Spring Spike in Sales
767 homes were sold in Portland in March, which is 216 more than February. The market pulled out of the January and February low in grand fashion. Pending activity is picking up so expect the number of sales to be higher for April 2015.
Wild cards: As prices go up more buyers are priced out of the market which could slow the pace of sales. Interest rates remain low. Inventory is still very low.
I’m predicting around 825 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in April.
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.