Condo Market Update - August 2006
The Portland-area condo market continues to generate interest–both from prospective buyers and from those wondering if a ‘condo bubble’ is in the making. I have taken a half dozen calls in the past few months from housing analysts and out-of-state developers who are questioning the elasticity of the Portland market to absorb more high-end developments.
Here is a glimpse at the available inventory in Portland and suburbs, as of August 17. The column labeled ‘DOM’ stands for Days on Market, or the average days listings have been active.
| Area |
Listings
|
Avg. List Price
|
Avg. Sq. Ft.
|
$ per sq. ft.
|
DOM
|
| West Portland (inc. downtown)* |
571
|
$575,788
|
1,269
|
$428
|
99
|
| Southeast Portland |
120
|
$295,515
|
1,161
|
$255
|
61
|
| Tigard / Tualatin / Sherwood / Wilsonville |
105
|
$214,803
|
1,222
|
$176
|
104
|
| Northeast Portland |
104
|
$233,373
|
1,005
|
$232
|
67
|
| North Portland** |
90
|
$520,267
|
1,517
|
$343
|
135
|
| Lake Oswego / West Linn |
89
|
$330,322
|
1,357
|
$243
|
56
|
| Beaverton / Aloha |
87
|
$210,134
|
1,172
|
$179
|
38
|
| Milwaukie / Clackamas |
28
|
$363,314
|
1,552
|
$234
|
57
|
| NW Washington County |
12
|
$235,137
|
1,192
|
$197
|
83
|
| Hillsboro / Forest Grove |
10
|
$194,153
|
980
|
$198
|
41
|
| Oregon City / Canby |
10
|
$222,190
|
1,376
|
$161
|
103
|
| Yamhill County |
8
|
$172,113
|
1,141
|
$151
|
74
|
| Gresham / Troutdale |
7
|
$157,657
|
1,164
|
$135
|
20
|
| Yamhill County |
7
|
$233,786
|
1,385
|
$169
|
46
|
Note these figures are purely a snapshot of the active listings in the local multiple listing service as of August 17. Units marketed by the developer’s sales team or for sale by owner are not reflected here.
Compared to my April post, the downtown inventory is up 75%. So are the Northeast Portland units. Much of that can be attributed to the completion and release of apartment conversions (like the Harrison) and near-completion of new projects like the Vaux. The all-so-important time on market measure hasn’t changed all that dramatically.
My back-of-envelope analysis says that the condo market is reflective of the overall market in Portland–more inventory, slower sales pace, and high-end properties taking much longer to sell than in 2005.
* Of the West Portland listings, 415 units are located in the city center. Several listings are pre-sales, including The Benson, The Civic, and The Atwater. The Pearl properties appear to be holding their own, but a considerable inventory exists for the high-end riverfront properties like the John Ross, Riverscape, Meriwether.
** North Portland’s figures are skewed by 49 high-end riverfront listings in Jantzen Beach/Tomahawk Island, priced between $400,000 and $2,276,500. Without these properties, North Portland’s condo stats would be: 40 listings averaging $183,534, 811 sq. ft, $226 per square foot, and 66 average days on the market.
Photo by: Portland Ground: Pictures of Portland Oregon. Used under Creative Commons license.
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7 comments August 18th, 2006
