Check out this chart below which compares current inventory in the Portland Metro area. It should explain itself. But read below for more info.
January's numbers aren't even out yet! If you've been shopping for a home recently you may have noticed that homes seem to be going pending or 'under contract' at a rapid rate. That's due to the lowest inventory of homes we've seen in Portland Metro for over the last two years. Attractive low interest rates (3.75% as of 02-01-12 for a FHA loan) are spurring the housing market.
Renters or first time home buyers are finding that purchasing a home is a much more attractive option than continuing to pay higher and higher rents. Check out the charts below which I've broken down inventory by price range and area. Under the $300,000 price point almost 1 out of every 3 homes is pending! Even more competitive is the $150-200K price point where in some areas we have 60% of the inventory as pending.
Pending or 'under contract' is when a buyer and seller have agreed upon a price and terms and the home is set to close. So less inventory is a good thing? Only if you are planning on selling. Buyers right now aren't waiting for summer or the strong selling season to begin, they are taking advantage NOW as concern for rising rates continues.
If you're looking to purchase in some of the higher price points, these charts also give a glimpse of where you may also find the most negotiating power. With large inventory and slow movement, we are seeing some buyers still negotiate 3-9% off the purchase price. Consider re-positioning your home at a price point that is moving strong and gives you the most potential for a sale. Contact us more to find out how to beat the market. 503-985-6670 or info@PhanHall.com
These #'s are as of 2-5-12. Total= Total # of homes available in that price range, Pending= Under contract, %= The percent of homes in that price range that are under contract.
Beaverton
150-200K - 158 Total, 67 pending - 42.4%
201-300K - 224 Total, 70 pending - 31%
301-400K - 87 Total, 23 pending - 26.4%
401-500K - 42 Total, 11 pending - 26.1%
501-750K - 22 Total, 6 pending - 27.27%
Portland West
150-200K - 27 Total, 16 pending - 59.25%
201-300K - 130 Total, 47 pending - 36.15%
301-400K - 126 Total, 38 pending - 30.15%
401-500K - 95 Total, 19 pending - 20%
501-750K - 157 Total, 26 pending - 16.56%
NoPo
150-200K - 72 Total, 21 pending - 29.16%
200-300K - 108 Total, 38 pending - 35.1%
301-400K - 44 Total, 16 pending - 36.6%
401-500K - 13 Total, 2 pending - 15.38%
501-750K - 10 Total, 1 pending - 10%
NE Portland
150-200K - 156 Total, 44 pending - 28.2%
201-300K - 189 Total, 61 pending - 32.27%
301-400K - 103 Total, 47 pending - 45.63%
401-500K - 39 Total, 21 pending - 53.8%
501-750K - 45 Total, 17 pending - 37.7%
SE Portland
150-200K - 240 Total, 71 pending - 29.58%
201-300K - 208 Total, 71 pending - 34.13%
301-400K - 91 Total, 35 pending - 38.46%
401-500K - 25 Total, 5 pending - 20%
501-750K - 31 Total, 11 pending - 35.48%
Lake Oswego/West Linn
150-200K - 21 Total, 7 pending - 33.33%
201-300K - 85 Total, 22 pending - 25.88%
301-400K - 111 Total, 30 pending - 27.02%
401-500K - 92 Total, 21 pending - 22.82%
501-750K - 147 Total, 28 pending - 19.04%
Happy Valley/Clackamas
150-200K - 29 Total, 13 pending - 44.82%
201-300K - 115 Total, 26 pending - 22.6%
301-400K - 106 Total, 27 pending - 25.47%
401-500K - 69 Total, 13 pending - 18.84%
501-750K - 27 Total, 4 pending - 14.8%
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