Portland Condo Market: Affordable Choice for 2020 Home Buyers
Are you looking for a Portland home on a budget? Maybe it’s time to give condos a second look. Consider the following:
- Condo buyers have more options. As of March 2020, there were 470 homes listed on the Portland real estate market for under 400K. In the same price range, there were 570 condos available. Visit Portlandhomesforsale.com for all condos and townhomes currently for sale in the Portland metro area.
- At the low end of Portland real estate values, condos rule. The top 38 cheapest homes currently listed for sale in Portland (not including manufactured or mobile homes) are condos. Currently the median list price for a Portland condo, according to Fidelity National Title, is just over $430,000. That’s usually lower than the median price for a Portland single-family home.
- Want even more options? Wait a few months. This spring, there are already over 900 condos and townhomes on the Portland market. But, the high inventory time for condos is traditionally in the fall, and over half of condo owners end up decreasing their list price if they are still trying to sell in September. September is typically the best month to buy a condo in Portland, but anytime is good if you find the right deal.
How to Tell if a Condo is Priced Right
There are many factors to consider when determining if a condo is right for you. Price is a big one, of course — but what are you paying for? Condos that are on the higher end of the price spectrum tend to be newer, larger and more centrally located.
There are other aspects to that key term, “location”, that may skew a condo’s list price higher or lower:
- Is it a penthouse? The top floor units in multistory condo buildings, such as those near downtown Portland, South Waterfront and The Pearl, are almost always priced higher than neighboring units on lower floors.
- Nice views. On a similar note, condos with great views of the river, Mt. Hood, a neighboring park or golf course, or another scenic area of Portland tend to be priced higher.
- Not-so-nice views. On the other hand, condo prices may be lower if the unit overlooks a parking lot, a busy street, a strip mall, or highway.
- End or corner units tend to be priced higher because you’re only sharing less walls with a neighbor. These units can be quieter.
- Check the HOA fee and complex finances. Sometimes a unit is priced low because the HOA wasn’t managed well in the past and now the HOA fees are high to try to make up for it.
Remember, one-third to one-half of condo owners end up coming down on their list price before they sell in the Portland market. Your best resource for judging a condo’s value, and making the right offer, is your real estate agent. We know the Portland market!
Why work with a Portland condo specialist?
Our top 1% real estate agents have sold hundreds of condos in the Portland metro area. Why is it important that your buyers’ agent knows how to deal with condos and townhomes specifically? Buying a condo isn’t like buying a traditional home — you’re entering a cooperative ownership agreement with the condominium association, and your agent should be able to read and understand the rules of that association so that you, the buyer, know exactly what you’re getting into! There are also specific aspects of the home inspection, home loan and closing process that your agent will need to navigate.
Finally, to be sure you have the most up-to-date information on the Portland condo market, you always have access to PortlandHomesforSale.com. Our system is always accurate, up-to-date, as it gets a direct feed from local Oregon MLS systems. Zillow and other national real estate sites are more prone to data errors due to the difficulty they have in combining to many different data feeds.
By the way, the condo in this article picture is for sale. 4830 SE Stark St. Unit 1. 2 bed, 2 bath in an amazing location, with parking for 325,000. Full 3D tour walk through available for every property we sell, check them all out here.March 27, 2020