City Condos Re-Sale Inventory Update

Posted on 10/13/08 5:16 PM

Portland’s Re-sale Condo Market Not As Bleak As New Construction

According to a recent article by the Oregonian, there are 884 new construction units available in central city towers. Based on an average of 14 sales a month over the third quarter, it would take about 5 years to sell Portland’s central city new construction inventory. While the re-sale condo market isn’t exactly experiencing a banner year either, the overall situation is considerably different and altogether healthier than new construction. Here’s an overview of what the re-sale inventory looks like for some of Portland’s more established city center condos (click on image to enlarge):

Based on an average of 9 sales a month (TOTAL SLD/3 months), it would take roughly 10 months (TOTAL ACT/9) to clear out this group’s inventory. Granted this is just a sample, but I would argue that it is an adequate representation of the re-sale inventory in Portland’s city center. Compare those 10 months to the 5 years mentioned above for new construction inventory and we are looking at a whole different animal.

City Condos Re-Sale Inventory A Mixed Bag

Bear in mind that 10 months is the group average. The numbers vary widely among the condos sampled above. Take the Lexis, for example, which technically is looking at three years of inventory (given the market’s ability to respond to such circumstances, it will most likely not take three years to clear out that inventory). Even the Gregory, widely considered a premier destination among Portland’s condos, is facing serious inventory challenges.  The Eliot and The Civic, by contrast, boast relatively healthy inventory levels…almost reminiscent of the early days.

Invest wisely. Understand local inventory patterns. Talk to me to learn more.

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