for sale house northeast portland

A house for sale in Northeast Portland on March 31, 2017.

(Elliot Njus/The Oregonian)

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

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.

"The number of listings on the market is woefully low," said Matthew Gardner, chief economist at Windermere Real Estate. "Any hope buyers had that there would be significantly more choice clearly hasn't happened."

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, Gardner said.

"That is clearly a function of inventory," he said. "You can't sell what's not on the market."

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.

"Sellers won't sell unless they see promise in something to move into on the horizon," said Dustin Miller, a broker with Realty Trust Group in Lake Oswego. "We are left only with those who are leaving the area or with a place to go already lined up."

-- Elliot Njus

enjus@oregonian.com

503-294-5034

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