We've had a striking reduction in inventory: from February to March we went from 12.9 months to 7.8. Losing four months of inventory is no small feat, accomplished with closed sales up 51.9% from the same month last year. Keeping in mind that six months inventory is considered the halfway balance between a buyer's and seller's market, the 7.8 figure brings us significantly closer.
Negotiations are still running very hot between buyers assuring they are getting a good deal in an uncertain market and sellers wanting or needing a net that will get them towards their next home.
SE Portland had the most expired and cancelled listings- 324 in March alone. Cancelled and expired listings are basically houses that didn't sell, either because of price, condition or both. A very interesting note: perhaps the Lake Oswego/West Linn area is coming out of their sales rut, with figures showing an increase of sales over last March by a whopping 91.8%.
So far our DOM (days on market) are down about 12 days over last years 154 average. My DOM are averaging under 60 days for both this and last year. Read the entire report.