Last month, in Portland’s Pearl District, there were 18 total closed transactions. The average and median sales prices were $175,000 apart. What numbers do you really need to know?
With 18 closed sales in February, the average sales price was $778,152. But that number can be misleading. A better representation would be the median sales price. The median sales price is arrived by taking the middle sales value of all the condos sold. When using the average sales price, having one or two multi-million dollar properties could distort your numbers. For example, lets say there were only three sales in the month of February. One in the Lexis sells for $200,000, another one for $300,000 and the last one in the Casey sells for $1.6 million. The average sales price would then be $700,000. But is that really representative of the market? The median sales price takes the middle value of all the units sold. So in our example, the median sales price would be $300,000.
So down to the real numbers:
The median sales price in February was $605,000. But what does that really buy you? I pulled all the active listings between $575,000 and $625,000 so we could have a look.
There are 12 active listings currently at that price. 4 of these listings are 1 bedrooms, the other 8 are 2 bedrooms. The range in size from 1091 square feet at 937 Condominiums to 1543 square feet at the Avenue Lofts.
