The Million Dollar Market

We recently utilized the Realtors Multiple Listing Service to develop some broad statistics for very high priced homes. We searched the areas just in and around the Portland suburbs for this data and avoided the areas towards the Coast or Mt. Hood. This research revealed the following:

In 1999 there were 49 sales exceeding $1,000,000 in the Portland area. The prices ranged from $1,000,000 to $2,350,000.00 In the last 12 months there have been 72 sales with prices ranging from $1,000,000 to $6,950,000.

On the research date of April 23, 2001 there are 149 properties on the market at prices exceeding $1,000,000. Even more amazing is that 41 of these properties have listed prices in excess of $2,000,000. The highest priced one is a 14,000 sq. ft. home on 50 acres just South of Portland that is being offered for $7,900,000.

Although prices like this may be fairly common in Seattle and areas of California it is a recent phenomena in this market place. It seems as though a higher “benchmark” has been reached and that Portland is catching up. For many years incoming transferees obtained an advantage by moving into Portland. That advantage may be disappearing.