Hosford-Abernethy Neighborhood Report

The Hosford-Abernethy Neighborhood is a beloved part of SE Portland and, indeed, what many people think of when they think of SE. Bordered by the Willamette River and SE 30th between SE Hawthorne and SE Powell, Hosford-Abernethy includes the vibrant and evolving Clinton Street (midnight Rocky Horror showing at the Clinton Street Theater anybody?) and the breathtaking rose gardens of Ladd's addition. With a rich assortment of restaurants, streets bursting with character, and gorgeous homes - all within walking distance - Hosford-Abernethy is a jewel of the SE. As usual, to experience more, I will refer you to the .com side of Portlandneighborhood:

http://www.portlandneighborhood.com/hosford-abernethy.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 Hosford-Abernethy 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.

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.

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

On to the report:

Here is the overall chart of inventory, sold, and pending for the Hosford-Abernethy neighborhood from 03/08 to 05/09:

Like the overall Portland market report for June, this neighborhood is on a sharp upward trajectory with sales.

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

One year change from May 2008 to May 2009:

Inventory (how many homes on the market): Down 14.9%
Homes sold: Down 49.3%
Homes pending sale: No change

Chart for average price per square footage:

Like most of the country, price per square footage has dropped. However, as you can see from this chart, Hosford-Abernethy has held its own and the decline has been mild.

In Hosford-Abernethy, the average price/square footage has gone down by 13.6% from May 08 to May 09.

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. You can see here just how desirable a home in this neighborhood is. In Hosford-Abernethy, in May 2009, the average time on market was only 42 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 May 09, sellers were selling their homes for, on average, 97% of the listing price.

More stats for you:

Time on market: From May 08 to May 09, this figure has increased 2.4% from 41 days in 08 to 42 days in 09.

Listed/Sold price %: In the past year, this percentage has decreased 1% to 97%.

Average price for sale vs. average price of sold:

This chart shows us what the average listing was and what the average sale was. You can see the decrease in prices here but not dramatically. In May 09, the average home for sale was $453,000 and the average home sold was $338,000.

More stats over one year:

Average active price: down 7.2%
Average sold price: down 17%

Months of inventory:

Months of inventory gives a timeline of how long it would take for all of the current listings to sell. Anything above 6 months is considered a buyers market. In May 09, the figure in the Hosford-Abernethy neighborhood was 4.9 months. That's right, folks, it was a balanced market favoring the seller. It is sure good to be a homeowner in this neighborhood. This does NOT mean that it will take 4.9 months to sell your home. That figure was 42 days, remember? It means that, if not a single house were to come onto the market from this moment, it would take 4.9 months before there would be no homes for sale in this neighborhood.

More stats over one year period:

In May 08, the months of inventory were 2.8 months. In May 09, it was 4.9 months, an increase of 69%.

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