We've been researching data and trends from 2018 to prepare for the Spring market. Take a look at some of the more interesting figures we found:
What does all of this data mean?
Luxury condos create a lot of buzz in Portland - but the vast majority of units on the peninsula sell for $300-500k.
At least 12 new developments are currently under construction, poised to increase condo inventory by over 200 units in the next 2 years.
We speak in terms of "on peninsula" and "off peninsula" because these local markets are vastly different. For example - the highest condo sale off peninsula was $422,500, less than the average sales price on peninsula.
The Marsden Real Estate team sold 44 of these condos, with $17.9M in sales - making us #2 in Portland!
A deeper look:
Citywide, 2018 saw 388 total condo sales and 527 total single family home sales. Condos made up 42% of total sales in Portland last year. On peninsula, they accounted for 84% of sales! Condos truly are a defining piece of the Portland market.
The National Association of Realtors compiles data for median sales price for condos in metro areas around the country. Find out where Portland places here. Hint ~ its above Chicago, Dallas & Miami, and only $10k less than that other Portland!
Finally, last year saw a small decrease from 2017 in total condo sales by 10 units. However, average price per square foot increased by $15, and average sales price increased by $20k - about 5% growth in both fields.
The best part about February in Portland!