Portland Condo Market Update - May 2008
A recent reader prompted me for a condo update for Portland and it’s time to oblige.
Interestingly, the inventory of condos and townhomes has not ballooned with the slower sales market. In fact, since my last update in August 2007, the market contains just a couple hundred additional units. It’s not an insignificant number, but clearly, developers have cooled their jets, even converting some projects to luxury apartments while existing inventory is absorbed.
On the other hand, it’s not likely that all units available are marketed in RMLS. From a developer’s standpoint, there is little value in listing a multitude of identical units — thereby showing a surplus in supply and a weak bargaining position. So, consider this report a high-volume sample, just like the other reports I’ve done.
As of May 12, there were 3,896 active condo/attached home listings throughout the Portland metro area. The average list price is $329,000 for 1,344 square feet. In the August 2007 snapshot, the area had 3,675 listings at an average 1,336 sq. ft. and list price of $333,300.
In the past six months, the average list price is down just 2%–bringing the average price per square foot down to $245.
Like last time, 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. All sorted by average list price:
| Area | Listings | Avg. List Price | Avg. Sq. Ft. | $ per sq. ft. |
| West Portland (Downtown) |
1,093
|
$522,688
|
1,320
|
$396
|
| North Portland |
208
|
$378,049
|
1,424
|
$265
|
| Lake Oswego / West Linn |
250
|
$364,581
|
1,493
|
$244
|
| NW Washington County |
128
|
$276,518
|
1,419
|
$195
|
| Columbia County |
29
|
$269,976
|
1,404
|
$192
|
| Northeast Portland |
225
|
$263,799
|
1,180
|
$224
|
| Milwaukie / Clackamas |
144
|
$245,274
|
1,551
|
$158
|
| Tigard / Tualatin / Sherwood / Wilsonville |
341
|
$232,119
|
1,305
|
$178
|
| Oregon City / Canby |
71
|
$231,808
|
1,540
|
$151
|
| Southeast Portland |
420
|
$224,575
|
1,213
|
$185
|
| Hillsboro / Forest Grove |
258
|
$222,381
|
1,407
|
$158
|
| Beaverton / Aloha |
499
|
$214,510
|
1,321
|
$162
|
| Gresham / Troutdale |
170
|
$211,180
|
1,402
|
$151
|
| Yamhill County |
60
|
$210,825
|
1,504
|
$140
|
| TOTAL |
3,896
|
$329,023
|
1,344
|
$245
|
Table 2: Condos only
| Area |
Listings
|
Avg. List Price | Avg. Sq. Ft. | $ per sq. ft. |
| West Portland (Downtown) |
982
|
$530,173
|
1,263
|
$420
|
| North Portland |
170
|
$395,768
|
1,376
|
$288
|
| Columbia County |
8
|
$346,875
|
949
|
$365
|
| Lake Oswego / West Linn |
188
|
$340,515
|
1,307
|
$260
|
| Northeast Portland |
165
|
$253,475
|
997
|
$254
|
| Southeast Portland |
320
|
$212,609
|
1,119
|
$190
|
| Milwaukie / Clackamas |
83
|
$209,409
|
1,236
|
$169
|
| Oregon City / Canby |
23
|
$208,852
|
1,501
|
$139
|
| Hillsboro / Forest Grove |
135
|
$204,262
|
1,291
|
$158
|
| Tigard / Tualatin / Sherwood / Wilsonville |
217
|
$201,882
|
1,140
|
$177
|
| Beaverton / Aloha |
281
|
$198,031
|
1,191
|
$166
|
| NW Washington County |
63
|
$191,925
|
1,001
|
$192
|
| Yamhill County |
17
|
$188,257
|
1,355
|
$139
|
| Gresham / Troutdale |
64
|
$173,508
|
1,101
|
$158
|
| TOTAL |
2,716
|
$346,160
|
1,215
|
$285
|
Table 3: Attached Homes only
| Area |
Listings
|
Avg. List Price | Avg. Sq. Ft. | $ per sq. ft. |
| West Portland (Downtown) |
111
|
$456,474
|
1,825
|
$250
|
| Lake Oswego / West Linn |
62
|
$437,557
|
2,054
|
$213
|
| NW Washington County |
65
|
$358,509
|
1,823
|
$197
|
| North Portland |
38
|
$298,782
|
1,641
|
$182
|
| Milwaukie / Clackamas |
61
|
$294,074
|
1,979
|
$149
|
| Northeast Portland |
60
|
$292,190
|
1,683
|
$174
|
| Tigard / Tualatin / Sherwood / Wilsonville |
124
|
$285,033
|
1,594
|
$179
|
| Southeast Portland |
100
|
$262,867
|
1,514
|
$174
|
| Oregon City / Canby |
48
|
$242,808
|
1,558
|
$156
|
| Hillsboro / Forest Grove |
123
|
$242,268
|
1,534
|
$158
|
| Columbia County |
21
|
$240,681
|
1,577
|
$153
|
| Beaverton / Aloha |
218
|
$235,752
|
1,488
|
$158
|
| Gresham / Troutdale |
106
|
$233,925
|
1,584
|
$148
|
| Yamhill County |
43
|
$219,748
|
1,562
|
$141
|
| TOTAL |
1,180
|
$289,578
|
1,642
|
$176
|
Please note, this is just a snapshot as of May 12, 2008 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, but is not guaranteed.
With a quarter of the active listings located in the City Center, I’ll be back later in the week with and update on downtown sales and active listings.
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