Portland Condo Report for May 2022
We're still seeing low inventory and above average days on market for the Portland condo and loft market in May 2022. In the last 30 days 165 new condo listing hit the market which is down from 180 in April. That's not unusual though as April is typically a busy month for new listings. The average condo price in May dipped a bit from $469,000 to $449,000, as most of the higher-priced condos didn't sell last month. The average days on market rose from 46 to 49, and the total number of active condo listings grew from 355 to 399.
We have buyers circling and waiting for a well-priced 2/2 condo to hit the market in the Pearl. Unfortunately they are few and far between, with most of the 2/2 listings being in the $900k+ range. A 2/2 hit the market at Riverstone for $599k and went pending the same day at $625k. So buyers need to be ready to pounce when they see the right condo... they are still going fast! There are a couple of 2/2's at 937 in the $500's, and at $549k this Waterfront Pearl 3/2 might be the best deal in the Pearl right now.
In the higher-priced category we've seen a few reductions this month, including a $100k drop on this Metropolitan unit, which at $1,395,000 is getting close to the $1,270,000 price it sold for new in 2007. And this unit at Vista dropped down to $1,199,000 which is also close to the $1,151,500 it sold for new in 2019.