- On average for 21 new construction duplexes (42 units) it took 525 days (17 1/2 months) from initial review to final inspection.
- 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.
- 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).
- 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.
- 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,