems out there.
Best of luck finding the right place for you.
I should have clarified on my think pickings statement. I didn't mean that phrase in terms of I don't like anything I am seeing, I just meant that I thought I would see more options because I have been visiting southwest Portland for the past 10 years, mostly in the spring and summer, and the for sale signs and sold signs have seemed thicker than now. I wasn't getting at a quality question so much as a seasonal comparison between two very different markets.
Everything really does button up and wait for the spring thaw in Wisconsin. I wouldn't think the same would happen here because it just gets wet. But the data Marvin and Carla and Mandy provided helped to cut through those generalities and truisms about real estate in the winter.
Thank you all very much!
Tom Inglesby, Broker
RE/MAX Equity Group
Real estate listings are usually reduced during the holiday season and the end of the year. I encourage my buyers to look what is on the market during this time of year. There are less buyerâ€™s looking resulting in less competition. Sellers tend to be more negotiable because there are having fewer showings. Homes show better with the holiday decorations. You will have the opportunity to buy a home next year if you canâ€™t find a home before the end of the year. Best wishes on your home search!
Prudential California Realty
Their are several homes on the market, however a lot of people take them off the market for the holidays. I believe that many start to prepare for selling and buying near spring. It allows time to settle before he new school year. Their are still a lot of bank owned homes out there on the market and the interest rates are still great. Welcome!
The fact of the matter is that too many sellers feel that the "winter season" for selling homes is a lost cause. It is true that the volume of sales typically drops during this period but nothing could be further from the truth about it being a lost cause.
At this time, buyers are driven by driven by value, opportunity, and NEED. The one constant is the need of the buyer. Buyers that are motivated and have need will be searching for value and opportunity regardless of what the season.
By viewing the market as being "thin pickings" and removing yourself from keeping up to date with opportunities you will likely be correct. On the other hand, by maintaining a positive outlook and continuing to keep yourself updated with the local market you just may be able to find that gem......a home that meets your total needs, in the right location, and being offered at a price that you just can't resist.
Stay in the game.....it can still happen!