Tigard Home Sales for November 2010
single family homes
- The average sold price was $286,297; this is a decrease of 9.9% from a year ago
- The average median price was $255,000; this is a decrease of 10.3% from a year ago.
- The average days on market was 145; this is an increase of 9.8%.
- The average number of listings was 46; this was a decrease of 9.8%.
- The number of homes sold was 33; this is a decrease of 31%.
- The number of short sales sold was 3; the number of Bank owned properties sold was 7; these distressed sales represents 30% of all homes sold.
All information is deemed accurate, but is not guaranteed.
I expect short sales and foreclosures (Bank owned properties) to remain a significant portion of total sales in Tigard through 2011 and most of 2012. This will keep a downward pressure on sales prices. I am not expecting appreciation to return until at least 2013. The average median price being lower than last year indicates that the home sales are in the lower price ranges. Not many expensive homes are not selling right now.
- Now is a great time to buy because there are some real values in housing available now, but don't buy if you expect to move within 5 years. Prices are going to stay flat or slightly decrease for a while. If the time is right for you or your family to buy a home, do it. Don't try to play the market.
- If you are a Seller, don't sell unless you have to. You are going to get beat up in this market. If you must sell, price your home right when you put it up for sale, and make sure your home sparkles. It has to stand out from all the other homes on the market.
- If you are an investor, now is the time to buy because you can find properties where the rental income will cover the mortgage payment. When this recession is over, these bargains will disappear. Take advantage of this unique situation.
- The real estate market is not going to improve until the unemployment rate goes down. Buyers need jobs!
Here are some recent articles I have written about the real estate market:
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