Spring Sales Get Early Start
456 homes were sold in Portland in February, up from 416 in January. While the close-in market bounced up from January, numbers in the suburban markets saw sales drop or stay flat. Stories about the low inventory are now commonplace and many price points are garnering multiple offer situations and less than one month on market.
Wild cards: Multiple offers are back with inventory at a 5 year low. Will there be enough listings to support a rise in closed sales in the 700-800 per month range that we typically see in summer?
I’m predicting around 550 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in March. 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.