Tigard Real Estate Market Report for October 2010
Single Family Homes
Average sold price $291,390: down 7.1% from a year ago
Average days on market 125: has increased 8.7% from a year ago
Average median price $260,000: down 12.7% from a year ago
Active listings 87: has increased 45% from a year ago
Short sales and Bank owned properties 10: represent 24.4% of all homes sold in Oct. 2010
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All data is deemed accurate, but is not guaranteed.
I expect short sales and foreclosures (Bank owned properties) to remain a significant portion of total sales in Tigard through 2011 and most of 2012. This will keep a downward pressure on sales prices. I am not expecting appreciation to return until at least 2013. The average median price being lower than last year indicates that the home sales are in the lower price ranges. Not many expensive homes are not selling right now.
- Now is a great time to buy because there are some real values in housing available now, but don’t buy if you expect to move within 5 years. Prices are going to stay flat or slightly decrease for a while. If the time is right for you or your family to buy a home, do it. Don’t try to play the market.
- If you are a Seller, don’t sell unless you have to. You are going to get beat up in this market. If you must sell, price your home right when you put it up for sale, and make sure your home sparkles. It has to stand out from all the other homes on the market.
- The real estate market is not going to improve until the unemployment rate goes down. Buyers need jobs.
Here are some recent articles I have written about the real estate market:
Money, Marriage, and the housing Crisis
What has Happened to the American Dream?
Wayne Pruner is a Realtor in Tigard Oregon. I am ready to provide you with money saving advice when you buy or sell a home. My phone number is 503-891-0795 and my email is waynepruner@oregonfirst.com.