The full Market Action Report is here.
Virtually the same number of homes for sale on the market as last year. As many listings as I have, look to your right, I would have guessed more. Year over year we are down 2.2% for Median Price which doesn’t seem like much in relative terms. I still don’t have much faith in these style of numbers for these reasons –
- Lake Oswego – 77 Sold, 90 Pending and $100,000 between Average & Median Prices ($455K- $554K)
- NE Portland – 212 Sold, 201 Pending and $46,000 between Average & Median Prices ($280K- $326K)
- West Portland – 232 Sold, 261PEND, and $85,000 between Average & Median Prices ($399K- $484K)
Average Prices for June in these three areas were higher than the above Year-to-Date numbers. The higher average price versus May 2008 I believe is due to the higher priced listings selling and the homes in the $200,000 sitting.
There are some good homes for sale in this range but the credit crunch is hitting borrowers in this price range the hardest. The money was easy for them before with No Doc loans and those are all but gone. FHA is in full swing but with debt to income ratios being lowered and minimum credit scores being raised many can’t qualify there either.
I still think you don’t want to have your home on the market come Fall or at least be ready for some low offers from confident buyers. I expect lower prices after September due to all of the upheaval in the market. Though in some neighborhoods I have seen prices drop a lot others continue to rise. Real Estate being local is more than a phrase for different cities, it applies to neighborhoods too.
