Lennox in the Media Market Update Real Estate Trends

‘Sold out’: Despite lively market, home sales drop in 2017

Photo courtesy of Elliot Njus, The Oregonian

Elliot Njus | The Oregonian

Amid an energetic real-estate market, complete with bidding wars and steeply rising prices, the number of homes sold in the Portland area dropped in 2017 – the second annual decline in a row. …Portland saw a typical surge in sales activity early in the year, said J. Lennox Scott, the chief executive of Seattle-based John L. Scott real estate. But the inventory of homes remained smaller than the year before. “We’re virtually sold out,” he said.

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