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We read national real estate headlines and statistics all the time and it's easy to want to take those numbers and relate them to our own neighborhoods and homes. It's important, however, to realize that real estate activity and markets are localized. Just as it makes no sense to think what is happening in the Miami, FL real estate market reflects what is happening in Portland, OR, it doesn't make sense to compare one area of the greater Portland market to another.
Here is a sampling of Portland neighborhoods, and surrounding cities, and how they have performed from the most recent quarter in 2014, to the same quarter in 2013.
97202 (Sellwood/Moreland) Sales price up 16.5% vs. the same quarter 1 yr. ago. Avg. Days on Market: 33
97206 (Woodstock/Brentwood) Sales price up 7.1%, Avg. Days on Market: 28
97212 (Irvington/Alameda) Sales price up 10.2%, Avg. Days on Market: 38
97219 (Multnomah Village/Hillsdale) Sales price up 20.7%, Avg. Days on Market: 45
97222 (Milwaukie) Sales price up 0.4%, Avg. Days on Market: 40
97045 (Oregon City) Sales price up 4.0%, Avg. Days on Market 54
As you can see, there are distinct differences in how these neighborhoods performed over the past year. It's also important to remember the following:
1) Past performance is not an indicator of future appreciation. 2) Double-digit appreciation is not sustainable for the long term. By all accounts, we are no where near a "bubble," but we should begin to see value appreciation slowing down in some of these hotter markets.
