Market Snapshot: 97201 - SW Portland
- By Tim Pitts
- August 20, 2018
**Every month RMLS releases statistics on the Portland Metro Area as a whole. But not every neighborhood is the same, so we're running a series on the neighborhoods of Portland to get a better look at different parts of the city!
This week we take a closer look at inner SW Portland and the neighborhoods of Arlington Heights, Downtown, Goose Hollow, South Portland, and Southwest Hills. Together this area comprises the zip code of 97201 and covers a smaller section of inner SW Portland that has more commercial zoning than many other parts of the city. This zip code also covers large, high-end homes as well as smaller, more average-priced condos. Because there are relatively fewer homes in this neighborhood and it has a mix of housing styles, the Median Sales Price and other statistics have the potential to swing wildly from one month to the next. For example, in the last year the Median Sales Price has been as low as $438,000 and as high as $615,000 - a difference of $177,000. In the last month alone, the lowest priced home sold for $242,500 while the highest price sold for $1.15 million. Given this, the drop of 35.5% in the Median Sales Price isn't cause for too much concern at this point.
New listings and closed sales were both up last month in this area, which is good news for a smaller neighborhood. The amount of time it takes a property to sell increased substantially compared to this time last year - up over 80% from 48 days to 90 days. While 90 days seems like a long time to be on the market, larger, more expensive homes have a much smaller pool of potential buyers, so they will generally take much longer to sell than a home in $300,000-$400,000 range. And with a smaller number of homes selling, a couple large homes on the market for a long time will skew the average calculation higher.
*Median Sales Price represents the middle point of all home sold during a specific time frame; half of all home sold were more expensive than the median, and half were less expensive. The Median is considered a more accurate gauge of home prices because it is not influenced by a small number of unusually high or low prices.