If you have been following me for some time, you know I have a deep love for the Pearl District. Over the years, I’ve become quite familiar with this market. With that, I want to dive in to do a compare/contrast on the Pearl District market versus the rest of Portland. Here are a few key components that make up this unique market:
Unlike Portland’s Seller Market, The Pearl Is A Buyer’s Market Right Now.
Recent statistics reported from the RMLS show that there was an increase of 33.1% for-sale listings in January this year compared to 2020. Not only that, the volume of listings have increased by 3.5% from December of 2020.
When you take a look at the overall trends below of days on market, you’ll notice in January that property sales were up by 9.1% compared to last January. Not only that, the total number of properties available in January 2021 is significantly higher than in January 2020. This year has brought on bigger inventory to the Pearl District market, meaning buyers will have the ultimate selection of choices compared to the rest of Portland.
The Average Sold Price per Square Footage Remains Neutral.
Analyzing the average sold price per square footage is one of the best ways to analyze the value of a condo. In the graph shown below, January 2021 shows an Average Sold Price per Square Footage of $493. This is a decrease of 0.8% from last month as well as January of 2020.
The Average For Sale Price Is Depreciating, Meanwhile, Average Sold Price And Median Sold Price Stay Neutral.
In January, the Average For Sale Price was $634,000. This reflects an 11% decrease from January of 2020 where the Average For Sale Price was $712,000. As of January 2021, we saw $544,000 being the Average Sold Price. In January 2020, this was $444,000. This indicates an increase of 22.5% in sold prices. The Median Sold Price this January was $405,000, which shows an increase of 28.6% from January of 2020 where the Median Sold Price was $315,000. It’s evident that value is going UP and so is supply right now!
Months of Inventory Trend Indicate a Clear Buyer’s Market.
Generally speaking, when we see a low level of inventory, that’s when the market would be considered beneficial for sellers. However, when we see such a spike in inventory, it’s overall better for buyers. With the graph below, you can see an obvious spike in inventory for January 2021 compared to January 2020. Months of Inventory that Pearl District saw last month increased by 23.2% compared to last year. It’s also showing a significant increase compared to December 2020. Right now is the prime time for buyers!
Absorption Rates Show An Overall Decrease.
To go alongside the Months of Inventory trend graph above, this Absorption Rates graph indicates how many current active listings are actually closing or going pending. As you can see, based upon closed sales there was a decrease of 17.5% in January 2021 compared to last year. If we go based on pending sales, it’s quite significant as well. There has been a decrease of 47.6% in January 2021 compared to last year. Overall, this showcases that there’s definitely an influx of supply for buyers right now in the Pearl market.
The Pearl District Is Like No Other – If You’re Looking For A Loft Or Condo In The Heart Of Portland, Now Is The Time To Search!
The Pearl is a beautiful and charming piece of Portland. It’s amazing to reflect back and see the growth that’s taken place over time for Pearl District. Once being an area of run-down warehouses to now one of Portland’s most prominent & thriving districts! I hope this information was beneficial for you if you’re looking to make a move to the Pearl soon. I’d love to help you in any way I can! Be sure to connect with me and I’ll make sure your transition to the beautiful Pearl District is a smooth one.