Portland Condo Sales for May!
May was the busiest month we have seen in awhile in the downtown condo
Market. Compared to Aprils 54 sales, we finished the month of May with 91 sales ( This is in our typical coverage area of the Pearl District, Downtown and South Waterfront and with prices of $150,000 and higher). Of those 91 sales, just 30% were condos and lofts priced above the $500,000 price range. There was tremendous activity in the lower price range this last month, especially in the $150,000 to $300,000 range. In the upper end of the market, condos were selling… and selling for cash! 3 of the top 4 highest priced units sold for cash including the Penthouse at The Metropolitan that we had written about earlier that sold for $2,240,000. The Penthouse at Bridgeport that went on the market for $1,149,000 was sold for cash at a price of $1,075,000. That penthouse condo at the Elizabeth that we thought was under priced at $925,000, sold for just $900,000!
Where do we go from here? We have seen prices go up and as we do, we will start to see more inventory come onto the market as people gain a little more equity in their homes. We have also seen a pretty big boost in interest rates to over 4%. Will this slow down buyers? While it’s not 3.5%… It”s still pretty darn good! If you are in the market to buy a new condo or loft, prices will only continue to increase, although it may be at a slower pace than what we have seen this first half of the year as prices were pushed by the pent up demand. If you are looking to sell your condo, remember, correct pricing and good marketing can mean the difference between getting the price that you want or something that could be much lower… don’t under estimate the power of good marketing. In other words, don’t just select the agent that helped you buy your condo. Select an agent that has a great marketing program that is directed towards condo buyers everyday! And remember, it doesn’t matter if you are selling a $1,000,000 Portland condo or a $300,000 condo, you deserve great service and more than an agent that will put your listing in the MLS and wait! We go above and beyond in our marketing because you deserve it! You have worked hard for your money… and we believe we should do the same!