I have been tracking numbers for probably close to three years now and have gone through tons of changes in what I track and how I track it. Just this last year eliminating an emphasis on the distressed market as we are no longer in a heavily distressed market (though, I do still track distressed activity).
The biggest change however has come recently in starting to track all 13 individual RMLS “Areas” that make up the Portland Metro real estate market in addition to the overall Portland Metro market. This change has been a difficult one at best as I am often finding a need to fine tune things; then it must be fine tuned 14 times (13 markets plus the 1 overall Portland market).
As an example, in preparing this post I realized I was taking a daily “snapshot” of the previous week worth of sales activity to generate the portion of my reports that show:
- Inventory in days
- Average days on market for sold homes
- Average price per square foot for solds
- Average list price when sold
- Average sale price
- Average percent of list price paid
Essentially, using a moving / running average to generate an average.
With that said, the following numbers are accurate for the data collected. Although I will be changing the way this data is collected from here on out; this should still provide a pretty good picture of whats going on in each of the Portland Markets.
For the Overall Portland Market – All Areas 141 – 153
Area 141 North Portland
Area 142 North East Portland
Area 143 South East Portland
Area 144 Gresham, Troudale, Wood Village, Fairview, Corbett & Sandy
Area 145 Milwaukie, Gladstone, Clackamas, Happy Valley, Damascus & Boring
Area 146 Oregon City, Beavercreek, Canby, Molalla & Mulino
Area 147 Lake Oswego & West Linn
Area 148 West Portland & Raleigh Hills
Area 149 NW Washington County and Sauvie Island
Area 150 Beaverton & Aloha
Area 151 Tigard, Tualatin, Sherwood & Wilsonville
Area 152 Hillsboro & Forest Grove
Area 153 Mt Hood
Next month for November numbers the averages, moving averages thing will have been changed/updated. I will also be going over and providing individual area reports within the coming days.
After spending some time reviewing the data and tracking processes I have decided to leave the current tracking methods in place, keeping the “moving / running average” tracking as it is.
In any given area there are so few sales on a daily basis that attempting to average a single days worth of sales in a given area would result in messy and frankly irrational reports showing (for example) $240,000 as an average sale price one day and $370,000 the following day; it just wouldn’t make sense.
With that said, I will continue to be able to track these averages accurately for a previous weeks worth of sales in a given area, from any point in time. However, this then would not allow for the generation of a “month end” report based on these specific numbers. For that I will run month end summary reports for each area instead. This is similar to what RMLS does for the Portland real estate market as a whole, however mine will be broken out by areas and have more detailed information.
I will begin running the summary reports for each area for the month of October over the weekend and will get them posted up in per area posts over the weekend.
This only effects the specific data points outlined in the bullet points above, all other data points in my reporting, such as how many new listings come onto the market on a given day, or the total number of homes on the market on a given day are completely unaffected.
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