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Green-certified homes fetched premiums that were 30 percent higher than non-certified homes in the Portland area, according to new data released by the Earth Advantage Institute. But others in the green valuation industry argue that the analysis is misleading.

The study is based on sales data from the beginning of May last year to April of this year that was provided by the Portland Regional Multiple Listing Service. Earth Advantage used the reported sale prices of new and existing homes to come up with county-wide averages for certified and non-certified homes.

According to the analysis, new homes in Clackamas County that have been certified by Earth Advantage, Energy Star, or Leadership in Energy and Environmental Design sell for a price premium of 23.27 percent more than non-certified homes. In Multnomah County, certified homes go for 61.79 percent more than non-certified residences.

鈥淚t’s not a scientific study,鈥� said Dakota Gale, sustainable finance program manager at Earth Advantage. 鈥淏ut we see this as a continued positive trend for certified homes 鈥� for the last four years there was a larger premium for green homes in the market. That continued trend through a tough real estate market is a good sign.鈥�

Not everyone is willing to view the green data in such a rosy light, however.

Fiona Douglas-Hamilton, for example, says caution and market-wide education need to be the words of the day before the data can be taken too seriously.

鈥淭here’s a radical flaw in that type of data,鈥� said Douglas-Hamilton, who is the founder of SEEC, an education and consulting firm specializing in green building and appraisals.

She stresses that in order to be considered valid, home sale comparisons must be made between homes that are verified as comparable, not simply county-wide.

鈥淚f you issue this type of report, it needs to be gathered from an appraiser’s perspective, which is a highly localized and nuanced opinion,鈥� she said. 鈥淥therwise, it’s essentially marketing rah-rah and is not trustable. It may be true that certified homes are selling for more, but we don’t know yet.鈥�

When it comes to green construction, though, most appraisers are not experts, according to Laurie Egan, a Portland appraiser and executive board member of the National Association of Appraisers.

鈥淚t’s true that in a lot of cases we are seeing an increase in value for homes that are built green, but there are lots of different levels of green,鈥� Egan said. 鈥淒oing an analysis on a county-wide basis won’t work for an appraiser; it must be demonstrated on a case-by-case basis.鈥�

While Gale and Douglas-Hamilton are at opposite ends of the spectrum on the meaning of the study results, they agree that the real estate industry has a need for more green education. SEEC and Earth Advantage, as well as many other organizations, offer classes for appraisers and brokers in green valuation and green certification

鈥淲e must have a dataset that is agreed upon by the appraisal community and real estate agents who are educated in the certification programs,鈥� Douglas-Hamilton said. 鈥淚t all affects the financing, underwriting and appraisal of properties.鈥�