593 homes were sold in Portland in December, down from 723 in November. I had predicted 500 and the normal sales slow down of the holiday season but we finished 2009 MUCH better than we started it in January.
Wild cards: Tax credit has been extended to April 30th 2010 and new move up buyer tax credit added. Foreclosures are still going up in Oregon.
I’m predicting around 400 closed sales in Portland (areas 141, 142, 143 & 148) in January. Investors will begin to emerge as a major part of the market this Winter and we’ll see a lot more homes on the market come March.
Sales volume is a leading indicator for price. To help predict where the market is going I publish this sales volume trend report. The wisdom is that price follows volume so when you see a market trending higher in sales, prices will soon follow up and when sales volume is low, prices will stay flat or fall.