Portland's housing market in a nutshell

We made an offer on a house yesterday, $50k over asking price. This is the first offer we’ve made in the year or so we’ve been looking. Woodstock, the neighborhood, is becoming more popular, but isn’t yet a Sellwood or the Pearl.

Today we learned:

1. Our offer wasn’t accepted.
2. Not only was our offer not accepted, but it wasn’t even close to being the leading offer. The accepted offer was likely more than $100k over asking price.
3. There were 27 offers on the house. It was on the market for four days in the middle of the week.

Insanity. According to our realtor, RMLS reported the month of March as having the lowest inventory in Portland since September 2005.