The decline in listings and sales has been a trend in the under $650k Portland condo market. We believe this to be more a factor of less turnover than a move away from condo living as the available months inventory of 2.4 and drop in days on market still indicate strong demand. Sellers should price conservatively and market with an aggressive digital campaign as the buyer demographic skews heavily towards tech savvy. Buyers will need to be on their toes for the unit in the price range and the building they want. Units in top buildings move quickly and working with an experienced broker can help with getting a jump before the competition.
This price segment has seen the most slowing in the Portland condo and townhouse market. With an influx of new buildings rising out of the ground and also a significant number of modern rental buildings being built, the market has seen a saturation to the point that months inventory available has reached just under 11 months. While this unbalance plays out over the next season or two, sellers should price conservatively and be sure that their marketing plan includes a significant digital element. Buyers should be aggressive and gather as much information as possible to compare and contrast buildings and HOA's.
What has been a miserable couple of years for this price segment has slowly gained some traction. While still having over 13 months of inventory, the number of sales has slowly climbed. Recent disruptions downtown have caused a slowing, but we anticipate that this segment will continue to recover. Sellers should insist on a regional and national marketing reach with a heavy emphasis on digital. Buyers will have plenty to choose from, but should spend wisely as all buildings are not created equal and can have their own challenges, especially when it comes to luxury units.
The ultra luxury condo and townhouse market has seen some transition over the last couple of months. We had a record 11 new listings in July, but a drop of over 66% year over year in sales. Until the current disruptions have ended, we do not expect to see a big change from this trend. Sellers who must sell now should consult an experienced professional who can provide realistic pricing and an aggressive marketing plan. Buyers will find many opportunities for fantastic pricing for some of the best units in town. As always, due diligence on the building and the HOA is a must to protect your investment and insure you're getting what you want.
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