The close-in SW Portland $1.5M and up market has continued to gain momentum with outer NW Wash Co and Hillsboro also providing a significant increase in available homes. Modern floor plans and design have taken precedence over larger square footage homes with outdoor amenities also adding value. Sellers should price carefully as the 11.6 months of inventory do show a stronger buyer's market than in the past. Buyers will have plenty to choose from, but should be ready with a purchase strategy as the top 5% of homes do still go quickly in this luxury segment.
The rush in the Eastside $1M to $1.5M market has pushed some sellers into the $1.5M and above, but that has mostly been a bad idea with only 17 homes sold in the last 12 months and almost 30 months of inventory. Sellers should be sure to get professional consultation when pricing in this luxury segment. Buyers can often find sellers eager to make a deal. Market knowledge, insight and negotiating skills can come in handy here.
What was once considered Ultra-Luxury is now becoming commonplace in the Portland South marketplace as evidenced by the 27 sales in August. With a record number of $2M+ sales in the last 12 months (52), it's not just Lake Oswego that garners the most luxurious home sales anymore. Sellers should still be practical in pricing as there is just under 11 months inventory. Buyers are seeing the very best homes move off the market faster than ever, but still have plenty to choose from. An experienced luxury broker is more important than ever as sale fails in this price point have grown.
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