701 homes were sold in Portland in March, up from 398 in February. I had predicted 500 sales and we’re seeing a much faster start to the year. This March is way better than 2009’s.
Wild cards: The tax credit is over but homes are still selling. Foreclosure numbers appear to be stabilizing, more condo auctions should lower inventory but also prices [John Ross auction prices reportedly averaged $235 sq ft but units sold over minimum bid]
I’m predicting around 900 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in April. 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 050110