Portland City Center Condo Sales Update
Condo Inventory Lags Overall Trend For Portland Housing Market
While the Portland metro area saw inventory levels pull back to 11.7 months for the month of March, a mere 30 out of more than 900 re-sale condos sold in Portland’s city center, pushing city center condo inventory beyond the 24-month mark for the first quarter of 2009 (average inventory in months for Q1/2009). Sales are typically weak in the first quarter. Based on current sales for April and historical sales patterns during spring, inventory (in months) is likely to back off into the high teens for the second quarter. Condo sales in Portland’s city center totaled $34.7M for the first quarter, roughly a third of the volume recorded in Q1/2008!
Photo Courtesy of Portland Ground
Roughly 1/3 Of Inventory Priced Below 300k
At about 300 units, the entry-level or sub 300k category contributed a third of the inventory for Portland’s city center for Q1/09. The entry level category also recorded the highest number of sales in Q1, resulting in a median sales price of roughly 300k. Median asking prices across the entire inventory remain considerably higher, as a result of more than 320 listings in the >500k category.
Buyers Pick Up Quality Condos In The Low $200s/SF
A supply overhang and virtually no competition among buyers produced some exceptionally favorable conditions for select buyers in the first quarter. Here’s a sample of some of the steals:
- Bank-owned Meriwether condo, 900 SF. Sold for 200k, down from 239k earlier this year. Previous owner paid 279k in mid ’06
- Three-bedroom Shoreline condo sold for 420k ($206/SF). This bank-owned property was listed at 799k as recent as mid ’08.
- Portland Plaza view-condo, more than 1,300 SF on the 11th floor sold for 33k less than asking price.
