We’re hearing more tales of multiple offers, buyers writing strong offers and getting beat out, and talks of this being the beginnings of a seller’s market. We ran some reports in the different RMLS areas for detached houses under $300,000. This is what we found:
|RMLS Area||Location||Houses Available|
|144||Gresham/ Troutdale area||233|
|145||Milwaukie/Happy Valley Clackamas||270|
|146||Oregon City/Camby area||212|
|147||Lake O./ Wets Linn||45|
|149||NW WA Co.||37|
Six months of housing inventory used to be considered the neutral point between a buyer’s and seller’s market. The inventory statistic is a ratio of the number of available houses divided by the number of closed houses in a month. My feeling is that the neutral point in today’s market is between four and five months. Buyers are more willing to let the not-quite-perfect house for their needs go by and the sense of urgency may not be what it was. The neutral point may rise as the market settles in but I think sellers with an accepted offer should probably feel less secure than the did in a pre-bubble market. Buyers are willing to compete for listings but not as hard as they were when the market had run a long upwards trajectory.
Regardless of where the neutral point, most buyers would probably agree that there is a shortage of listing to look at. This, of course, bodes well for sellers thinking about coming to market and if the number of available listings doesn’t increase may change for a new market attitude adjustment yet again.