Alright Portland. It’s time for a reality check [pardon the pun above]. With all this news of the market falling and prices dropping what’s really happening? To answer that question I’m bringing you a snapshot of the Eastside market in August 2007.
Alright – Looking at the numbers objectively I can tell you everything is going just fine. Here are the numbers and what they mean to you. In NE + SE there were 1165 new homes listed with an average price of $316,000. We sold 477 homes in August and the average time on Market was 49 days [this number is actually going down!] This means the average home is on the market less than 2 months before it gets an offer.
But aren’t prices going down? No. People have gotten into the habit of over pricing their homes and the market would catch up. That doesn’t work in a Balanced Market, our current market status. Homes priced to their market value are generally selling in less than 30 days. In August of 2006 the average sold price was $282,000 – this year it was $323,000. So Eastsiders are getting 14% more for the average home this year over last year.
What does this mean to you? If you’re buying, don’t wait, people are still moving to Portland and prices are still going up. If you’re selling, price your home well and make sure it shows really well and you should be able to make money!