OREGON 2019 MARKET REPORT
coldwellbankerbain.com
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6 billion in sales in 2019. With 30 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 44 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound are and the Pacific Northwest. As important to us as business success— we also provide services in property management, commercial real estate, real estate investment and relocation management— is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.
2019 ANNUAL REPORT
MIKE GRADY
COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the 2019 numbers and the interesting turn of the market in the fourth quarter, Mike Grady, Coldwell Banker Bain president and COO, said, “As we closed out the year, 2019 turned out to be quite different than we had expected. We expected that because the double-digit appreciation of home prices had modified in May 2018, more sellers would proceed with selling their existing homes in 2019. This, of course, would have resulted in more inventory, stabilizing prices even more while increasing units sold. Had this transpired, 2019 would have resulted in increased volume as a result of more units and slightly higher average sales prices than in 2018.
‘old normal.’ December of 2019 proved to be better
However, that didn’t happen. Instead, the ‘aberration’ we saw in November continued… so perhaps it’s not an aberration after all and we may be returning to the
for sale and the market, once again, is leaning more
than December of 2018 in just about every single category – this notwithstanding weather that was not as mild as last year, and weather typically has an impact on sales. Yet we see again that the number of pending transactions outpaced the number of listings taken along with an increased appreciation. With inventory in King County below one month, we can only surmise that 2020 will show a return to rising home prices as a result of the lack of inventory and continued robust job market. So, while buyers continue to benefit from low interest rates, there are simply not enough homes strongly toward sellers. These predictors indicate that the first quarter of 2020 will be active.”
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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2019 ANNUAL REPORT
DAVID SLY
PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN
David Sly, Principal Managing Broker of Portland Uptown, said, “The overall Portland market is in a cooling phase. We are not seeing enough housing starts in the Metro area to offset our current demand. This shortage will continue to keep our inventory tight and prices will continue to escalate, albeit at slower pace. Another factor showcasing a slowdown is the days on market and, which have been inching upwards. I see an overall flat market for 2020.”
4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
PORTLAND AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NORTH PORTLAND / NORTHEAST PORTLAND / SOUTHEAST PORTLAND / WEST PORTLAND & RALEIGH HILLS / LAKE OSWEGO & WEST LINN / PORTLAND METRO
AVERAGE SOLD PRICE (NEAREST $000)
AVERAGE DOM
$440K
N. Portland
29 31
$498K
NE Portland SE Portland
35
$435K
W. Portland & Raleigh Hills
44
$689K
Lake Oswego & West Linn
51
$805K
Portland Metro Condos
46
$336K
Portland Metro Luxury
65
$1.427M $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 4000
26,109 TOTAL PORTLAND AREA SALES CLOSED
3500 3000 2500 2000 1500 1000 500 0
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Luxury
TOTAL PORTLAND INVENTORY / 1991
INVENTORY IN UNITS / 12.31.2019
2500
Portland Metro Condos
75
167
265
307
185
619
373
-39.0%
-37.9%
-34.4%
-16.8%
-28.6%
-26.7%
-15.2%
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
Portland Metro Luxury
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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2019 ANNUAL REPORT
BRIAN HOUSTON
PRINCIPAL MANAGING BROKER OF PORTLAND WEST
Said Brian Houston, Principal Managing Broker of Coldwell Banker Bain of Portland West, “In 2019 we experienced a cooling period for closed sales and listings. If you factor in fewer closings but add in sellers still putting their homes on the market, the net result is longer days on market and average sales price increases in the single digits. The national news has Oregon as the #2 move-in state in the nation. With interest rates at historical lows and the increase of people moving into the state, I see 2020 as a better year than 2019 in terms of closed sales and available inventory.”
6 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
PORTLAND AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
MILWAUKIE, GLADSTONE & HAPPY VALLEY / GRESHAM, SANDY, TROUTDALE & CORBETT / OREGON CITY, BEAVER CREEK, CANBY, MOLALLA & MULINO / NW WASHINGTON COUNTY & SAUVIE ISLAND / BEAVERTON & ALOHA / 4000 TIGARD, TUALATIN, SHERWOOD & WILSONVILLE / HILLSBORO & FOREST GROVE 3500 3000 AVERAGE SOLD PRICE (NEAREST $000)
AVERAGE DOM
2500
Milwaukie, Gladstone
$460K
2000 & Happy Valley
42
1500
Gresham, Sandy,
$399K
1000 Troutdale & Corbett 500 City, Beaver Oregon Creek, Canby, 0 Molalla & Mullino
44
$455K
45
NW WA County & Sauvie Island
$594K
Beaverton & Aloha
$454K
Tigard, Tualatin, Sherwood & Wilsonville
32 $514K
Hillsboro & Forest Groove
38
$439K $200K
$300K
$400K
40
36
$500K
$600K
NUMBER OF SALES CLOSED 2500
26,109 TOTAL PORTLAND AREA SALES CLOSED
2000
2211
1500
1669
1000
1964
1580
2042 1675
1205
500 0
Milwaukie, Gladstone & Happy Valley
Gresham, Sandy, Troutdale & Corbett
Oregon City, Beaver Creek, Canby, Molalla & Mullino
NW WA County & Sauvie Island
Beaverton & Aloha
Tigard, Tualatin, Sherwood & Wilsonville
Hillsboro & Forest Groove
TOTAL PORTLAND INVENTORY / 1511
INVENTORY IN UNITS / 12.31.2019
296
202
236
147
186
210
234
-20.0%
-27.1%
-16.9%
-23.4%
+6.3%
-16.7%
+36.8%
Milwaukie, Gladstone & Happy Valley
Gresham, Sandy, Troutdale & Corbett
Oregon City, Beaver Creek, Canby, Molalla & Mullino
NW WA County & Sauvie Island
Beaverton & Aloha
Tigard, Tualatin, Sherwood & Wilsonville
Hillsboro & Forest Groove
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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2019 ANNUAL REPORT
BRANDON FAIRBANKS Brandon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of Bend, said, “The spring buying season seems to have begun early this year, much different than in the beginning of 2019. Bend and Central Oregon experienced heavy snow fall in the first part of 2019, and coupled with interest rates about a point higher than today’s rates, that made for a slow start to the year. Once the snow thawed and interest rates lowered, Bend’s housing market heated up and continued to be hot throughout the remainder of the year. Buyer demand remains very strong, with multiple offers on well-priced homes. Bend ranks in the top 10 fastest growing cities in America and, simply put, there are not enough homes to meet demand. Bend still remains very
8 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
PRINCIPAL MANAGING BROKER OF BEND
affordable compared to many of the areas from which our buyers are relocating. The average residential sales price in Bend in 2019 was approximately $560,000. The challenge we face in 2020 is inventory. Housing is being developed in Bend but it may not be enough to meet demand. Inventory levels continue to be under three months of supply on average. An interesting trend we have seen that has certainly affected the local real estate market is the ability to telecommute. Technology changes have allowed many people to live and raise their families in Bend and be employed elsewhere. This has brought higher-income residents into the area, making Bend much more affluent and, in our opinion, much less resistant to any recession which could have an effect on housing.”
BEND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BEND / BEND AREA CONDOS / BEND AREA LUXURY
AVERAGE SOLD PRICE (NEAREST $000) Bend (Single Family & Condos)
AVERAGE DOM 106
$560K
Area Condos
$3172M
126
Luxury (+1M,
$1.402M
SF + Condo) $300K
$600K
$900K
$1.2M
154
$1.5M
NUMBER OF SALES CLOSED 3000
3147
2500 2000
TOTAL SALES CLOSED
2831
1500 1000
112
500
204
0
Bend
Area Condos
(Single Family & Condos)
Luxury (+1M, SF + Condo)
TOTAL BEND INVENTORY / 572
INVENTORY IN UNITS / 12.31.2019
454
23
95
-19.5%
-23.3%
-14.4%
Bend
Area Condos
(Single Family & Condos)
Luxury (+1M, SF + Condo)
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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PORTLAND AREA P OR TLA ND M ET R O A R EA
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
3650
3702
-1.40%
$336,000
$345,000
-2.60%
46
37
+24.3%
AVERAGE SOLD PRICE
97%
97%
+0%
DOWN -2.60% from 2018
2019
2018
CHANGE
748
764
-2.10%
$1,427,000
$1,461,000
-2.30%
65
67
-3.00%
AVERAGE SOLD PRICE
94%
95%
-1%
DOWN -2.30% from 2018
$336K
PO R TLAND ME TR O ARE A | L UXU RY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
$1,427M
PORTLAND AREA NOR TH P OR TLA ND
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
1024
1025
-0.10%
$440,000
$434,000
+1.40%
$440K
29
29
+0.00%
AVERAGE SOLD PRICE
99%
99%
+0%
2019
2018
CHANGE
2267
2288
-0.90%
$498,000
$485,000
+2.70%
$498K
31
31
+0.00%
AVERAGE SOLD PRICE
98%
98%
+0%
UP +2.70% from 2018
UP +1.40% from 2018
NE PO R TLAND
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 11
PORTLAND AREA S E P OR TLA ND
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
3063
3132
-2.20%
$435,000
$432,000
+0.70%
$435K
35
32
+9.40%
AVERAGE SOLD PRICE
98%
98%
+0%
UP +0.70% from 2018
2019
2018
CHANGE
1782
1681
+6.00%
$689,000
$691,000
-0.30%
44
42
+4.80%
AVERAGE SOLD PRICE
96%
96%
+0%
DOWN -0.30% from 2018
W. PO R TLAND & R ALEI GH H IL LS
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
$689K
PORTLAND AREA LA KE OS WEGO & WES T LI NN
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
1229
1272
-3.40%
$805,000
$778,000
+3.50%
$805K
51
47
+8.50%
AVERAGE SOLD PRICE
96%
96%
+0%
UP +3.50% from 2018
2019
2018
CHANGE
2211
2268
-2.50%
$460,000
$444,000
+3.60%
$460K
42
38
+10.5%
AVERAGE SOLD PRICE
98%
98%
+0%
UP +3.60% from 2018
MI LWAUK I E , G LADSTO NE & HA PPY VA LL EY
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 13
PORTLAND AREA GR ES HA M , S A ND Y, T R OU T D A LE & COR B ETT
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE% O R E G O N CI TY, B E AV E R CREEK, CA NBY, MOL OL LA & MU LINO
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
2019
2018
CHANGE
1669
1671
-0.10%
$399,000
$379,000
+5.30%
44
34
+29.4%
AVERAGE SOLD PRICE
98%
99%
-1%
UP +5.30% from 2018
2019
2018
CHANGE
1580
1493
+5.80%
$455,000
$438,000
+3.90%
$455K
45
40
+12.5%
AVERAGE SOLD PRICE
98%
98%
+0%
UP +3.90% from 2018
$399K
PORTLAND AREA NW WA S HI NGT ON COU NT Y
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
1205
1253
-3.80%
$594,000
$596,000
-0.30%
$594K
40
35
+14.3%
AVERAGE SOLD PRICE
98%
98%
+0%
DOWN -0.30% from 2018
2019
2018
CHANGE
1964
1996
-1.60%
$454,000
$436,000
+4.10%
32
28
+14.3%
AVERAGE SOLD PRICE
99%
99%
+0%
UP +4.10% from 2018
B E AV E R TO N & ALO HA
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$454K 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 15
PORTLAND AREA TI GA R D , TU A LAT I N, S HER WOOD & WI LS ONVI LLE
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
2042
2232
-8.50%
$514,000
$515,000
-0.20%
$514K
38
36
+5.60%
AVERAGE SOLD PRICE
98%
98%
+0%
DOWN -0.20% from 2018
2019
2018
CHANGE
1675
1633
+2.60%
$439,000
$417,000
+5.30%
36
32
+12.5%
AVERAGE SOLD PRICE
99%
99%
+0%
UP +5.30% from 2018
HI LLSB O R O & FO R E ST GROO VE
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
$439K
BEND AREA B END A R EA
2019
2018
CHANGE
2831
2943
-3.80%
$560,000
$527,000
+6.30%
AVERAGE DAYS ON MARKET
106
107
-0.90%
AVERAGE SOLD PRICE
SOLD/LIST PRICE%
95%
95%
+0%
UP +6.30% from 2018
2019
2018
CHANGE
112
102
+9.80%
$317,000
$299,000
+6.00%
$317K
AVERAGE DAYS ON MARKET
126
110
+14.5%
AVERAGE SOLD PRICE
SOLD/LIST PRICE%
96%
95%
+1%
UP +6.00% from 2018
TOTAL HOMES SOLD AVERAGE SOLD PRICE
$560K
B E ND AR E A CO NDO S
TOTAL HOMES SOLD AVERAGE SOLD PRICE
18 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
BEND AREA B END A R EA LU X U RY
2019
2018
CHANGE
204
162
+25.9%
$1,402,000
$1,384,000
+1.30%
$1,402M
AVERAGE DAYS ON MARKET
154
163
-5.50%
AVERAGE SOLD PRICE
SOLD/LIST PRICE%
90%
93%
-3%
UP +1.30% from 2018
TOTAL HOMES SOLD AVERAGE SOLD PRICE
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 19
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.