After a couple of years of seeing housing prices constantly drop, we are finally starting to see prices level out, even increase in some areas. When we look at the different quadrants of Portland, we start to see things more clearly.
North Portland showed an 11% increase in average sales price since last month, with a current average of $204,000. NE Portland is the only area of Portland still showing a decrease in sales price. The average price dropped 8% to $250,000. SE portland took the largest jump in sales price but this is after a very large drop in sales price after December of last year. The average sales price is 222,000, this is a 15% increase from last month. Lastly we have west Portland with an increase in sales price of 9% and an average sales price of $392,000. While the increase in Prices for the month is a good sign, we need to wait and see if this trend continues. If we look back to December of last year, the average sales price is down across the board.
Price is not the only factor in deciding the health of the housing market, we also need to consider the existence of third party listings. 3rd party listings are homes the bank has foreclosed on or put into a short sale. These distressed sales drive down the pricing of homes and have a huge effect on the market. The more saturated an area is with 3rd party transactions, the lower the average sales price will be.
These numbers help to clarify the average sales prices of the different areas. The higher the amount of third party homes, the lower the sales prices of non-third party homes.
When we look at all the statistics together we see that the market is starting to get better. Homes are moving faster and as we move into the spring buying season we have lots of buyers entering the market. If you have any questions about your home or neighborhood please e-mail me at email@example.com
Until next time, Live Lively