I did an Comparative Market Analysis for a possible client today in NW Portland. The average sales price I am finding consistently recently is about $165 per square foot. I have never really followed that number in the past but with such a high a inventory it is becoming a consistent barometer.
What I also saw was that the current average list price is around $174 per square foot for that area. The sold listings for that area showed that they sold for 93% of the original list price and 95% of the last list price.
So, what is 95% of $174? $165.
It is nice that some consistency is showing up in this market. This also gives validity to the notion of pricing your home right. These homes sold on average for less than what it was listed, which is every owner’s concern, but it still averaged out to the same dollar per square foot in the end.
How many seller’s set the price above what the home could sell for because they know they will get a lower offer, but in reality someone just skips it for a better-priced, less-hassle transaction? Remember this when pricing your home.
photo via http://www.flickr.com/photos/timparkinson
