575 homes were sold in Portland in December, up from 495 in November. I had predicted 500 sales and December exceeded expectations!
Wild cards: Mortgage interest rates look like they’re finally starting to rise after being in the low 4% range for the last few months. The rental market remains robust so expect investors to start buying up distressed properties in much greater numbers.
I’m predicting around 500 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in January. Seasonally speaking, average prices generally start to drop after the summer peak, bottoming out in winter; I expect investors to bolster the market through the winter. Yet, 2010 shows the market bottomed out in Fall and started to rise in Winter. It will be interesting to see if the positive trend continues into Spring. PORTLAND sales volume 010111