April Condo Sales
Spring is here!
Well, other than the weather that is. What did we see in the downtown condo markets including The Pearl District and condos in South Waterfront? What we are seeing is a continuation of the shrinking inventories and not much in the way of new units to replace those that have been sold. For April, we saw 42 sales ( priced above $200,000) an increase over a few of the previous months. Leading the charge was the higher end of the market with 19 sales over the $500,000 price point… nearly half of all sales. As mentioned in a previous post, we had several condos in the +$1,000,000 range that went pending. Of those, we had several that closed. The penthouse condo at The Pinnacle sold for a whopping -14.7% off of its original list price. More in line with the original list price, 2 condos at The Westerly both sold for $1,050,000 ( -7% and – 8.7%) still above the usual –2 to -5% we are used to seeing.
Where were most sales happening? The highest percentage of sales this month were condos in The Pearl Distict! Leading the way were new condos at Encore in Portland with 5 sales. Following Encore was 937 condominiums with 3 and several others with 2 sales each including condos at The Casey, The Pinnacle and then in NW Portland, The Westerly condominiums also had 2 sales. Down in the South Waterfront condo market, Atwater Place condominiums had 2 sales. Coming to an almost standstill The Meriwether. The Meriwether HOA litigation issue, has put many future listings on hold for the time in these two buildings.
Now that spring is here many of us are hoping for some sunshine, others…including myself, are hoping for new listings!