Two things we can count on this time of year: Warmer days ahead and Elise Loschiavo's clear and concise condo report. The report is packed with insightful and in-depth information that includes Portland condo inventory, the pace of the marketplace, what’s selling, new development, and forecasts where condo sales are headed in the coming year. Below is brief overview. Click HERE to view the full report.
2021 Condo Market Review
- Portland condos continued to be in great demand. We've easily absorbed nearly 200 brand new units into the market with little effect on existing condo values.
- Existing condos (non-new construction) saw a 13% bump in price per square foot.
- The median number of days on market remained at an all time low.
- Portland's property tax revaluation didn't really affect condo owners - most saw little to no difference in their tax bills.
2022 Sales and Development Forecast
- Inventory is still extremely low going into early Spring, and we'll continue to see condo prices bid well beyond their list prices. Buyers are racing to lock properties down ASAP amid increasing interest rates, a shaky stock market, and rising inflation.
- Another 200 condos are under development, offering a significant boost to available inventory. We don't expect this will impact the price of existing condos.
- Future new condo development announcements within Portland city limits will be scarce as developers struggle to reconcile sky-high land and materials costs with an increasingly difficult path to Portland development approvals.
- Another yearly 10-15% gain in condo pricing would not be out of the question.
2020 V. 2021 Condo Stats
