Not surprisingly, given our consistently low inventory, pending sales continue to outpace new listings. As we predicted in our last update, the pending trend line surpassed new listings in all categories up to $1.4M. Typically, as we move into the heavy listing season, new inventory begins to gain on pending sales. That trend may be in the offing but, as of now, the market pace is relatively stable.
Quality inventory in the entry-level price points, under $500K, continue to attract multiple offers often substantially over full price. The pending trend line in the mid-range price points, $500-$1M, has now surpassed new listings. In another surprise move, pendings now outpace new listings up to $1.4M! As in-migration continues, phones are ringing, inboxes are full of questions and inquiries from buyers sensing the time is finally right to make the move to Portland!
You can view the market data we are tracking here or download the report. We will keep you posted as new data comes in and let us know if you have questions about any specific area and/or price range.