In the past two months, the local real estate market has started to do some very interesting things. We are beginning to witness the turn away from already-built subdivisions to subdivisions that are only preliminary platted. This is simply because the ones that are already built are currently off the market and going through steady absorption. What is more interesting, is that some calls have been in regards to raw land.
Is my prediction from a few years ago finally coming to fruition? The Oregonian seems to think that a lot shortage is coming. If land use applications do not pick up in the next few months, we could very well see a shortage in the coming year. Lending on new projects still seems to be stalled.
I am in the process of interviewing some local builders to get their sense of the market. I look forward to getting their input and reporting back here or in an article.
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