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Prospective homebuyers still waiting to capitalize on favorable market conditions likely have missed the boat.

“People are feeling secure that the recession is over,” said Val Thorpe, principal broker for the Northeast Portland office of Hasson Company Realtors. “They’re feeling confident, and so they’re acting. But the smart people bought in 2011, and now everyone’s buying. The good deals are gone … they’re gone.”

With the housing inventory in the Portland-metro market hovering at only about three months, sales prices are skyrocketing. Prospective buyers are not only offering more money than what homes are worth, but also waiving important considerations like inspections.

Brokers are scrambling to keep up, and Thorpe said she hasn’t missed a 16-hour workday for the past three weeks.

“It’s insane,” she said. “It’s almost worse than the bubble.”

According to data from the Regional Multiple Listing Service, April produced 3,623 new listings – a 20.7 percent increase from March. That’s the largest one-month rise since August 2008, but it still wasn’t enough to push the inventory above 3.1 months. An inventory of six months is generally considered a balanced market; anything smaller favors sellers.

Because interest rates remain low, demand is soaring for the relatively few listed homes. Over the past 12 months, the average sales price has increased 15.3 percent to $293,600 and the median sales price has increased 15.6 percent to $250,000.

“In order to get that house, buyers are jumping through all these crazy hoops,” Thorpe said.

She said that some prospective buyers are forgoing inspections, while others are waiving financial contingencies and revocation periods, putting high earnest money down and making offers over asking prices.

Thorpe said the market is particularly daunting for people looking to sell their current home and buy another. For instance, a buyer whose purchase is contingent upon the sale of a current home won’t be as attractive to the seller as one who has money up front. Thorpe added that some families are selling their homes faster than they are able to buy another, and then have to rent from the new owner until they can make a purchase.

Accepted offers in April (2,942 total) were up 11.9 percent from March, and 24.4 percent from 12 months before, according to RMLS. Closed sales were up 9.8 percent from March and 16.6 percent from 12 months before.

Thorpe thinks it’s unfortunate that more prospective buyers didn’t act two years ago.

“It’s weird. It’s really weird,” she said. “All these people could have had houses for $40,000 less money than they’re paying right now. It’s just like: Where have these people been?”

The average sales price for nearly every Portland-area market increased over the past 12 months.

In North Portland, it increased 6.8 percent to $243,100.

In Northeast Portland, it increased 12 percent to $317,400.

In Southeast Portland, it increased 12.7 percent to $251,400.

In West Portland, it increased 10.2 percent to $425,700.

In Gresham/Troutdale, it increased 5.1 percent $212,300.

In Milwaukie/Clackamas, it increased 6 percent to $257,400.

In Oregon City/Canby, it increased 3.4 percent to $252,400.

In Lake Oswego/West Linn, it increased 9.2 percent to $469,500.

In Northwest Washington County, it increased 3.4 percent to $382,600.

In Beaverton/Aloha, it increased 10 percent to $250,400.

In Tigard/Wilsonville, it increased 6.9 percent to $309,800.

In Hillsboro/Forest Grove, it increased 8.8 percent to $228,100.

In Mount Hood, it increased 9.3 percent to $206,200.

In Columbia County, it decreased 1 percent to $156,400.

In Yamhill County, it increased 9.9 percent to $224,800.