PORTLAND - Multiple offers on real estate, not a term we've heard in the Portland real estate market for some time, are happening in several parts of the city.
It boils down to three things: inventory, location and pent-up demand.
This means a shift to a seller's market. There are several pockets of town, close to the central city that are seeing, for the first time in years multiple offers.
Low inventory, just three months worth for locations near downtown is creating a bidding war on some properties with two, three and sometimes for more offers.
More offers mean prices goes up, this despite a median sale price down 7.9 percent from 2010 to 2011.
"I think with the multiple offers, it is properties under $300,000, close-in east side right now . A lot of those are getting multiple offers in the first couple of days or the first week," said Nick Krautter, Principal Broker, Keller-Williams PDX Central.
Also, investors are back big time, scooping up homes and flipping them to compete with Portland's very-tight rental market.
In the suburbs, construction is up. Developers are seeing more pre-sold homes before they build.
All this bodes well for sellers this spring and summer. Broker, Nick Krautter expects the asking prices will be higher.