fbpx

Is Portland Real Estate Selling?

I’m using Prudential Northwest Properties Transaction Platform which gets it data feed from RMLS to search for properties listed in Portland excluding any suburbs.  Between October 1st and October 31st, 2008, 637 properties listed in RMLS sold (864 sold in the same time frame in 2007). In 2008, they ranged from an in-park double wide to a $3.3M Dunthorpe home.  As of now, there are 5992 properties showing as active.

  • 123 of the listings were on the market nine days or less. My assumption is that the system is reporting since the property was last assigned a new MLS number.
  • Five listings were on the market over 500 days. They were all new construction condos.
  • Average days on market was 73.
  • The median listing price was $297,500.
  • The average listing price was $354,528.
  • The median selling price was $289,850; 97.71% of the list price.
  • The average selling price was $343,588; 97.0% of the list price.
  • The highest sold price to listing price ratio was 114% (home shows as 0 days on market).
  • The lowest sold price to listing price 66.5% (was the lowest priced listing which sold for $8500).
  • The 100th property when ranked from the lowest to highest ratio sold for 93.4% of asking.
  • The 573th  property (100 from the highest ratio home) when ranked from the lowest to highest ratio sold for 100% of asking.

     

 

4 Comments on “Is Portland Real Estate Selling?

  1. So 10% of the properties sold at or above asking and 15% sold at more than a 6.5% discount. That really speaks to having your listing priced right.

    Do you think there aren’t more discounted sales because low offers aren’t coming in or because sellers aren’t accepting the low offers?

  2. Do you think there aren’t more discounted sales because low offers aren’t coming in or because sellers aren’t accepting the low offers?

    A lot of it goes back to motivation. We canceled a listing yesterday that the seller is going to rent out instead of selling. There was an offer but even after a couple of counter offers back and forth it was not accepted. There is no way of tracking offers that don’t become pending sales and I don’t have the resources to count the number of listings that go from pending to back on the market.

  3. I believe your enumerated list above reflects how the real estate industry is fairing in this time of economic instability. Buyers and leasers, for that matter, are looking for a safe refuge of their money.

Leave a Reply

Your email address will not be published.