Condo Sales for June
Condo and loft sales for the Portland area from The Pearl District down to South Waterfront continues to move along nicely. With 43 sales in the +$200,000 market we are pretty much staying steady with where we have been on the monthly totals the last few months. July could be very different though as we currently have 90 properties in a Pending status for this area of the condo and loft market.
Lower end condos outpaced the high end this month with no closings over the $1,000,000 mark. The low end of the market certainly looks as though we have hit bottom with newer listings in some areas getting multiple offers. Part of the reason for this seems to be the low inventory we are seeing which is somewhat unusual for this time of year. One possible reason for this low inventory seems to be that more people are renting out their condos instead of putting them on the market…somewhat of a catch 22 here. The rental market is hot and monthly rentals have gone up. Now with inventory low, sellers are able to push their price a little as choices for buyers are limited. Not a bad time for owners to sell with current inventory under 4 months!
Are you thinking about selling and would like to know what your condo or loft is worth?
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