A couple of weeks ago I took a look at whether RMLS Market Action could help us predict what the trailing Case Shiller report might look like? The answer was no, at least not as reported. It was pointed out that the methodologies are different. RMLS Market Action does not include Clark County. Case Shiller uses the entire Portland MSA which Wikipedia defines as:
The Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area (MSA), also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. The U.S. Census Bureau’s definition for the MSA is currently all of the following counties: Clackamas County, Oregon, Columbia County, Oregon, Multnomah County, Oregon, Washington County, Oregon, Yamhill County, Oregon, Clark County, Washington, and Skamania County, Washington. The Washington counties are separated from Oregon by the Columbia River.
The graphics from RMLS show that Clark County has been hit harder than the Portland area in some aspects and has done better in others:
It’s easy to get wrapped up in market statistics (me, the media and you) but we all have to remember that one “Portland Real Estate Market” is not necessarily the same market that someone else is talking about.
One Comment on “Case Shiller and RMLS Provide Different Views of Portland Real Estate”
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Some argue that Case Shiller is the end all be all. I’m not sure. Not only are all “City Real Estate Markets” not the same, but, frequently not even the most important statistics to stay up to date with. Submarkets often become much more critical in understanding what is happening and what is actually important to housing values.