Demand for Portland houses nearly outstrips supply

Inventory of homes for sale is the lowest in Portland since 1999

A house for sale in Portland, April 25, 2016 (KOIN)

PORTLAND, Ore. (KOIN) — The Portland housing market isn’t for amateurs. Homes are selling for thousands of dollars more than the listing price, sometimes in cash.

Keller Williams real estate agent Andrew Berlinberg told KOIN 6 News the inventory of homes for sale is the lowest the city has seen since 1999.

“If no more houses went on the market and the pace of sales continued the way they are, we’d run out of houses in less than a month-and-a-half,” Berlinberg said.

A neighborhood in Southwest Portland, April 25, 2016 (KOIN)
A neighborhood in Southwest Portland, April 25, 2016 (KOIN)

Jessica Ramseier and her family just sold their home in Southwest Portland.

“We just thought we’re going to have to rent because there’s no way we’re going to find a house,” Ramseier said.

Ramseier said the competition was fierce when they tried to find a new home.

“There wasn’t a lot in our price range… and if they were they were gone in days,” she said. “The first house we looked at was literally gone that day.”

Some sellers are even including clauses that make an exception for them to back out of a sale if it turns out they can’t find housing before they hand over their keys.

“It’s definitely lack of supply. There’s not much inventory on the market. It’s definitely easy to sell a house, but to find a house that you want is a challenge,” Berlinberg said.

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