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PORTLAND'S CONDO MARKET CONDITIONS: As I see it...
August 14th, 2008 2:18 PM

Market conditions for Portland condominium is fair to average . While demand for single family detached homes in Portland remains good, recent over-building of high-rise condominium in the nearby south waterfront district has saturated the condo market. Inventories of condo properties for sale is high, with well over one year's supply at current rates of sale. Price growth is expected to be stagnant or negative in coming years as the market works to absorb this excess supply. June 2008 totals show the average sale price for all residential property in the West Portland market area to be $483,900 according to the Realtor's Multiple Listing Service. Price appreciation over the past year has been 4.9%. Average Days on Market is 78 days compared to 48 days one year ago. These statistics indicate favorable, though slowing demand for property in the market area. The unemployment rate for the Portland Metro Area for June 2008 was 5.2%, compared to 4.8% one year prior. Sales and financing concessions are common in real estate negotiations, but more typical in lower-value segments of the real estate market.


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Posted by Blake Vigna on August 14th, 2008 2:18 PMPost a Comment

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