Portland’s Close-In Eastside On The Rebound?
Not too long ago many Portland area sub-markets were looking at 10-15 months of inventory. That’s still the case for some, but others such as Portland’s close-in east-side have rebounded quite nicely. Inventory in months is now almost half of what it is on the west-side and bidding has become markedly more competitive than a year ago.
Inventory Is Down To 5 Months
In the past six months roughly 400 single family homes (SFH) sold in Portland’s close-in east-side zip codes 97202, 97214, 97212, 97232. On average that’s about 65 per month. Currently we’re looking at about 325 active listings for that area. Do the math and you’re looking at less than 5 months of inventory. On these terms, that’s a seller’s, not a buyer’s market. That’s not the case in all urban markets. Consider the close-in West side, which also posted roughly 65 sales per month over the last six months in neighborhoods such as Arlington Heights, Goose Hollow, Southwest Hills, Bridlemile and Burlingame (97239, 97205, 97210,97219,97201,97221). The West Hills, however, currently feature about 225 more active listings, resulting in just under 9 months of inventory – almost twice as much as its eastside counterpart.
Demand At The Upper End Of The Price Spectrum Picks Up
Much of the recent activity in housing sales has been attributed to home-buyer stimuli, such as the first-time home-buyer’s tax credit. This typically benefits sales in the entry-level segment. However, this is not necessarily the case on Portland’s close-in east-side, where sales have been strong across the board. In fact, roughly 50 more four-bedroom homes sold over the last six months than during the same period a year ago. About 80 homes sold in the luxury segment (>500k), again up a couple of notches.
One Third Of All Deals Close At Or Above Asking Price
Bidding too has become more competitive on the east side. One third of all sales in the last six months closed at or above asking price. A year ago that figure was closer to 20%. If you are in the 275k to 399k range and shopping for a home in Sunnyside, Buckman, Richmond or Irvington, there’s a pretty decent chance that you’ll be dealing with multiple offer situations.
Having said that, there are still plenty of bargains to be had. After all, two-thirds of all transactions closed below asking price, with roughly a third closing for 10k less than asking. Here’s a sampling of some of the spreads at the higher end of the spectrum:
- 4115 SE CLINTON ST, 4-bed/4bath, SOLD for 520k, 19k less than asking
- 1917 NE 15TH AVE, 5-bed/2-bath, SOLD for 323k, down from 348k
- 2024 SE LINCOLN ST, 3-bed/ 1-bath, SOLD for 27k less than list price (369k)
- 3046 NE DAVIS ST, 4-bed/ 3-bath, SOLD for 40k less than the seller had hoped for
- 2111 SE MADISON ST, 6-bed/ 5-bath, SOLD for 650k, down from 700k
A true rebound or just a blip? Stay tuned…
Image credit: Portland Ground
