Downtown condominium sales for the third quarter of this year are at the lowest level in over five years. A total of 198 condo sales were closed during the period of July – Sept 2008. This compares to 474 units sold during the sale period in 2007, 287 units in 2006, 227 in 2005, and 211 in 2004.
The average sales price per sqft was $403. This value is roughly unchanged from last year and up just 2% from the third quarter of 2006. This indicates that although sales activity has slowed considerably, prices have been flat over the two year period.
These statistics are similar to the recent Case/Shiller Index report for the entire Portland area.
The September report (using July data) shows that current property value levels appear to have reverted to the levels reported for May 2006.
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