793 homes were sold in Portland in April, up from 701 in March. I had predicted 900 sales and the fact that we’re closer to 800 shows the tax credit having a positive, yet not overwhelming effect on the market.
Wild cards: The tax credit is over but homes are still selling. Foreclosure numbers have gone up and shadow inventory appears to be holding at a 2 homes owned by banks to every 1 on the market.
I’m predicting around 900 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in May. Watch for a large increase in new homes on the market all spring and rising activity through the summer.
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. PORTLAND sales volume 060110