PDX Condos: Back in Fashion?

 

Condos Back in Vogue IN PDX?

After several years of declining popularity, demand, and prices, Portland condos are enjoying something of a comeback.  Over 11% more condos have sold, according to October, 2012 data, in comparison with October of 2011. This is a particularly impressive gain given the incredible dip in condo inventory: 10/2012 offered more than 33% fewer units that 10/2011.

Prices are also up, though the numbers aren’t as dramatic. For the metro as a whole (so including both Portland and Vancouver data), the asking price of $236K was up in October when compared to September, as was the sold price of $229K. The latter figure (the more important in assessing the true market value of property) was also up 1.4% from 10/2011.

Finding Your Condo

ZipRealty home searches are easy to tailor to condo-specific searches. Just select the box for “condo” and limit your MLS search to that kind of property. But be sure to do your homework first, since condos are a particular kind of creature—maybe prefect for you, but possibly not.  We offer an excellent overview of condo buying in our national blog as well as here, in the Portland metro blog.

Selling Your Condo

With more than 30% fewer condos on the market, your unit could be in higher demand than it’s been in a long time. Talk to a local Realtor® to find out if now is the right time to sell yours.

More Reading

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

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