Portland Condo Sales for May
Sales for the month of May continued in an upward trend from the previous month by 16% for condo sales in our covered area which includes Pearl District, Downtown and NW and the South Waterfront area. In this area ( $200,000 and above) 71 sales were recorded with the highest being a Penthouse unit at Waterfront Pearl that sold for $1,650,000. Speaking of Waterfront Pearl, it recorded the most sales for the month with 9 sales brought on, I believe by their new spring pricing that was released (as well as the extra 1% that was being paid out to Realtors for selling this property over other properties!). Of those 9 sales, 8 were priced above the $600,000 price point. So if you are wondering if condos in the upper price range are selling… the answer is yes! For the month, there were 3 condos that closed for over a $1,000,000 including a purchase by my clients of a beautiful waterfront condo at The Strand. One of the others was the one I mentioned above, the penthouse unit at Waterfront Pearl. This is a unit that I had mentioned before in my blog. With 3185 square feet, this unit sold for $200,000 off of the list price. While from the outside this may appear to be a decent bargain, only the future will tell. This was a fantastic floor plan with a ton of space but the downside is the lack of privacy with the north building looking right into your unit! Typically, when prices start getting over the $1,500,000 range, buyers want more privacy for their money!
Other buildings that recorded multiple sales include The Meriwether with 3 sales, Atwater Place with 2 sales, The John Ross with 2 sales, and also with 2 sales was 937. While inventory levels still remain low, we are starting to see more units come on the market that last few weeks. For buyers, this will be a good thing to give you more options in your search for a new condo. For sellers, the lack of inventory has been a good thing and while more units are starting to come on the market, inventory still remains below the norm.
Yesterday, while picking up my open house signs that I had in front of Encore, a person came up and asked me if it was a good time to be selling. My answer was yes but I also went on to explain to him that for patient sellers, it was a good time to push the price a bit if they were not urgently trying to sell. When the market lacks inventory, especially in similar price points, you can get away with pushing the price a little. This can change quickly however when several new units come on the market in your same price range.
If you are thinking about selling your condo in the near future, give me a call at 503-896-8856 to discuss pricing, and also, options available to you from a condo specialist that you won’t get with a typical real estate agent.