Sales Hold Steady Heading into Winter
814 homes sold in Portland this December which is 1 more than November. The close-in market saw a slight increase in sales, which is not typical for this time of year. Pending sales decreased going into 2017, so expect a drop in sales next month due to an uptick of interest rates and the holiday season. The suburban market is slowing more rapidly, but is still outperforming sales from the same time last year. The market is still favoring sellers and promises to keep inventory low.
Wild cards: Interest rates are increasing, although out of state investment continues to push prices and rents higher and keep inventory low.
I’m predicting around 675 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in January.