Early Signs Point To Another Competitive Year In Real Estate

Early Signs Point To Another Competitive Year In Real Estate

If you thought 2017 might bring some relief in the real estate market, think again.Image title

Barring a sudden influx of new inventory, new numbers from the Regional Multiple Listing Service suggest the year is shaping up to be one of the most competitive yet.

RMLS reported that 2,494 homes sold in March, about 2.8 percent fewer than a year earlier. The number of homes under contract for sale that will likely close in coming months also dropped 1.1 percent

But the decline in sales can largely be attributed to the slim supply of homes.

Buyers, seeing few options, continue to bid prices higher. The median sale price jumped 10.4 percent over the same period, reaching $370,000 in March.

Other figures suggest a strong seller's market.

About 3,300 homes were on the market at the end of March. If the month's sales rate continued, those homes would sell in just six weeks. A balanced market typically has five or six months of supply, while anything less suggests a seller's market.

Real-estate brokers say the people who might normally be selling their homes now are wary about getting stuck without somewhere to move.

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Phone: 503-957-1179
Dated: May 4th 2017
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