Portland Condo Market – 2019 Update

portland condo market 2019

The Portland condo market has seen better days. For starters, where are the new condos? For the last ten years Portland has only added 794 condo units and in the same time period added thousands of apartments. In fact, that is one of the major reasons for the Portland condo market cooldown – all the cranes we’re all watching have ended up constructing apartments or offices, seemingly anything but new condos.

Despite the lack of new Portland condos, it has been increasingly tough to move them. Portland condo inventory has increased dramatically over time.

Active Portland condos on the spring market:

  • April 2017 – 360 for sale in April.
  • April 2018 – 575 for sale in April.
  • April 2019 – 800+ projected.
  • There were 710 Portland condos for sale March 2019.

Now April is typically the best month of the entire year to sell a condo, and September is the highest inventory month for condos.

Active Portland condos on the fall market:

  • Sept. 2017 – 550
  • Sept. 2018 – 920
  • Sept. 2019 – nearly 2,000 projected, at least over 1,500 expected.

What happens when condo inventory exceeds buyer demand?

I’m sure you know. The big question here is, when will the Portland condo market rebound? To answer that question we need to understand that luxury homes and condos are the canary birds of the housing market. This means they are the first to fall when the market softens.

Should I buy a Portland Condo?

Yes, because it could be a great investment. When the market rebounds again – any Portland condo owner will be doing very well. Regular detached homes will not drop in price to the degree Portland condos or luxury homes will drop as the housing market cools. So if you buy one of those detached homes, great, but there is not the same level of possible appreciation. Buying a condo or luxury home when the market is soft can yield the highest possible returns when the real estate market is hot again. There was a time, not long ago, when you could not buy a condo in the Pearl, literally zero inventory. That time will come again and those condo sellers will be incredibly happy. Hey, and if you’re considering picking up an investment property while the Portland real estate market is cool (a fantastic plan by the way) what is more worry-free then a condo? The HOA and neighbors in close proximity will naturally keep an eye on the unit and a lot of the required maintenance is already done for you. Of course, you have to buy smart. Check out our 2019 Portland condo buyer’s guide.

Yes, because it is so much better for you financially than renting and can still provide you with a worry-free, low maintence lifestyle. Read our article on renting vs. buying Portland. According to Zillow’s rent vs. buy calculator (and many others) a typical person will find owning to be financially cheaper than renting three years after purchasing a property.

Yes, because Portland condos provide a green lifestyle. Ideally located next to transit, and walking distance to countless shops and restaurants (and workplaces), a Portland condo can be one of your greenest lifestyle choices that is also good for your financialy. Numerous Portland condo high rise locations have been built to the highest green standards available – LEED Platinum.

P.S. The condo pictured in this article is for sale and meets all the criteria of a good condo buy in Portland. Contact us for details on that Lloyd District condo and many others we have for sale in Portland.

April 9, 2019
AUTHOR

Stephen FitzMaurice

Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. and a top 1% agent in the Portland Metro. Principal Broker in Oregon, Managing Broker in Washington he has been licensed since 2003 for residential real estate sales in the Portland Metro area. Call him direct: 503-714-1111.

Pay less (4.5% commission max.) and get more with his top 1% listing team or buy your next home with his excellent top 1% buyer’s team. We work from Salem, Oregon to Vancouver, Washington and beyond. Check out our full services areas on the top menu.