Monday, July 8, 2019

Processing Times, Construction Costs, and Sales Prices for Jan-June City of Portland New Construction Duplexes.

From Portlandmaps I extracted data on all new construction duplexes in the City of Portland with a final inspection date from Jan 1 to July 4 2019.  I then combined that data with sales/listing prices from Redfin and created the 2 page PDF file HERE, and embedded below. [The PDF file includes a hyperlink to the Redfin sales/listing price for each address when available]. 

  1. On average for 21 new construction duplexes (42 units) it took 525 days (17 1/2 months) from initial review to final inspection.  
  2. Construction valuation at final permit averaged $478,555 per duplex/ $239,228 per unit. Per sq. ft. valuation averaged $108, with a high of $114 and a low of $100.
  3. For the 13 duplex properties with available Redfin list or sales prices, the average price per duplex was $795,720 /$397,860  per unit.  Redfin shows the average price of all Portland metro sold properties in the last month was HIGHER at $442k. Unlike these new construction duplexes the $442k average sales price is heavily weighted toward existing homes (but the square footage and bedroom counts may be different than these duplexes).  
  4. I calculate that the average sales price for all properties in the 4 City of Portland areas in the RMLS year to date through May was an even higher $481K, with the lowest average sales price of $420k in SE Portland. 
  5. For those 13 duplex properties on average the final construction value was 60% of the average Redfin sales/list price for these properties. 

Originally created and posted on the Oregon Housing Blog

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