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 Hillsdale 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 Hillsdale, visit this link where you can search for homes by particular neighborhood: Click Here
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 Hillsdale neighborhood from 5/09 to 7/10:
In Hillsdale, closed sales rose from February through June while pending sales steadily declined. In July 2010, there were 36 closed sales, 40 pending sales, and 431 homes on the market in the Hillsdale neighborhood.
More stats for you from your friendly neighborhood real estate statistics nerd:
One year change from July 2009 to July 2010:
Inventory (how many homes on the market for sale): Up 9.1%
Homes sold: Down 35.7%
Homes pending sale: Down 7%
Chart for average price per square footage:
In the past 15 months, the average price per square footage in the Hillsdale neighborhood has been between $143 and $204/sq. ft. In July 2010, the average price per square foot in the Hillsdale neighborhood was $164.
One year change from July 2009 to July 2010:
Change in Price Per Square Foot:
July 2009: 187
July 2010: 164
Percentage Change: Down 12.5%
Days on Market, 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 July 2010, the average time on market for a home in the Hillsdale neighborhood was 42 days.
The second thing that this chart is showing you is what percentage of the original listing price the owners actually are getting when the house is sold. This is a great indication of pressure on prices. In July 2010, sellers in Hillsdale received, on average, 92% of their original listing price.
More stats for you:
Change from July 2009 to July 2010:
Time on Market: Down 19.2%
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 July 2010, the average price of a house on the market in Hillsdale was $616,000. The average sale was $375,000.
More stats over one year:
Average active price: Down 7.6%
Average sold price: Down 14.6%
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 4 months is considered a buyers market. This figure is a good indicator of supply and demand. July 2010 in the Hillsdale neighborhood was buyer's market with 12 months of inventory.
By the way, This does NOT mean that it will take 12 months for your home to sell. That figure was, on average in July, 42 days. Inventory is a figure that means that, if not another home were to come on the market in Hillsdale from this point forward, in 12 months there would not be another home to sell. They would all be sold.
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