Devon Jero | 2020 Annual Market Report

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OREGON 2020 annual MARKET REP ORT

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 32 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 43 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.


2020 ANNUAL MARKET REPORT

MIKE GRADY

COLDWELL BANKER BAIN President & CEO Reflecting on the 2020 numbers and the interesting turn of the market in the fourth quarter, Mike Grady, Coldwell Banker Bain president and CEO, said, “It is amazing to look back over the roller coaster that 2020 became and see how well the real estate market was able to withstand a worldwide pandemic and a resulting faltering economy. We started off the year strong in the first quarter with inventory declining slowly to just more than a month’s on hand. Coldwell Banker Bain brokers were reporting that it ‘feels like 2017,’ with multiple offers returning to transactions, and review dates (where sellers identify a date to review all offers) being added to the mix because of the number of offers sellers were receiving. And we started to see double digit median price appreciation increases in Snohomish, Pierce and Kitsap counties, with King nudging back up to five percent over the same period in 2019. At the time, I publicly commented that ‘Unless something unexpected happens to affect the local job market, there’s no reason to think now that this trend will decline.’ And then the completely unexpected COVID-19 hit. As we adhered to lock-down mandates in our region, of course the market was impacted, although it could have been much worse. We saw a nearly 30 percent decline in Total Active Listings in April 2020, a significant decline, given that spring is typically one of the busiest times of the year. The upside continued to be the unequal supply/ demand dynamic, with more buyers than inventory, and so we continued to see impressive price appreciation increases in the largest four counties—a story that has not changed today.

As we responded to regulations related to continuing to serve our clients in a safe way, and leveraged our technology in ways we never anticipated, our market started to bounce back in June. We started to hear our brokers reporting substantial movement to—and diminishing inventory in outlying areas such as Bellingham, Bainbridge Island, Eastern Washington, Bend, OR and other recreational-type locations, given the ability to work from home or accept or decide on an early retirement. The fourth quarter reflected a continuation of this rebound well into autumn. Pending sales were up double digits in the four major counties as well as median prices. A slight decrease in inventory, to about three weeks on hand, puts sellers in a great position—we saw buyers snapping homes up almost as fast as they were listed. With interest rates at record lows and employment in major tech industries very strong, this was a good indication that we might skip the typical slower winter market altogether— and that indeed turned out to be true. We are optimistic about 2021 and expect it to be a very good year. All the economic forecasts for our industry are positive, and most are predicting 2021 to be a banner year. There’s a feeling of optimism because there are multiple vaccines in process of deployment, we have learned to thrive in challenging circumstances, there’s serious discussions about getting the kids back in school, the election is over, and interest rates are still at all-time lows.”

2020 annual OREGON MARKET REPORT

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2020 ANNUAL MARKET REPORT

WARD SPEARS oregon regional manager

Ward Spears, Oregon Regional Manager for Coldwell Banker Bain, said, “While one of the big lessons and reminders of 2020 is that we don’t know what the future holds, 2021 is starting off with a number of promising strengths, at least in residential real estate in Portland. Prices have increased on average about 7 percent in the last year, yet overall affordability for home buyers is actually quite strong. Affordability includes both mortgage

4 2020 annual OREGON MARKET REPORT

rates and average earnings—average earnings have increased 5.9 percent from a year ago which feels like a surprising statistic. The result of these and other factors is an incredibly favorable market for sellers, yet considering that fact, buyers are surprisingly quite choosy. To deal with this selectiveness, an important step when selling is obtaining professional assistance to best position your home in the market.”


portland area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

NORTH PORTLAND / NORTHEAST PORTLAND / SOUTHEAST PORTLAND / WEST PORTLAND & RALEIGH HILLS / LAKE OSWEGO & WEST LINN / PORTLAND METRO

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM 31

$480K

Portland Metro Area

19

$450K

N. Portland NE Portland

24

$470K

25

$425K

SE Portland W. Portland & Raleigh Hills

36

$635K

Lake Oswego & West Linn

41

$730K

Portland Metro Condos Portland Metro Luxury

50

$285K

62

$1.29M $300K

$600K

$900K

NUMBER OF SALES CLOSED

$1.2M

$1.5M

23,622 | TOTAL SALES CLOSED

3500

(TOTAL PORTLAND AREA)

3000 2500

3254

3174

2000

2411

1500

1994

1000

1330

1114

500

1068

0

N. Portland

NE Portland

SE Portland

W. Portland & Raleigh Hills

INVENTORY IN UNITS / 12.31.2020

Lake Oswego & West Linn

Portland Metro Condos

TOTAL PORTLAND AREA INVENTORY / 1205

Portland Metro Luxury

-52.5%

48

110

140

173

97

581

319

-36.0%

-34.1%

-47.2%

-43.6%

-47.6%

-6.1%

-14.5%

N. Portland

NE Portland

SE Portland

W. Portland & Raleigh Hills

Lake Oswego & West Linn

Portland Metro Condos

2500

Portland Metro Luxury

2020 annual OREGON MARKET REPORT

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2020 ANNUAL MARKET REPORT

DAVID SLY

PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN

Said David Sly, Principal Managing Broker of Coldwell Banker Bain of Portland Uptown, “The Portland real estate market had an outstanding year and will continue to thrive as we move into and through 2021. If the past year showed us anything, it was the resilience of the industry. Home sellers, buyers, and real estate professionals were all tested in many ways. Even with COVID-19 restrictions in place the number of homes sold, compared to 2019, increased dramatically. This eroded our inventory to an all-time record low of one month and decreased the average days on market to an average of 31. This activity across our region is increasing our median sold price and sellers are capturing, on average, 1.4 percent more than their asking price. Purchasing power with record low interest rates, the desire to have more space, and a shift away

6 2020 annual OREGON MARKET REPORT

from the city’s core toward the suburbs will continue to drive this market.” Added Brian Houston, Principal Managing Broker of the Coldwell Banker Bain of Portland West office, “We have entered into unprecedented times in the Portland and Washington County real estate market. A low inventory in both Portland and Washington County is driving median prices and closed sales upward. While inventory is down in Portland by 46 percent and down in Washington County 60.4 percent, the median sales price for Multnomah is up 8.3 percent and Washington County 7.5 percent. Closed sales are following suit at a 6.6 percent increase in Portland and 8.5 percent in Washington County. Interest rates and a pent-up buyer demand is continuing to drive closed sales and median sales prices upward.”


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 / 3500 BEAVERTON & ALOHA / TIGARD, TUALATIN, SHERWOOD & WILSONVILLE / HILLSBORO & FOREST GROVE 3000 2500 MEDIAN

SOLD PRICE (NEAREST $000)

AVERAGE DOM

2000

Milwaukie, Gladstone

36

$474K

1500& Happy Valley

Gresham, Sandy, 1000

34

$400K

Troutdale & Corbett

500

Oregon City, Beaver Creek, Canby, 0 Molalla & Mullino

$460K

43

NW WA County & Sauvie Island

$589K

Beaverton & Aloha

34

$459K

Tigard, Tualatin, Sherwood & Wilsonville

26 28

$515K

Hillsboro & Forest Groove

34

$433K $100K

$200K

$300K

NUMBER OF SALES CLOSED

$400K

$500K

$600K

23,622 | TOTAL SALES CLOSED

2500

(TOTAL PORTLAND AREA)

2000

2481

1500

1817

1000

2039 1568

2282

1999

1188

500 0

Milwaukie, Gladstone Gresham, Sandy, Oregon City, Beaver & Happy Valley Troutdale & Corbett Creek, Canby, Molalla & Mullino

NW WA County & Sauvie Island

INVENTORY IN UNITS / 12.31.2020

Beaverton & Aloha

Tigard, Tualatin, Hillsboro & Sherwood & Wilsonville Forest Groove

TOTAL PORTLAND AREA INVENTORY / 1205

-52.5%

175

66

90

69

49

77

107

-40.9%

-67.3%

-61.9%

-53.1%

-73.7%

-63.3%

-54.3%

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

2020 annual OREGON MARKET REPORT

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2020 ANNUAL MARKET REPORT

BRANDON FAIRBANKS PRINCIPAL MANAGING BROKER OF BEND

Brandon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of Bend, said, “Bend is now referred to as an official ‘Zoom Town’. In 20 years of selling real estate I would say 2020 was the most remarkable, challenging, and rewarding year all wrapped into one. Last March, as a result of COVID-19 lock-downs we saw our real estate transactions come to almost a complete halt. In merely one month we saw more transactions terminate than what we may typically see throughout an entire year. Understandably, buyers and sellers were panicked by an uncertain future. I too truly thought this may be the beginning of the next real estate downturn. Fortunately, I was wrong and as we entered the third quarter of the year interest rates began to

8 2020 annual OREGON MARKET REPORT

drop and the buyer demand increased strongly as people and corporations discovered that employees can work from home efficiently. Bend gained national recognition as one of the hottest markets in the country. As you can see from the statistics, the available residential inventory in Bend shrunk 75 percent year over year! We experienced competing offers on homes, with some offers exceeding as much as $200,000 or more over asking price. Prices rose almost 14 percent year over year, increasing the median home price in Bend to $535,000. Real estate activity in the winter months typically slows but not this year. Our Bend office experienced recordbreaking sales activity which I expect to continue into 2021 with one major challenge—inventory!


BEND area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BEND / BEND AREA 1 ACRE+ / BEND AREA LUXURY

MEDIAN SOLD PRICE (NEAREST $000)

Bend

AVERAGE DOM

$535K

(All Area Residential)

50 62

$790K

Area 1 Acre+ Luxury (+1M,

$1.34M

SF + Condo) $300K

$600K

$900K

$1.2M

80

$1.5M

NUMBER OF SALES CLOSED 3500 3000 2500

3,165 | TOTAL SALES CLOSED

3,165

(TOTAL BEND AREA)

2000 1500 1000

496

409

500 0

Bend

(All Area Residential)

Area 1 Acre +

Luxury

(+1M, SF + Condo)

INVENTORY IN UNITS / 12.31.2020

TOTAL BEND AREA INVENTORY / 271 -73.3%

126

44

63

-75.0%

-98.3%

-37.6%

Bend

Area

(All Area Residential)

Luxury

(+1M, SF + Condo)

1 Acre +

2020 annual OREGON MARKET REPORT

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portland area PORTLAND METRO AREA

2020

2019

CHANGE

TOTAL HOMES SOLD

23,622

21,975

+7.5%

MEDIAN SOLD PRICE

$480K

$444K

+8.1%

31

38

-18.4%

99%

98%

+1.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

3174

3665

-13.4%

MEDIAN SOLD PRICE

$285K

$290K

-1.7%

50

46

+8.7%

97%

97%

+0.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$480K MEDIAN SOLD PRICE UP +8.1% from 2019

PORTLAND METRO AREA CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2020 annual OREGON MARKET REPORT

$285K

MEDIAN SOLD PRICE DOWN -1.7% from 2019


PORTLAND METRO AREA | LUXURY

2020

2019

CHANGE

TOTAL HOMES SOLD

1068

750

+42.2%

MEDIAN SOLD PRICE

$1.29M

$1.265M

+2.0%

62

65

-4.6%

95%

94%

+1.1%

2020

2019

CHANGE

TOTAL HOMES SOLD

1114

1033

+7.8%

MEDIAN SOLD PRICE

$450K

$420K

+7.1%

19

29

-34.5%

102%

99%

+3.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.29M MEDIAN SOLD PRICE UP +2.0% from 2019

NORTH PORTLAND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$450K MEDIAN SOLD PRICE UP +7.1% from 2019

2020 annual OREGON MARKET REPORT 11


portland area NE PORTLAND

2020

2019

CHANGE

TOTAL HOMES SOLD

2411

2280

+5.7%

MEDIAN SOLD PRICE

$470K

$445K

+5.6%

24

31

-22.6%

100%

98%

+2.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

3254

3076

+5.8%

MEDIAN SOLD PRICE

$425K

$385K

+10.4%

25

35

-28.6%

100%

98%

+2.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$470K MEDIAN SOLD PRICE UP +5.6% from 2019

SE PORTLAND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

12 2020 annual OREGON MARKET REPORT

$425K

MEDIAN SOLD PRICE UP +10.4% from 2019


W. PORTLAND & RALEIGH HILLS

2020

2019

CHANGE

TOTAL HOMES SOLD

1994

1789

+11.5%

MEDIAN SOLD PRICE

$635K

$599K

+6.0%

36

44

-18.2%

98%

96%

+2.1%

2020

2019

CHANGE

TOTAL HOMES SOLD

1330

1231

+8.0%

MEDIAN SOLD PRICE

$730K

$661K

+10.4%

41

51

-19.6%

97%

96%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$635K

MEDIAN SOLD PRICE UP +6.0% from 2019

LAKE OSWEGO & WEST LINN

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$730K

MEDIAN SOLD PRICE UP +10.4% from 2019

2020 annual OREGON MARKET REPORT 13


portland area MILWAUKIE, GLADSTONE & HAPPY VALLEY

2020

2019

CHANGE

TOTAL HOMES SOLD

2481

2219

+11.8%

MEDIAN SOLD PRICE

$474K

$4270K

+11.0%

36

42

-14.3%

99%

98%

+1.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

1817

1677

+8.3%

MEDIAN SOLD PRICE

$400K

$370K

+8.1%

34

44

-22.7%

99%

98%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$474K

MEDIAN SOLD PRICE UP +11.0% from 2019

GRESHAM, SANDY, TROUTDALE & CORBETT

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

14 2020 annual OREGON MARKET REPORT

$400K MEDIAN SOLD PRICE UP +8.1% from 2019


2019

CHANGE

TOTAL HOMES SOLD

1568

1586

-1.1%

MEDIAN SOLD PRICE

$460K

$425K

+8.2%

43

45

-4.4%

99%

98%

+1.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

1188

1212

-1.1%

MEDIAN SOLD PRICE

$589K

$560K

+5.2%

34

40

-15.0%

99%

98%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$460K MEDIAN SOLD PRICE UP +8.2% from 2019

OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO

2020

NW WASHINGTON COUNTY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$589K

MEDIAN SOLD PRICE UP +5.2% from 2019

2020 annual OREGON MARKET REPORT 15


portland area BEAVERTON & ALOHA

2020

2019

CHANGE

TOTAL HOMES SOLD

2039

1973

+3.3%

MEDIAN SOLD PRICE

$459K

$425K

+8.0%

26

32

-18.7%

100%

99%

+1.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

2282

2053

+11.2%

MEDIAN SOLD PRICE

$515K

$475K

+8.4%

28

38

-26.3%

99%

98%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% TIGARD, TUALATIN, SHERWOOD & WILSONVILLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

16 2020 annual OREGON MARKET REPORT

$459K MEDIAN SOLD PRICE UP +8.0% from 2019

$515K

MEDIAN SOLD PRICE UP +8.4% from 2019


HILLSBORO & FOREST GROVE

2020

2019

CHANGE

TOTAL HOMES SOLD

1999

1686

+18.6%

MEDIAN SOLD PRICE

$433K

$405K

+6.9%

34

36

-5.6%

100%

99%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$433K

MEDIAN SOLD PRICE UP +6.9% from 2019

2020 annual OREGON MARKET REPORT 17


bend area BEND AREA

2020

2019

CHANGE

TOTAL HOMES SOLD

3165

2893

+11.5%

MEDIAN SOLD PRICE

$535K

$470K

+13.8%

50

65

-23.1%

97%

95%

+2.1%

2020

2019

CHANGE

TOTAL HOMES SOLD

496

447

+10.4%

MEDIAN SOLD PRICE

$790K

$550K

+35.8%

62

103

-49.7%

92%

69%

+28.6%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$535K

MEDIAN SOLD PRICE UP +13.8% from 2019

BEND AREA 1 ACRE+

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

18 2020 annual OREGON MARKET REPORT

$790K MEDIAN SOLD PRICE UP +7.9% from 2019


BEND AREA LUXURY

2020

2019

CHANGE

TOTAL HOMES SOLD

409

214

+91.1%

MEDIAN SOLD PRICE

$1.34M

$1.25M

+7.2%

80

113

-29.2%

95%

90%

+5.6%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.34M

MEDIAN SOLD PRICE UP +7.2% from 2019

2020 annual OREGON MARKET REPORT 19


DEVON JERO broker Coldwell Banker Bain | bend 486 SW Bluff Drive | Bend, OR 97702 Cell: (541) 408-8881 Office: (541) 382-4123 devonjero@cbbain.com www.devonjero.com

*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.


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