Portland Home Value Changes Vary Widely By Area
Media reports, from cable news to The Oregonian, regularly report broad real estate trends that you probably suspect don’t reflect what is happening in your neighborhood. All real estate is local. What is happening to your home’s market value?
In most areas non-distressed home sales – those that are not a short sale or bank owned – are holding up pretty well.
Example: Last week less than 19% of the active listings in close-in West Portland were short sale or bank owned properties (compared to over 29% city-wide), and West Portland showed an average sale price decline of 4.6% during the first four months of 2011 over the same period in 2010, much less than the overall Portland average of 8.1%.
On the other hand, the Beaverton and Aloha markets, where over 39% of the active listings are either short sale or bank owned properties, showed a 14.8% drop year-to-date 2011 from year-to-date 2010.
The distressed sales pulled down the averages (and the medians), so areas with relatively high proportions of distressed sales suffered more statistically.
The median sale prices for the same group of homes follow a similar pattern, but differ slightly as you can see below.
So how does having a lot of distressed sales around you affect the value of your home? Tune in tomorrow.
Curious about your neighborhood? Call us at 503.222.4300, or visit our Portland Home Team Market Data Center.
May 25th, 2011 at 11:15 pm
[...] averages that include distressed property sales – bank owned and short sale properties. According to RMLS data, West Portland home sales averaged 4.6% lower in price the first four months of 2011 compared to [...]
June 1st, 2011 at 3:36 am
[...] the neighborhood averages that contribute to the overall Portland performance in our post “Portland Home Value Changes Vary Widely by Area.” The precise numbers differ because of differing methodologies, but the trends are [...]
June 28th, 2011 at 8:27 pm
[...] the neighborhood averages that contribute to the overall Portland performance in our post “Portland Home Value Changes Vary Widely by Area.” The precise numbers differ because of differing methodologies, but the trends are [...]