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Portland Condo Market Update
I’ve had my head in the condo market the past few weeks and have spent some time looking at the opportunities and pricing dynamics in the Portland area.
I’ve compiled a breakdown of current condos by geography, average list price, size, dollar per square foot, and market activity. DOM stands for Days on Market, and these averages are higher than single family residences in Portland right now.
Available condos and townhomes as of April 25, ranked by number of listings:
| Area |
Listings
|
Avg. List Price
|
Avg. Sq. Ft.
|
$ / sq. ft.
|
DOM
|
| West Portland |
326
|
$538,940
|
1,329
|
$377
|
101
|
| Beaverton / Aloha |
128
|
$235,972
|
1,732
|
$165
|
59
|
| Southeast Portland |
93
|
$267,103
|
1,167
|
$229
|
59
|
| Tigard / Tualatin / Sherwood / Wilsonville |
85
|
$235,941
|
1,318
|
$179
|
60
|
| North Portland |
81
|
$425,188
|
1,363
|
$312
|
60
|
| Northeast Portland |
59
|
$411,402
|
1,233
|
$253
|
71
|
| Lake Oswego / West Linn |
58
|
$366,884
|
1,595
|
$230
|
43
|
| Gresham / Troutdale |
41
|
$246,972
|
1,690
|
$146
|
88
|
| Hillsboro / Forest Grove |
32
|
$223,903
|
1,424
|
$157
|
53
|
| Yamhill County |
28
|
$224,112
|
1,568
|
$143
|
89
|
| NW Washington County |
17
|
$262,329
|
1,472
|
$178
|
46
|
| Milwaukie / Clackamas |
12
|
$390,733
|
1,652
|
$236
|
51
|
| Oregon City / Canby |
7
|
$233,786
|
1,385
|
$169
|
46
|
As expected, the downtown core of Portland features the lion’s share of units, averaging over $375 per square foot. New properties in the South Waterfront will push up to $500 per square foot when released. Downtown and North Portland average values are somewhat skewed by a number of very high-priced units.
An update on the ‘affordable’ Harrison: I attended the sales release with an interested buyer this weekend. As the second round of buyers viewed available units around noon, the starting price for a 2-bedroom unit was up to $306,000 and ranged up to $420,000 for around 950 sq. ft. There were no $255,000 2-bedroom bargains here.
Please contact me if you would like further analysis of for any of the geographic areas listed above, or if you would like to see listings.
Picture: The Gregory by Portland Ground: Pictures of Portland Oregon – Used under Creative Commons License.
[tags]Portland, condo, pricing, market+activity[/tags]
Comments
13 Responses to “Portland Condo Market Update”
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Hello,
I am interested in purchasing a condo, but remain hesitent due to the large increase in condo production. I say this because I worry that the market will be flooded and may dillute my potential property value. What is your take on the current supply/demand situation.
–Thomas
Thomas,
I am assuming you are referring to developments in the downtown core (Pearl, South Waterfront, etc). Correct me if not.
You have asked the multi-million dollar question that I hope developers have asked themselves. I have been, frankly, surprised at Portland’s ability to absorb more condo projects, particularly as they have edged toward the $500+ per sq. ft. price range.
In conversations with other brokers and residents, I believe over the next couple years, there will be something of an outflux (is that a word?) of the early ‘new urbanism’ experimenters, perhaps as jobs/lives/tastes change. I’m not sure if that means, however, that there will be a flood/oversupply of properties back on the market in competition with new units being built. I believe our relative affordability, decent job growth, and livability factors will continue to draw residents in.
I took a peek into the current inventory and found a mix of 186 new + resale + future listings, in all price ranges. That’s a little higher than I expected, but the market here in general feels as though it’s slowing down (longer time on market in general), so I’m not too concerned.
Love the website! You really seem to know the Portland market. Doing some research on condos downtown/Pearl area do you know roughly the total number of units in the W Portland market? Also, does you analysis include units on the market for projects currently under construction (The Met, Casey, etc.)?
Nick
I was wondering about some new projects that are going on in the Mississpi area..I can’t find and information. Thanks!
Very nice site!
[...] Compared to my April post, the downtown inventory is up 75%. So are the Northeast Portland units. Much of that can be attributed to the completion and release of apartment conversions (like the Harrison) and near-completion of new projects like the Vaux. The all-so-important time on market measure hasn’t changed all that dramatically. [...]
I think your site is very informative. I am interested in finding a reasonable priced condo in downtown Portland as an investment/rental property. The real problem is that the condo market is really slowing down accross the USA. Even though the economy in Portland is healthy, and downtown units always will remain the best of investments (Pearl & waterfront areas) the current prices do not match the Portland economy and/or options available with regard to traditional stand alone housing. I wonder how long it will take for the current real estate slow down to seriously effect the Portland condo market prices? If the overall trend continues, one would expect the condo market to be hit with a slow down significantly exceeding that of the traditional home market due to a number of factors which I wont mention here. I suppose my point in writing you this message is that if you are in the condo market at the moment, it is probably wise to sit back and wait for two things to happen: 1. forclosures and short sales due to rising interest rates on adjustable rate mortgages people have used to buy over priced condos in Portland and 2. a drop in the market overall as a result of the nationwide housing slow down (bust if you want to call it that). In short, buy in Pearl and at the Waterfront, it will always be a great investment, but the caution is to wait, sit back and see what happens as things are not imporoving at the moment.
I have a reasonalby priced wmaterfront condo on Hayden Island. Might make a great investment for someone. I had a buyer but the sale fell through due to the buyer have some family obligations out-of-state.
I was looking for sites on tax liens and came across yours. This is a very informative site about the Portland Real Estate market and as a Seattle resident, it’s full of useful info if I ever want to move.
Lou Harris
It seems that the best condo prices close to downtown are actually in the hills. The west hills/Sylvan Heights area seems to be way under valued for the proximity to the city. What is the reason for this?
Josh,
Many of the West Hills and Sylvan condos are actually apartment conversions. They weren’t built as condos or with the amenities of today’s construction. Many have been upgraded on the inside, but still look like 70’s apartments on the outside.
Have bought a new property while my condo in the Pearl has not sold yet. Been on the market 3 mos now, cant decide to hang in there or try to rent out, hoping the market will turn around. With the 9 cranes in the neighborhood – I may have competition!
Beth,
I’ve updated the condo stats recently. See http://www.repdx.com/2007/08/29/downtown-portland-condo-report-august-2007/
I wouldn’t worry about the cranes….they’re too far from completion to be competition. Hang in there!