How is the Condo Market in Portland?
A few years ago I sold a penthouse condo in Portland for $450/sqft. The sellers were both highly educated and trusted my guidance but were concerned that price point might not be realistic. I’m happy to report we sold the condo for full price and set a new high price at the time. So imagine my surprise when I created this condo report and the average asking price is now $420/sqft!
This report covers: Downtown, The Pearl, NW, Nob Hill, and Goose Hollow.
In the last 3 months 200 condos sold, which is about 67 sold per month at an average of $407/sqft.
115 condos are pending
103 condos are available
These numbers translate to 1.5 months of inventory based on the last three months of sales.
What happens if you look at inventory as a function of the current pending numbers which are almost double the trailing three month average?
You get what I call “Effective Inventory.” This is metric gives you a better idea of what is happening right now.
The Effective Inventory for the condo market is 27 days.
Check out my notes and the details for this report here. How is the Condo Market in Portland?