Inasmuch as I haven’t reported on condo stats lately throughout metro Portland, I thought I’d better post this before our official RMLS™ stats are published around October 15.  Below are the August 2009 stats.  You can see the large inventory of condos that were for sale in August and the relatively few that sold that month.  September stats are also shown below and not a lot better.  However, condos are selling and due in large part to the First-Time Home Buyer Tax Credit with the rush to close before deadlines in the lower price ranges.

Last Sunday I reported that the FHA rule for condos was put on the back burner until November 30th.  I hadn’t received confirmation when I posted that as it was a rumor I heard.  However, now comes a report from RISMedia that in fact it is being delayed.  Read it here.

However, first here’s a report by another local real estate blogger on the recent Atwater Auction:

“It was a jam packed event with the usual hype and energy that these kinds of events generate. Although many people were evidently just attending out of curiosity, the bidding turned out to be more serious and competitive than most had expected. If you had anticipated picking up one of these units at or near the minimum bid, you should have considered some of the previous comps, as well as the fact that out-of-state bidders are likely to drive prices up beyond the norm. In the end 40 out of 41 units sold, generating just under $20 million in sales.”

August 2009 Stats:Active_and_Closed_Condos_August_2009

8-2009_Condo_Median_Sales_Price

 

 

 

 

 

 

 

 

 

 

September Stats 2009:

September 1-29, 2009 Condo Stats  #147Lake Oswego #147West Linn #148Portland #151Tigard
# For Sale 180 32 591 70
# Sale Pending 22 7 96 17
# Sold 9 2 67 17
Months of Inventory 20 mos. 16 mos. 8.8 mos. 4.1 mos.
Average Days On Market 141 98 110 100
Average $/sq. ft. Sold $224 $124 $341 $131
Average Sold Price $409,850 $336,500 $413,746 $150,947
Average List Price $448,556 $362,000 $430,218 $177,764
% of Sale Price vs. List Price 88.67% 92.96% 98.77% 88.94%
Average Sq. Ft. 1830 1477 1185 1224
Source:  RMLS™        

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