National Real Estate Number Tracking Vs. Local

In skimming through some articles in the real estate world today I came across one from the AP syndicated through titled “Portland home prices dip on slower December sales“, so of course being my market I need to check it out.

I didn’t find the slow December sales portion interesting as that’s par for the course this time of year (and apparently the Corelogic data used for the article, doesn’t take seasonal market shifts into consideration anyway), but I did find the numbers provided to be off…The AP / Corelogic data showed December home prices being up 15% from last year, where as RMLS, in their Market Action Report for December, showed 12.9% and the drop AP cites from November to December was 0.2%, but RMLS shows -3% average sale price compared to November and -1% median.

So who’s right?

Now, the numbers are still very similar, but it shows the differences you can end up with depending on how you are looking at a given market. ¬†They just said the “Portland area”…Do they mean city of Portland only? Entire Metro? Do they, on a national level, consider Salem to be a part of that market? Are they looking at residential only as the RMLS Market Action Reports do, or are they looking at everything, residential, commercial etc?

Just something to consider when you’re in the market to buy or sell a home and you’re paying attention to the local real estate market to know how it could affect your sale or purchase. The numbers I track are all Portland Metro and surrounding areas (cities and suburbs) from around Forest Grove in the west, to Mt Hood in the east, Woodburn/Molalla in the south and the Columbia to the north and I only look at residential homes (detached, condos and townhomes) and they are all pulled from RMLS daily, so my numbers are a bit of a moving average.

It’s easy to read a report about real estate sales numbers in a given area and just take it as pure fact, but remember to check the source, how they get those numbers, what areas are tracked, what type of transactions etc.

Scott McDonald

Everything. Portland. Real Estate. Blog.


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