362 homes were sold in Portland in February, up from 344 in January. I had predicted 400 sales.
Wild cards: Mortgage interest rates are staying close to 5% with most lenders quoting 5%. The rental market remains robust so expect investors to start buying up distressed properties in much greater numbers. Much of the inventory is stale so expect sales to jump when more new homes hit the market this Spring.
I’m predicting around 450 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in March. 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 03012011