Condo/Townhouse Price Trends – Tips

When your mouse was on this tab, at the right you saw a selection of areas with information on average list prices and sale prices.  Average list prices typically exceed average sale prices, but don't be mislead by the difference.  If the average list price is $400,000 and the average sale price is $300,000, that does not mean that $400,000 list price homes are selling for $300,000. 

The reason is that the average list price is for all the many thousands of homes currently listed for sale in that area or neighborhood, while the average sale price is only for those which sold in the most recent month. 

While it is is a gauge for home price trends, it is best thought of as an indicator for which part of the market it selling the fastest. If more lower priced homes are selling, the average sold price will be lower, which is currently the case.   One other caution especially for condo/townhouse data: because in any one month or area there may be fewer homes sold (than detached homes), the data usually shows wider swings.  View these more as trends over time than absolutes for any one month. 

There is a chart showing average sold prices as a percentage of list prices on a per month basis, and I'd be happy to send you that for whatever area you like.  Just as an example, as I write this (September 2015) the average condo/townhouse list price for Southeast Portland is $410,000 and the average sold price is $238,000.  Yet the average of sold price to list price – for the homes that actually sold that month, was 98%.   98% of a $300.000 list price home is $294,000, well above the average sold price of $238,000.

I hope this has been helpful, but if I've only confused you, please contact me and I'll try to make it meaningful for you.