The continual rise in values is being fueled almost entirely by an almost record low inventory of homes for sale. As of the end of June, there was only a 1.6 month supply of homes listed. This means that at the current rate of consumption, all homes currently on the market will be gone in 1.6 months. This is the lowest inventory level since the peak of the mid 2000s housing boom. (A healthy market has closer to a 6 month supply of homes for sale at any given time.)
Currently a home listed becomes a “closed sale within 45 days! By comparison, last year at this time, it took closer to 60 days for a new listing to close.
On the upside, this year has seen a 5% increase in the number of homes listed, which can be taken as a vote of confidence that demand is very high, so this hot market is likely to continue for a while yet.
Lane County sees record home sales for June 2015
As Portland metro area housing is soaring, more and more buyers are finding themselves being priced out of our market. Never fear, there are other great places to live in Oregon, as home buyers are moving out of the metro area in search of “more bang for their buck.”
According to realtors in Lane County, the market is on fire. Most have never experienced the buyer frenzy that has moved south creating the hottest market Lane County has ever seen since RMLS started keeping records in Lane County in 2001. Like Portland, inventory is down while the median home price has risen dramatically from $210,000 in May 2015 to $229,000 last month.