Continuing its upward appreciation rate now at 11.5% for the year, North Portland's average Residential Sales Price for the Month of May 2007 is at $269,300 and year to date at $264,000 with a median Sales price of $248,500 for the year to date statistic. A far cry from the early 90's when the vast majority of homes were priced in the $50,000's.

The outlook shows a slowing trend in sales with a decrease of 19.9% (137 Pending Sales) when comparing May of '06 to May of '07. Overall there has been only a slight decrease in Pending sales of 3.8% (a total of 650) when comparing the years of 2006 and 2007.

May shows active listings at 402 with 207 new listings compared to 999 for the year. Average days on the market are the lowest reported for Portland Metro area and stands at 32 days for the month of May as compared with 53 days area wide.

Closed Sales for May 2007 in North Portland are at 123 and 585 for year to date.

Compare the Average Sales price for the Portland Metro area system wide reached a record high of $ 348,800 shows room for more growth yet to come in North Portland. In the twelve previous months ending in May the average sales price appreciated by 10.1% for Portland Metro.

All in all Market activity remains strong in Portland and shows only modest signs of slowing and continued appreciation.

These statistics were compiled from RMLS data. Due to possible inconsistencies in reported data the information should only be used as an analysis of trends only.

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3 Comments on Portland Real Estate Market Action Update " North Portland "

JUL
27
2007

June RMLS numbers for North Portland

North Portland Average Price: $261,400

You really shouldn't use average prices to gauge a market's health, they fluctuate too much. Using the same logic following average prices then we should say North Portland is up 2.2% from the beginning of the year ($255,800 in January). The median price is a much better gauge.

George
5:56pm • #1
188,215 Points 27 Featured Posts Outside Blog

George,

Thanks for reading and your input. I give to you my favorite quote regarding statistics. " There are Lies, Damn Lies, and Statistics " .

There are many ways to gauge the health of the real estate market be it in North Portland or any where else. The truth is that the majority of consumers understand the term 'Average Price' more so than the term 'Median Price'.

And although there may be many ways to tell the story, the statistic used was accurate. I have no way of knowing where the readers are coming from. They may be in an area that is experiencing a drastic downturn in the market that has an average sales price of $ 50,000 or they may be in an expanding market where the average sales price in $ 2,000,000.

The point is that the article is only a point of reference and offered for analysis.

Again thanks for reading.
7:11pm • #2
JUL
29
2007

I agree Herb, there are many measures to judging the health of the market. So for the sake of completeness, here are the numbers from the June RMLS Market Action compared against January's RMLS Market Action for North Portland.

Active Listings: +64.2% (509 versus 310)
New  Listings: +85.8% (275 versus 148)
Expired/Canceled Listings: +16.1% (72 versus 62)
Pending Sales: +17.4% (121 versus 100)
Closed Sales: +71.1% (130 versus 76)
Average Sale Price: +2.2% (261400 versus 255800)
Median Sale Price: +1.2% (249900 versus 247000)
Time on Market:  -43.3% (34 versus 60)

There are other things that can't be communicated by numbers alone, such as we are at the peak of the selling season.

To help educate the majority of consumers...

The Median Price is the price at which 50% of the homes sold above and 50% sold below that price. In other words, it throws off the odd sale of 1.5 Million dollar home that can skew the Average Price as well as the run down shack that sold for 30k.

 
George
5:00pm • #3


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Herb Hamilton

Portland, OR

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