440 homes were sold in Portland in August, down from 466 in July. I had predicted 400 sales and was happy to see the decline in volume slow down more than I expected.
Wild cards: Margins between list price and sales price continue to grow from a consistent 95%-97% to the low 90’s. With Fall just starting there is uncertainty in the market. 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 October. Seasonally speaking, average prices generally start to drop after the summer peak, bottoming out in winter; with sales slowing I expect this trend to begin. PORTLAND sales volume 100110