Week in review: Up or Down Market?
November 8th, 2007 by dirkknudsenThis week I took a look at the market for the Portland West-side. Using the Rmls data for the period of November 1st-November 7th, 2007 I pulled all the data. Specifically I looked at areas 148,149,150,151,152. This is NW Portland, NW Washington County (Bethany), Hillsboro, Beaverton, Aloha, Tigard, Tualatin, Forest Grove and Cornelius. During this one week period we saw some interesting action going on and perhaps some insightful stats. They are as follows:
New Listings:     173    Average Price $409,000  Average Price per SF: $195
Pending Sales:     72     Average Price $378,000  Average Price per SF:  $185
Sold and Closed   43    Average Price $405,690  Average Price per SF: $192
What this shows in that we gained almost no net listings for the week. This is a good sign.  We saw that the Market has about a 5 month supply given the current rate of Sales. In fact we do see that the average asking Price is higher by about 1.5% than that of the Average Sale and that pending sales are going down at about 4% below asking Price.
This seems to be a situation where Sellers eventually come down a little or buyers finally make an offer and the seller accepts. There are homes as low as $125 psf and as high as   $225 psf so these are all averages. The best advise we can give is determine a fair rice for the home based upon a range of value. Price towards the lower end of this value and you should find a willing buyer.  This is not a buyers or seller’s market at this time. It is actually a great time to buy in fact. The Holidays are upon us already and this sales activity is an indicator of a decent market still bubbling under the surface of the Negative Stream of nationwide news out there.
If you in the market be active. We can find you a decent value! Call Dirk anytime at 503-799-8383.
