The Southeast Portland Real Estate market is perhaps one of the more boring markets as it stays to its typical pattern with little exciting happening. This is not to say that the market itself is bad, simply that not a lot exciting happens within the market as it is on a constant growth curve and remains predictably highly desirable. Locations like Hawthorne within Southeast Portland have helped the quadrant rise in popularity in the face of a real estate market collapse. Southeast Portland is heavily reliant on its community and access to city amenities to bring in potential home buyers which seems to be working quite well.
Southeast Portland isn’t just about the amenities, however. The affordability of the market belies that there are hidden gems amongst the housing inventory that can be quite the profitable investment for those willing to put in the sweat equity. Still, even for houses and condos that aren’t gems, the market value is more than fair and certainly affordable. The average Southeast Portland condo for sale is priced at $206k while the average Southeast Portland house for sale is priced at only $313k. As one of the larger quadrants, for Southeast Portland to remain this affordable is nothing short of amazing.
Affordability and success of a market is largely dependent on its desirability and competition. The latter of the two can often dictate pricing within the market which can have an effect on the desirability. According to our Southeast Portland Real Estate agents there are currently 736 active listings and 404 pending listings (55% pending ratio) for houses which accounts for only 1.8 months of inventory. This is quite low and shows that houses in Southeast Portland are within a seller’s market. Also, there are 59 active listings and 25 pending listings (42% pending ratio) for condos which account for 2.4 months of inventory. Much like houses, condos are also within a seller’s market.
Competition is great, but desirability is key when it comes to being a seller. The average time spent on the market for houses and condos often dictates the desirability of the market. Currently, the average condo spends only 59 days on the market with a list-to-sale ratio of 99% while the average house spends 47 days on the market with a list-to-sale ratio of 100%. This is all very typical for Southeast Portland and has helped lead to the sale of 1,453 houses and 93 condos over the last six months. The desirability continues to be high in Southeast Portland and the inventory is having a hard time keeping up giving all of the bargaining power to the sellers.
The ideal situation to be in within Southeast Portland right now would be to be a seller or a home owner. Many people are looking for a house or condo to buy and are willing to pay a premium for it. Being a first-time home buyer in the area isn’t a bad situation to be in either as most houses and condos go for a fair market price which grants you not only a home, but access to all the amenities in Southeast Portland. And as we know, Southeast Portland has a lot to offer.