Price Reductions Greater Than The Norm For These Portland Homes

Posted on 08/6/10 4:17 PM

On Average Prices For Portland Homes For Sale Were Reduced By 8% Since Last Year – Says Trulia

USA Today recently ran an article about the “cold reality of post-housing-bust prices”. The report profiles numerous sellers as they come to terms with the true market value of their homes, and concede to multiple prices reductions in an effort to secure a sale. According to the report, which relies on data from Zillow and Trulia, the average price reduction for homes that have been for sale in Portland since July 2009 is about eight per cent. The data source presents its own set of problems, notably the fact that only a small percentage of the total inventory of homes for sale in Portland since July 2009 was listed on Trulia at all times  i.e. many of these homes may have indeed been listed on Trulia at some time, but are no longer. As a result, the Trulia data set is only marginally representative.

Here’s a summary of their findings:

In spite of their shortcomings, the Trulia stats nonetheless provide some sense of where the market is at and serve as a starting point to identify homes with significantly greater price reductions.

With Recent Adjustments, These Homes For Sale In Portland Are Down More Than 8%

Prices for these homes were adjusted downward this week, for a total (year-over-year) price reduction in excess of 8%:

  • Located minutes from Portland State University, this 6-bed/3.2 bath home was originally listed at 799k earlier this year. This week, the price was reduced once again. It’s now listed at 699k, down 12% in less than six months. Click here for details.
  • Now priced 200k below what is sold for in mid 2006, this Hillsdale/Burlingame 3-bed/2.1 bath home is down 50k from where it was in May of this year. Yes, it’s on a busier street, but sits somewhat up and off from the activity. Offered at 309k. Find out more here.
  • Built in 1907 this classic Hawthorne home came on to the market just a month ago. It’s already down 8% and is now listed at 439k. Check it out here.
  • This 5-bedroom home in NE Portland is down 11% since it was listed just two months ago. Comes with a chicken coop and raised beds to meet all your local, sustainable, organic needs. Here’s the scoop.
  • Not many homes are available in the low 200s this close-in on Portland’s east-side. Even fewer lower their price by 10% in the course of two weeks like this one. Has been on the market since April. Seller wants out. Click here for details.