It is reported that 115 Portland-area homes sold in less than 24 hours in the past 5 months, a phenomenon recently referred to as “flash sales.”
This information is not surprising as the current low supply of homes for-sale in the Portland metro area has favored sellers for more than a year, leading to bidding wars for the best-situated properties.
Our local RMLS reports the current inventory stands at about 4.5 months. In February 2013, the average price of a home was $282,000, 10.5 percent more than a year ago. For the year, Portland-area home prices are running 13.1 percent ahead of the same period in 2012.
See Wendy Culverwell, Portland Business Journal, article dated March 18, 2013 for further details.