How’s the Portland condo market?
How’s the market?
The spring is usually the time when we see the real estate market start to take off. This is not the case so far this year. Why is that? It is because of a lack of inventory in the market. Currently we are close to 2 months inventory in the market, a number that is very low. This spring we were hoping for more listings to come on the market than what we have seen so far. With rising prices last year we thought we would see many of the condo owners who were underwater on their units, now have enough equity to put their condos on the market. This has not really happened yet.
How are condo sales going? Last month sales were up 24% from the previous month, not unusual for this time of year. In looking at the typical area we cover, which is downtown, Pearl District and South Waterfront there were 61 sales for the month of April (units priced $200,000 and higher). Of those 61 sales, only 11 of those were for over $500,000 and of those 11, only three were over $1,000,000. Pending sales appear to be going down as a result of the lack of inventory
What does this mean for you the buyer and seller? Typically with inventory at 6 months and below, it becomes a seller’s market. Does that mean it is not a good time to buy? No, not at all. It just means you are going to have to be a little patient and expect that you might even get into a multiple offer situation. Not always the case though. For example in the upper end of the condo market, there are some units that have been on the market for awhile. As the owners begin to drop the prices, you will want to be ready to pounce. Many of these units end up selling below market value because of their time on the market and the negative stigma that comes along with that.
As for seller’s, right now is a very good time to put your home on the market because you virtually have little to no competition so now you might be able to bump your price a little!
If you are a buyer in the Portland condominium market, don’t hesitate to call the Portland condo specialist, Brad Golik at 503-896-8856
If you are thinking about selling, now is a great time to do it. Give us a call and we can do a market analysis on your condo and also show you the best condo marketing in the city!