398 homes were sold in Portland in February, up from 390 in January. I had predicted 425 sales and we’re seeing a normal start of the year. This February is better than 2009’s.
Wild cards: Tax credit expires for sales after April 30th 2010. Foreclosure numbers appear to be stabilizing, more condo auctions should lower inventory but also prices.
I’m predicting around 500 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in March. 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 040110 pdf