Portland Condo Market Update - August 2007
It’s no big surprise that the Portland area condo market has further softened since my last review back in April.
New listings are up, but the average list price is down. The one factor that held relatively steady was the average floorplan size, meaning the average list price per square foot is down about $15/sq. ft. since April.
As of August 25, there were 3,675 active condo/attached home listings throughout the Portland metro area. The average list price is $333,332 for 1,336 square feet ($250 per sq. ft.). In the April snapshot, the area had 2,458 listings at an average 1,361 sq. ft. and list price of $360,522.
Since some readers are more interested in pure condo ownership than rowhouse/townhome construction (which are more typical of suburban neighborhoods), I first rolled up condos and attached homes in the same analysis, then broke them out separately. The tables below show 1) Condos and Attached Homes together; 2) Condos only; and 3) Attached Homes only.
Table 1: Condos & Attached Homes
| Area | Listings | Avg. List Price | Avg. Sq. Ft. | $ per sq. ft. |
| West Portland (Downtown) |
956
|
$522,293
|
1,247
|
$419
|
| Southeast Portland |
474
|
$230,655
|
1,276
|
$181
|
| Beaverton / Aloha |
472
|
$233,012
|
1,343
|
$166
|
| Tigard / Tualatin / Sherwood / Wilsonville |
260
|
$263,138
|
1,373
|
$192
|
| Hillsboro / Forest Grove |
240
|
$233,330
|
1,446
|
$161
|
| Northeast Portland |
235
|
$290,804
|
1,168
|
$249
|
| Lake Oswego / West Linn |
206
|
$383,724
|
1,484
|
$259
|
| North Portland |
199
|
$386,570
|
1,419
|
$273
|
| Gresham / Troutdale |
179
|
$208,096
|
1,356
|
$153
|
| Milwaukie / Clackamas |
170
|
$384,690
|
1,517
|
$188
|
| NW Washington County |
109
|
$241,141
|
1,218
|
$198
|
| Oregon City / Canby |
88
|
$271,690
|
1,651
|
$165
|
| Yamhill County |
87
|
$304,874
|
1,530
|
$199
|
| TOTAL / AVG |
3,675
|
$333,332
|
1,336
|
$250
|
Table2: Condos only
| Area |
Listings
|
Avg. List Price | Avg. Sq. Ft. | $ per sq. ft. |
| West Portland (Downtown) |
870
|
$524,905
|
1,186
|
$442
|
| Southeast Portland |
373
|
$221,555
|
1,190
|
$186
|
| Beaverton / Aloha |
223
|
$207,042
|
1,225
|
$169
|
| Tigard / Tualatin / Sherwood / Wilsonville |
169
|
$231,171
|
1,206
|
$192
|
| Hillsboro / Forest Grove |
110
|
$208,894
|
1,256
|
$166
|
| Northeast Portland |
176
|
$288,389
|
1,021
|
$282
|
| Lake Oswego / West Linn |
169
|
$376,400
|
1,324
|
$284
|
| North Portland |
161
|
$413,593
|
1,408
|
$294
|
| Gresham / Troutdale |
77
|
$158,083
|
1,043
|
$152
|
| Milwaukie / Clackamas |
121
|
$252,368
|
1,296
|
$195
|
| NW Washington County |
70
|
$185,410
|
921
|
$201
|
| Oregon City / Canby |
8
|
$190,738
|
1,362
|
$140
|
| Yamhill County |
23
|
$199,339
|
1,256
|
$159
|
| TOTAL / AVG |
2,550
|
$349,129
|
1,201
|
$291
|
Table3: Attached Homes only
| Area |
Listings
|
Avg. List Price | Avg. Sq. Ft. | $ per sq. ft. |
| West Portland (Downtown) |
86
|
$495,868
|
1,862
|
$266
|
| Southeast Portland |
101
|
$264,260
|
1,594
|
$166
|
| Beaverton / Aloha |
249
|
$237,315
|
1,449
|
$164
|
| Tigard / Tualatin / Sherwood / Wilsonville |
91
|
$322,505
|
1,684
|
$192
|
| Hillsboro / Forest Grove |
130
|
$254,007
|
1,606
|
$158
|
| Northeast Portland |
59
|
$298,006
|
1,606
|
$186
|
| Lake Oswego / West Linn |
37
|
$417,174
|
2,212
|
$189
|
| North Portland |
38
|
$272,078
|
1,465
|
$186
|
| Gresham / Troutdale |
102
|
$245,851
|
1,593
|
$154
|
| Milwaukie / Clackamas |
49
|
$364,508
|
2,061
|
$177
|
| NW Washington County |
39
|
$341,171
|
1,750
|
$195
|
| Oregon City / Canby |
80
|
$279,785
|
1,680
|
$167
|
| Yamhill County |
64
|
$342,801
|
1,628
|
$211
|
| TOTAL / AVG |
1,125
|
$297,527
|
1,125
|
$181
|
Please note, this is just a snapshot as of August 25, 2007 of the active listings in the local multiple listing service. It may not include inventory sold by owner or through developer sales groups. Every effort has been taken to ensure accuracy (including use of pivot tables!), but is not guaranteed.
Also, for readers looking specifically at the downtown Portland condo market, check back later this week for a more in-depth analysis of sales and active listings.
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2 comments August 27th, 2007
