Sales Hit 12-Month High
818 homes were sold in Portland in May, up from 707 in April. The close-in market volume is on the rise even with very low inventory, while numbers in suburban areas are showing improvement as well. Inventory continues to drop which is promoting higher sales prices.
Wild cards: Multiple offers are back with inventory at a 5-year low.
I’m predicting around 850 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in June. Seasonally speaking, average prices generally start to drop after the summer peak, bottoming out in winter.
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.