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The Cully Neighborhood is a vibrant neighborhood in Northeast Portland with a strong sense of community. With a mix of residential and commercial real estate, Cully also has a community garden and many parks. It is bordered by the Concordia, Sumner, Roseway, Rose City Park, and Beaumont-Wilshire neighborhoods. From a real estate perspective, Cully is a wonderful place for first time homebuyers where the prices are still very affordable. To learn more, visit here: http://www.portlandneighborhood.com/cully.html

In my monthly Portland real estate report, I always talk about how each individual neighborhood is a micro-market. If you are looking to buy or sell in a particular neighborhood, the most crucial information that you need to know is what is going on in that neighborhood. In this situation, the overall Portland market report is less important and the national real estate report is just about useless. This posting is a real estate report for the Cully neighborhood of all homes in all price ranges. Feel free to request particular neighborhoods in which you are interested in buying or selling and I am be happy to do a report, just contact me on this forum or at: http://www.propertiesofportland.com.

If you are looking for homes in Cully, visit this link where you can search for homes by particular neighborhood:
http://www.propertiesofportland.com/index.cfm/page/51539/parent/426...

The first thing you will notice about individual neighborhoods as compared to the overall Portland reports are that the numbers can be wildly different month to month. Basically, the bigger the pool of data you are working with, the smoother the stats become. As we focus on smaller areas, many different things can happen month to month.

On to the report:

Here is the overall chart of inventory, sold, and pending for the Cully neighborhood from 8/08 to 10/09:

Closed and pending sales have been up for most of 2009 while inventory has been sloping downward. Being right in the first time homebuyer price range, and therefore a perfect place to get the $8000 first time homebuyer tax credit, has improved sales. In October 2009, there were 17 closed sales, 20 pending, and 62 on the market.

More stats for you from your friendly neighborhood real estate statistics nerd:

One year change from October 2008 to October 2009:

Inventory (how many homes on the market for sale): Down 26.2%
Homes sold: Up 41.7%
Homes pending sale: Up 81.8%!

Chart for average price per square footage:

In 2009, the average price per square footage in the Cully Neighborhood varied between $112/sq ft. to $139/sq ft. It is currently at its highest point of the year at $139/sq ft.

One year change from October 2008 to October 2009:

Change in Price Per Square Foot:
October 2008: 162
October 2009: 139
Percentage Change: Down 13.9%

Days on market and sold/list price %:

This chart is showing us two things. First, how many days on the market that a home is spending, on average, before being sold. In October 2009, the average time on market for a home in the Cully neighborhood was 66 days.

The second thing that this chart is showing you is what percentage of the listing price the owners actually are getting when the house is sold. This is a great indication of the pressure on prices. In October 2009, sellers in Cully received, on average, 98% of their asking price.

More stats for you:

Change from October 08 to October 09:

Time on Market: Increased 13.8%
Sold/List price % difference: No change.

Average price for sale vs. average price of sold:

This chart shows us what the average listing was and what the average sale was. In October 2009, the average price of a house on the market in Cully was $262,000. The average sale was $229,000. As you can see, the average prices in the Cully neighborhood are firmly in the first time homebuyer's price range. This price range has the majority market share of sold homes right now. In case you haven't heard, the first time homebuyer's tax credit has been extended. There is now a tax credit for a non-first time homebuyer. For details, click here: http://community.portlandneighborhood.com/forum/topics/the-home-buy...

More stats over one year:

Average active price: No change.
Average sold price: Down 6.1%.

Months of Inventory:

Months of inventory gives a time line of how long it would take for all of the current listings to sell. Anything above 6 months is considered a buyers market. October 2009 reflected a very balanced market in the Cully neighborhood at 3.6 months of inventory.

By the way, This does NOT mean that it will take 3.6 months for your home to sell. That figure was, on average in October, 66 days, remember? It is a figure that means that, if not another home were to come on the market from this point forward, in 3.6 months there would not be another home to sell. They would all be sold.

Visit my website where you can contact me and search all Portland Metro Area listings from the RMLS: http://www.propertiesofportland.com

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