June 5th, 2008
I’ve updated the latest numbers for the Pearl District through May 2008. The biggest surprise to me was the drop in average sales price. It’s sitting at $504,650 for the month of May, though year to date we are averaging $609,058. Sellers are still asking quite a bit more, as the average asking price is $687,737. Anyway, check the numbers out for yourself. Don’t forget to check out the numbers on your favorite building as well. Just look at the sidebar to find your building. All the numbers should be updated by the end of the day.
Here are the absorption rates for the Pearl:
| Building | Active | Pending | Sold (last 6 months) |
|---|---|---|---|
| 937 Condominiums | 21 | 4 | 0 | The Avenue Lofts | 6 | 3 | 8 | Block 90 Condos | 9 | 0 | 0 | Bridgeport Condominiums | 8 | 3 | 3 | The Casey | 17 | 2 | 28 | Chown Pella Lofts | 6 | 0 | 1 | City Lofts | 1 | 0 | 0 | The Edge | 12 | 1 | 8 | The Elizabeth Lofts | 8 | 4 | 9 | Encore on the Park | 17 | 1 | 0 | Flander’s Street Lofts | 2 | 0 | 1 | The Gregory | 3 | 0 | 6 | The Henry | 7 | 0 | 4 | Hoyt Commons | 2 | 2 | 1 | Irving Street Lofts | 0 | 0 | 1 | Irving Street Townhomes | 0 | 0 | 0 | Johnson Street Townhomes | 1 | 0 | 2 | Lexis on the Park | 13 | 1 | 5 | Marshall-Wells Lofts | 11 | 0 | 5 | McCormick Pier Condominiums | 22 | 5 | 6 | The Metropolitan | 25 | 5 | 18 | The McKenzie Lofts | 3 | 0 | 1 | Modern Confectionery Lofts | 1 | 0 | 0 | North Park Lofts | 2 | 1 | 2 | Pacifica Tower | 37 | 19 | 17 | Park Northwest | 0 | 0 | 0 | Park Place Condominiums | 11 | 2 | 3 | Pearl Lofts | 0 | 0 | 0 | Pearl Townhomes | 0 | 0 | 0 | The Pinnacle | 18 | 0 | 4 | Riverscape Townhomes | 12 | 6 | 3 | Riverstone Condominiums | 4 | 0 | 3 | align=”Left”The Streetcar Lofts | 9 | 0 | 3 | Tanner Place | 3 | 2 | 1 | The Waterfront Pearl | 21 | 9 | 0 | Totals | 312 | 70 | 143 |
If we divide the total sales over the last 6 months we end up with about 24 sales per month. (We do this to even out the seasonality of the market). So 312 active listings at 24 sales per month equals about 13 months of inventory for the Pearl District. That means we would run out of places to sell in just over a year, if no other homes came on the market. To put it in perspective, less than 6 months is considered a sellers market. Over six months is a buyer’s market.
Remember, these numbers were pulled from the RMLS on June 4th 2008 and are deemed reliable but not guaranteed.
