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Market Tighter at Lower End

There’s been a lot of talk lately about low inventory and how quickly houses are selling.  We all know that real estate is local, even down to the neighborhood level within cities but our market is also price driven.  These stats were compiled yesterday.  We searched for residential properties listed in Portland.  The “Active” column are the total number of active listings in each price range.  The sold column is the number of homes that have sold in the given price range in the last 90 days.

Price ($k) Active Sold 90 Days
<200 645 836 130%
200-300 559 591 106%
300-400 336 371 110%
400-600 347 338 97%
600-800 178 90 51%
>800 207 51 25%

I don’t think there’s really any surprise in the results. The buyer pool at the low end of the market is bigger than at the higher end. I was surprised though by the disparity between the high and low priced segments.  We can clearly see why we’re seeing so many stories of multiple offers but they’re really price-range specific.  There’s turnover at the high end but it’s a fraction of what it is at the low end.  Buyers and sellers (not to mention agents) need to manage their expectations as to how they need to compete in their segment of the market.

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