Snowpocalypse Ices Sales

601 homes sold in Portland this January which is 213 less than December. Portland sales fell on the delays caused by the terrible weather. Pending sales decreased going into 2017, so expect a drop in sales next month due to an uptick of interest rates and the hangover from delayed activity due to the snow and ice which shut Portland down for a week. 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 have stabalized, although out of state investment continues to push prices and rents higher and keep inventory low.

I’m predicting around 575 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in February.

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.