OREGON 2021 Q3 MARKET REPORT
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 2020. With 34 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.
JOHN DEELY executive VP of Operations Reflecting on the third-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “The third quarter was really amazing related to price appreciations, very limited inventory and time on market, but as outlined by our Coldwell Banker Bain brokers below, we are seeing a bit of change - and not just in the weather. Reports of buyer fatigue, resulting from multiple offer situations that further drove up prices, seem to have impacted activity a bit, which finally provides a positive bit of news for them. With legislation in the queue on the national front that could cause an increase to capital gains rates, many sellers who have been on the fence about selling are now concerned they could lose profit in their homes to taxes if they wait until next year. Coupled with the annual trend of the market slowing as we move into the holiday season, we believe this is a great opportunity for those buyers to return to the market. Prices are now leveling out a bit, and homeowners who are selling in the last quarter of the year always tend to be highly motivated. Buyers will also find less competition this time of year, due to inclement weather and holiday travel.”
2021 Q3 OREGON MARKET REPORT
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Q3 2021 MARKET REPORT Photo: Jessica Barger
WARD SPEARS oregon regional manager Reflecting on the overall market, Ward Spears, Oregon Regional Manager for Coldwell Banker Bain, said, “Since the middle of 2020, most market commentary about real estate has been more of the same. As we enter the fourth quarter of 2021, the question is increasingly becoming, ‘what’s next?’ and when does ‘what’s next’ begin? So far in 2021, the story has been a sellers’ market with extremely low inventory. Homebuyers in almost all price ranges, areas, and property types have had to deal with competition from multiple offers often significantly above list price. These factors have resulted in rapid appreciation in many markets. In fact, according to RMLS the median sale price in the Portland metro area has appreciated 16.5 percent from September 2020 to September 2021. Some signs of easing are now occurring. Easing typically occurs first in the high-end market and in outlying areas. Now, months of inventory for homes over $2 million has more than doubled since June, from the ridiculously low level of 3.6 months to 7.5 months at the end of September. Typically, this market has well over 10 months of inventory, so this is hardly cause for concern. What the overall market is generally seeing is slow progress toward normalization. For most markets, this translates to three-to-five offers on a home instead of several. Assuming the home is well priced and nicely prepared for sale. The market is still extremely seller-friendly. But there is now the occasional home that makes it through the first weekend, resulting in that sense of opportunity for the attentive home buyer. Further progress toward normalization in the market occurs remains to be seen. At this point, home buyers with a typical home-buying time horizon should take advantage of the current interest rate environment and decide what works best for them from a long-term perspective.
4 2021 Q3 OREGON AREA 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
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
17
$525K
Portland Metro Area
14
$510K
N. Portland NE Portland
15
$550K
14
$495K
SE Portland W. Portland & Raleigh Hills
19
$745K
Lake Oswego & West Linn
19
$880K
Portland Metro Condos Portland Metro Luxury
29
$330K
26
$1.265M $300K
$600K
$900K
NUMBER OF SALES CLOSED
$1.2M
$1.5M
9,241 | TOTAL SALES CLOSED TOTAL PORTLAND METRO (TRI-COUNTY) AREA
1200 1000 800
1063
600
781
400 200
1023 617
606
430
358
0
N. Portland
NE Portland
SE Portland
INVENTORY IN UNITS / 09.30.21
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
TOTAL PORTLAND AREA INVENTORY / 2,873
Portland Metro Luxury
-16.6%
115
256
331
231
130
542
440
+32.2%
+29.3%
+19.1%
-34.0%
-33.3%
-38.7%
-10.8%
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
800
Portland Metro Luxury
2021 Q3 OREGON MARKET REPORT
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Q3 2021 MARKET REPORT
DAVID SLY principal MANAGing broker for Portland uptown Reflecting on the overall market, David Sly, Principal Managing Broker for the Portland Uptown office, said, “The Portland, Oregon metro housing market has continued its strong showing throughout 2021, despite ongoing challenges related to the pandemic. We have had a welcomed increase in new listings over last year. However, those gains have been offset by the continued high demand for housing. The average sales price continued to rise and has increased by 15.8 percent over last year. This is a motivator for many to make a move and capitalize on the low-interest rates. The DOM has decreased by 34.1 percent to an average of 29 days and equates to less than 1.1 months of inventory. All these factors drive the increase in demand and continue to present challenges to both buyers and sellers.”
6 2021 Q3 OREGON AREA 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 | TIGARD, TUALATIN, SHERWOOD & WILSONVILLE | HILLSBORO & FOREST GROVE 1200 1000
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
800
Milwaukie, Gladstone 600 & Happy Valley
15
$550K
400 Gresham, Sandy, Troutdale & Corbett
14
$480K
200
Oregon City, Beaver Creek, Canby, 0 & Mullino Molalla
$564K
16
NW WA County & Sauvie Island
$725K
Beaverton & Aloha
15
$550K
Tigard, Tualatin, Sherwood & Wilsonville
12 14
$605K
Hillsboro & Forest Groove
11
$515K $100K
$200K
$300K
$400K
NUMBER OF SALES CLOSED
$500K
$600K
$700K
$800K
9,241 | TOTAL SALES CLOSED
TOTAL PORTLAND METRO (TRI-COUNTY) AREA
800 700 600 500
600
400
544
508
300
487
200
638
660
364
100 0
Milwaukie, Gladstone Gresham, Sandy, Oregon City, Beaver Creek, Canby, Troutdale & Corbett & Happy Valley Molalla & Mullino
INVENTORY IN UNITS / 09.30.21
NW WA County & Sauvie Island
Beaverton & Aloha
Hillsboro & Tigard, Tualatin, Sherwood & Wilsonville Forest Groove
TOTAL PORTLAND AREA INVENTORY / 2,873
-16.6%
150
146
147
91
108
144
121
-18.9%
+9.8%
+6.5%
-29.5%
+12.5%
+5.1%
-26.2%
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
2021 Q3 OREGON MARKET REPORT
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Q3 2021 MARKET REPORT
BRIAN HOUSTON PRINCIPAL MANAGING BROKER OF BEND & Sisters Brian Houston, Principal Managing Broker of Coldwell Banker Bain of Bend and the Sisters offices, said, “The third quarter of 2021 showed fewer closed units for residential properties under $1 million compared to the same quarter of 2020. Homes priced over $1 million saw a 27.5 percent increase over the same period in 2020. Listing activity in the third quarter of 2021 vs. the third quarter 2020 shows an incredible increase of 67.5 percent for homes priced under $1 million and an increase of 72.9 percent for homes above that price point. The Central Oregon market remains strong as we enter the seasonal cooling period. We are still seeing multiple offers in every price range for homes in excellent condition in a desirable area.”
8 2021 Q3 OREGON AREA MARKET REPORT
BEND area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BEND | BEND AREA 1 ACRE+ | BEND AREA LUXURY
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
Bend
$690K
(All Area Residential)
16
Area 1 Acre+
$1.264M
Luxury (+1M,
$1.35M
SF + Condo) $300K
$600K
$900K
$1.2M
26 26
$1.5M
NUMBER OF SALES CLOSED 1000
800
600
892 | TOTAL SALES CLOSED
892
TOTAL BEND AREA
400
204
128
200
0
Bend
(All Area Residential)
Area 1 Acre +
Luxury
(+1M, SF + Condo)
INVENTORY IN UNITS / 09.30.21
TOTAL BEND AREA INVENTORY / 382 +67.5%
382
122
147
+67.5%
+50.3%
+72.9%
Bend
Area
(All Area Residential)
Luxury
(+1M, SF + Condo)
1 Acre +
2021 Q3 OREGON MARKET REPORT
9
portland area PORTLAND METRO AREA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
9,241
9,380
-1.5%
MEDIAN SOLD PRICE
$525K
$455K
+15.4%
17
30
-43.3%
102%
99%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
1,023
979
+4.5%
MEDIAN SOLD PRICE
$330K
$285K
+15.8%
29
44
-34.1%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$525K
MEDIAN SOLD PRICE UP +15.4% from 2020
PORTLAND METRO AREA CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q3 OREGON AREA MARKET REPORT
$330K
MEDIAN SOLD PRICE UP +15.8% from 2020
PORTLAND METRO AREA | LUXURY
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
606
378
+60.3%
MEDIAN SOLD PRICE
$1.265M
$1.299M
-2.6%
26
51
-49.0%
99%
96%
+3.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
358
339
+5.6%
MEDIAN SOLD PRICE
$510K
$465K
+9.7%
14
16
-12.5%
103%
103%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.26M
MEDIAN SOLD PRICE DOWN -2.6% from 2020
NORTH PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$510K
MEDIAN SOLD PRICE UP +9.7% from 2020
2021 Q3 OREGON MARKET REPORT 11
portland area NE PORTLAND
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
781
771
+1.3%
MEDIAN SOLD PRICE
$550K
$492K
+11.8%
15
21
-28.6%
102%
101%
+1.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
1,063
1,031
+3.1%
MEDIAN SOLD PRICE
$495K
$426K
+16.2%
14
22
-36.4%
103%
101%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$550K MEDIAN SOLD PRICE UP +11.8% from 2020
SE PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q3 OREGON AREA MARKET REPORT
$495K
MEDIAN SOLD PRICE UP +16.2% from 2020
W. PORTLAND & RALEIGH HILLS
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
617
627
-1.6%
MEDIAN SOLD PRICE
$745K
$635K
+17.3%
19
32
-40.6%
101%
98%
+3.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
430
480
-10.4%
MEDIAN SOLD PRICE
$880K
$750K
+17.3%
19
35
-45.7%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$745K
MEDIAN SOLD PRICE UP +17.3% from 2020
LAKE OSWEGO & WEST LINN
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$880K
MEDIAN SOLD PRICE UP +17.3% from 2020
2021 Q3 OREGON MARKET REPORT 13
portland area MILWAUKIE, GLADSTONE & HAPPY VALLEY
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
508
540
-5.9%
MEDIAN SOLD PRICE
$550K
$483K
+13.9%
15
33
-54.5%
103%
100%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
544
555
-2.0%
MEDIAN SOLD PRICE
$480K
$410K
+17.7%
14
29
-51.7%
101%
100%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$550K MEDIAN SOLD PRICE UP +13.9% from 2020
GRESHAM, SANDY, TROUTDALE & CORBETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q3 OREGON AREA MARKET REPORT
$480K MEDIAN SOLD PRICE UP +17.1% from 2020
Q3 2020
CHANGE
TOTAL HOMES SOLD
487
504
-3.4%
MEDIAN SOLD PRICE
$564K
$471K
+19.7%
16
32
-50.0%
102%
99%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
364
375
-2.9%
MEDIAN SOLD PRICE
$725K
$625K
+16.0%
15
32
-53.1%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$564K
OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO
Q3 2021
MEDIAN SOLD PRICE UP +19.7% from 2020
NW WASHINGTON COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$725K
MEDIAN SOLD PRICE UP +16.0% from 2020
2021 Q3 OREGON MARKET REPORT 15
portland area BEAVERTON & ALOHA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
600
597
+0.5%
MEDIAN SOLD PRICE
$544K
$469K
+17.3%
12
21
-42.9%
103%
101%
+2.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
638
770
-17.1%
MEDIAN SOLD PRICE
$605K
$522K
+15.9%
14
27
-48.1%
103%
100%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$550K MEDIAN SOLD PRICE UP +17.3% from 2020
TIGARD, TUALATIN, SHERWOOD & WILSONVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2021 Q3 OREGON AREA MARKET REPORT
$605K MEDIAN SOLD PRICE UP +15.9% from 2020
HILLSBORO & FOREST GROVE
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
660
635
+3.9%
MEDIAN SOLD PRICE
$515K
$438K
+17.6%
11
29
-62.1%
103%
99%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$515K
MEDIAN SOLD PRICE UP +17.6% from 2020
2021 Q3 OREGON MARKET REPORT 17
bend area BEND AREA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
892
1142
+21.9%
MEDIAN SOLD PRICE
$690K
$557K
+23.9%
16
47
-66.0%
100%
98%
+2.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
128
150
-15.8%
MEDIAN SOLD PRICE
$1.264M
$931K
+35.8%
26
64
-59.4%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$690K MEDIAN SOLD PRICE UP +23.9% from 2020
BEND AREA 1 ACRE+
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
18 2021 Q3 OREGON AREA MARKET REPORT
$1.26M MEDIAN SOLD PRICE UP +26.0% from 2020
BEND AREA LUXURY
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
204
160
+27.5%
MEDIAN SOLD PRICE
$1.35M
$1.3M
+3.8%
26
68
-61.8%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M MEDIAN SOLD PRICE UP 0.7% from 2020
2021 Q3 OREGON 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.