Hope may be on the horizon for home shoppers: More residential properties are expected to be put up for sale in the coming months and spiking prices may level off slightly as some owners on the sidelines jump into a still-competitive Portland market, experts say.
But other factors like record-low home inventory and a wave of motivated first-time buyers will keep sellers in the power seat.
John L. Scott Real Estate agents were informed by company CEO J. Lennox Scott that the “frenzy-level” demand to buy a home remains in the Portland area.
Adding to the tension: The number of existing homes listed on the market in May dropped by 2.3% compared to April, according to the latest Regional Multiple Listing Service (RMLS) report.
The total number of new listings — 3,971 — in May was less than…