We saw quite a few changes in the housing market during the month of February. In general, housing prices are still dropping which is great news for people in the market to buy a home. The decrease in pricing is starting to level out, which is good news for anyone wanting to sell their home.
If we break down the statistics by quadrant of portland we can see the picture more clearly. In North Portland, we see the largest decrease in home value, with an average selling price of 182,000. This is a 12.6% decrease from last month. North Portland is the best place to find great deals on homes right now. In Northeast Portland we have an average sales price of 281,000 which is only a 3.3% decrease from last month. In southeast Portland, the average sales price is 190,000. This is a 4.5% increase in price from the previous months. This is great news to anyone who owns a home in Southeast Portland, it is the only region with an increase in price. Lastly we have west portland. The average sales price is 358,000 which is a 3% decrease from the last couple of months.
For most of portland the absorption rate is just above 6 months. An absorption rate is how long it will take for all of the current inventory to sell in our current market. Northeast and west portland have had a lot more inventory come on the market in the last couple of months so they are seeing an increase in market time, while southeast and north Portland are both showing a decrease in time.
Once we look at all the facts, we are still seeing that there is a lot of inventory to choose from, this gives buyers lots of options so you don’t need to rush into anything, and it means that home owners need to have their homes priced aggressively to get them sold.
If you would like more specific information about your neighborhood or home, please let me know. I would be happy to send you all the information you need.
As always, Live Lively!