West Portland Housing Stable Through April, Again
Comparing the first four months of each of the past five years illustrates what many have sensed: the close-in West Portland real estate market has been relatively stable for some time.
Media reports headline city-wide 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 the first four months of 2010. Remove the distressed property sales, however, and the average sale prices even out for three straight years.
Other areas of town may have similar patterns. Call us if you would like to know what has happened in your area.
The total number of homes sold in West Portland has not been as consistent over the same time period. Particularly significant is the volatility of total sales of homes less than 2,000 SF in size, which include almost all of the Pearl District and South Waterfront condominiums.
Curious about your neighborhood? Call us at 503.222.4300, or visit our Portland Home Team Market Data Center.
June 1st, 2011 at 3:37 am
[...] We also demonstrated that non-distressed properties are performing very differently from the reported market averages in “West Portland Housing Stable Through April, Again.” [...]
June 28th, 2011 at 8:29 pm
[...] We also demonstrated that non-distressed properties are performing very differently from the reported market averages in “West Portland Housing Stable Through April, Again.” [...]