What’s Going on in the Portland Condo Market?

Harrison West Building in Downtown Portland

You may have heard that the Portland condo market is a bit slow these days. While this may be true for the big picture of Portland Condominium real estate, there are some interesting developments in today’s market.  We’re actually finding that the current condo market is nuanced and that the above statement doesn’t really reflect what many Condo Sellers and Buyers are experiencing in Portland right now.

The bright spots can be found at the extremes of the price range.

Let’s start with the low end of the market in south and west Portland (the areas where most of Portland’s traditional condos are located).  In the $350,000 and under price point 225 units sold in the last six months and 35 units are currently in pending status.  The median number (the median takes out the outliers compared to the average) of days on market for sold units was 36 days.  In the six-month period from May 2021 through October 2021, 90% of the listed condo units were sold.  In our recent experience, many of these condo Sellers are even experiencing multiple offers and escalating sales prices – elements not typically seen in Portland’s more recent condo market.

Compare this to the $350,000-$650,000 price point where 31 units are currently pending and 291 units sold in the same May through October 2021 six-month period.  The median number of days on market was 53 and while more units sold in this price range, only 80% of the total listed inventory was sold in this timeframe.  Buyers definitely have a lot to choose from in this price range.

In the upper end of the price point above $1,000,000, the last six months have seen the largest year-over-year gains in the condo market.  We’re seeing a 10% gain over the same 6 months (May to October) in 2020.   While this noticeable increase likely just makes up some lost ground that occurred in 2020 during Covid, not all price points have had nearly the same upswing.  With 5.1 months of inventory to choose from – more than double the inventory in other price points,  there is a lot of competition for sellers.  It seems, however, that there there is an active and hungry Buyer audience that is driving the 48 strong, closed sales in this timeframe (just over 50% of the listed properties sold in this timeframe).  Additionally, the median days on the market of 51-days isn’t too shabby for this traditionally slower-selling high-end inventory.

Given a large amount of competition in all price ranges, Buyers can be picky and wait to “cherry-pick” the best properties.  Condos with spectacular views, balconies, deeded parking, recent cosmetic upgrades, storage spaces, and nearby popular neighborhood amenities such as restaurants, are all important features for today’s condo buyers.

As a result, it’s important that motivated Condo Sellers realistically consider the strengths and weaknesses of their unit compared to the competing active inventory and price it right!

Effectively marketing the strengths of your unit also is imperative in this competitive condo market.  Hiring a savvy real estate broker who is experienced in highlighting a property in its best light, will be an important factor in a Seller’s success.

If you are a condo seller and are trying to decide if the time is right to sell your property, give us a call.  We are happy to review your situation and provide you with the information you need to make smart decisions about selling your property.