OREGON 2021 Q1 MARKET REPORT
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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 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.
JOHN DEELY Executive Vice President of coldwell banker bain “Optimism abounds in the Puget Sound region as businesses continue to open back up, more residents become vaccinated, and we all look forward to getting back to a more ’normal’ way of life. And with local and national economists across the board forecasting a strong rebound going forward, we believe this trend to continue. The single-family numbers are truly astounding related to price appreciation and inventory, with double-digit increases in appreciation and very limited inventory on hand due to high demand. Buyers will continue to be challenged, with one bright spot being in the condo market. When looking at the numbers specific to residential activity on its own and condo activity on its own, there are opportunities throughout the region for condos. They are more reasonably priced and there is more inventory than residential homes. With interest rates still low, buyers should consider condos as an ownership opportunity and a way to build equity—especially if they are currently renting. In all cases, they will need to bring their patience, a qualified and experienced broker, and a realistic outlook on the financial implications of this market to their home search for the foreseeable future.”
2021 Q1 OREGON MARKET REPORT
3
Q1 2021 MARKET REPORT
WARD SPEARS oregon regional manager Reflecting on the overall market, Ward Spears, Oregon Regional Manager for Coldwell Banker Bain, said, “The story in the real estate market continues to be one of strong demand and low inventory. This trend has accelerated in the first quarter with the number of pending sales almost double the number of active listings in the Portland metro area at the end of the quarter. The only way this unusual statistic occurs is if homes placed on the market sell almost immediately, almost every time. In fact, the average time on the market is about half what it was a year ago. As the market becomes even more seller-friendly one might wonder ‘how long does this last?’ Fortunately, certain factors are encouraging for the long-term. Positive demographics, employment growth, and ongoing limits to supply are resilient factors that should support a strong housing market going forward. In such a strong sellers’ market an experienced broker provides more value than ever. It’s not only about getting an offer and accepting it, it’s having a broker with the expertise to know how to manage and leverage a multiple offer scenario and doing so in a way that results in what can be a significant in the price for a home seller.”
4 2021 Q1 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
$525K
26
N. Portland
$520K
22
NE Portland
$524K
23
Portland Metro Area
22
$451K
SE Portland W. Portland & Raleigh Hills
38
$749K
Lake Oswego & West Linn
37
$823K
Portland Metro Condos Portland Metro Luxury
47
$308K
58
$1.32M $300K
$600K
$900K
NUMBER OF SALES CLOSED
$1.2M
$1.5M
4,755 | TOTAL SALES CLOSED
800
(TOTAL PORTLAND AREA)
700 600
765
704
500 400
242
300
311
252
508 425
200 100 0
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
INVENTORY IN UNITS / 12.31.2021
Lake Oswego & West Linn
Portland Metro Condos
TOTAL PORTLAND AREA INVENTORY / 999
Portland Metro Luxury
-61.6%
49
101
136
150
78
534
302
-25.8%
-53.5%
51.9%
-54.1%
-65.6%
-21.0%
-27.7%
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
600
Portland Metro Luxury
2021 Q1 OREGON MARKET REPORT
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Q1 2021 MARKET REPORT
DAVID SLY PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN Said David Sly, Principal Managing Broker of Coldwell Banker Bain of Portland Uptown, “Low inventory is still the driving factor in our market. However, we have seen a recent lag in purchase contracts as interest rates have experienced recent volatility. Active listings are still seeing a strong buyer response and pricing has remained high. With home values escalating considerably over list price some buyers are becoming wary. Sellers who are pricing their homes at a higher price point may see lower activity and interest as the consumer assumption is that the price will escalate. This is keeping some buyers from acting on a property as the price may not be attainable. We are also starting to see a trend where listings go pending quickly and then are consequently back on the market within three to five days due to the buyers tying up a property as they take time to decide whether they want to move forward or not. This is an unfortunate symptom of this type of market where many similar properties are requiring offers presented at the same time. This of course adds additional pressure to the active buyers. Do they try to bid on multiple homes knowing there may be a rescission period due to property disclosures? It puts sellers and buyers in a tenuous position as they have to really trust in the good faith of the other party to move forward with a sale.”
6 2021 Q1 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 800 700 600 MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
500
Milwaukie, Gladstone &400 Happy Valley
29
$512K
300
Gresham, Sandy, 200 Troutdale & Corbett
23
$433K
100 City, Beaver Oregon Creek, Canby, 0 & Mullino Molalla
$499K
29
NW WA County & Sauvie Island
$634K
Beaverton & Aloha
26
$500K
Tigard, Tualatin, Sherwood & Wilsonville
13 21
$580K
Hillsboro & Forest Groove
30
$480K $100K
$200K
$300K
$400K
NUMBER OF SALES CLOSED
$500K
$600K
$700K
$800K
4,755 | TOTAL SALES CLOSED
600
(TOTAL PORTLAND AREA)
500
538
400 300
218 357
316
323
200
394
446
100 0
Milwaukie, Gladstone Gresham, Sandy, Oregon City, Beaver Creek, Canby, Troutdale & Corbett & Happy Valley Molalla & Mullino
NW WA County & Sauvie Island
INVENTORY IN UNITS / 03.31.2021
Beaverton & Aloha
Hillsboro & Tigard, Tualatin, Sherwood & Wilsonville Forest Groove
TOTAL PORTLAND AREA INVENTORY / 999
-61.6%
146
48
71
51
37
66
58
-50.0%
-75.3%
-65.5%
-67.7%
-78.9%
-70.0%
-72.5%
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 Q1 OREGON MARKET REPORT
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Q1 2021 MARKET REPORT
BRANDON FAIRBANKS PRINCIPAL MANAGING BROKER OF BEND Brandon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of Bend, said, “In any normal year home sales slow in the winter months in Ben, but as we all know this has been anything but a normal year. Bend continues to be in very strong demand and home appreciation has been incredible, to say the least. In fact, year over year prices are up over 30 percent for single-family homes. Several factors have contributed to the increase in prices. First, Bend is in high demand for people wanting to experience living an active outdoor lifestyle, all while maintaining social distancing. Second, interest rates remain very low fueling the competition to lock in a mortgage. Lastly, inventory remains at critically low levels never that we have never experienced before. In fact, inventory is down 80 percent from this time last year. On average less than two weeks of inventory exist. However, the spring selling season is only around the corner and we expect more sellers will list their homes as COVID vaccinations increase, and it becomes safer to allow people into their homes. These factors have created the perfect storm for home prices to rise dramatically. Buyers seeking to buy a home in Bend must be prepared to pay over the asking price and possibly remove contingencies to make their offer stand out amongst others. Sellers are very likely to receive multiple offers on their home.”
8 2021 Q1 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)
Bend
AVERAGE DOM
$630K
(All Area Residential)
24
Area 1 Acre+
45
$850K
Luxury (+1M,
$1.25M
SF + Condo) $300K
$600K
$900K
$1.2M
38
$1.5M
NUMBER OF SALES CLOSED 600 500 400
559 | TOTAL SALES CLOSED
559
(TOTAL BEND AREA)
300 200
99
113
100 0
Bend
(All Area Residential)
Area 1 Acre +
Luxury
(+1M, SF + Condo)
INVENTORY IN UNITS / 03.31.2021
TOTAL BEND AREA INVENTORY / 102 -80.7%
102
42
57
-80.7%
-66.4%
-44.7%
Bend
Area
(All Area Residential)
Luxury
(+1M, SF + Condo)
1 Acre +
2021 Q1 OREGON MARKET REPORT
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portland area PORTLAND METRO AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
4,755
4,423
+7.5%
MEDIAN SOLD PRICE
$525K
$450K
+16.7%
26
48
-45.8%
101%
98%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
765
669
+14.3%
MEDIAN SOLD PRICE
$308K
$278K
+10.8%
47
61
-23.0%
97%
96%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$525K
MEDIAN SOLD PRICE UP +16.7% from 2020
PORTLAND METRO AREA CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q1 OREGON AREA MARKET REPORT
$308K
MEDIAN SOLD PRICE UP +10.8% from 2020
PORTLAND METRO AREA | LUXURY
2021
2020
CHANGE
TOTAL HOMES SOLD
311
173
+79.8%
MEDIAN SOLD PRICE
$1.32M
$1.25M
+5.6%
58
85
-31.8%
97%
93%
+4.3%
2021
2020
CHANGE
TOTAL HOMES SOLD
242
228
+6.1%
MEDIAN SOLD PRICE
$520K
$430K
+20.9%
22
30
-26.7%
103%
101%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.32M MEDIAN SOLD PRICE UP +5.6% from 2020
NORTH PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$520K
MEDIAN SOLD PRICE UP +20.9% from 2020
2021 Q1 OREGON MARKET REPORT 11
portland area NE PORTLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
508
417
+21.8%
MEDIAN SOLD PRICE
$524K
$430K
+21.9%
23
40
-42.5%
102%
99%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
704
602
+16.9%
MEDIAN SOLD PRICE
$451K
$399K
+13.0%
22
42
-47.6%
103%
99%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$524K
MEDIAN SOLD PRICE UP +21.9% from 2020
SE PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q1 OREGON AREA MARKET REPORT
$451K
MEDIAN SOLD PRICE UP +13.0% from 2020
W. PORTLAND & RALEIGH HILLS
2021
2020
CHANGE
TOTAL HOMES SOLD
425
344
+23.5%
MEDIAN SOLD PRICE
$749K
$639K
+17.2%
38
51
-25.5%
99%
96%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
252
200
+26.0%
MEDIAN SOLD PRICE
$823K
$644K
+27.8%
37
66
-43.9%
98%
95%
+3.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$749K
MEDIAN SOLD PRICE UP +17.2% from 2020
LAKE OSWEGO & WEST LINN
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$823K
MEDIAN SOLD PRICE UP +27.8% from 2020
2021 Q1 OREGON MARKET REPORT 13
portland area MILWAUKIE, GLADSTONE & HAPPY VALLEY
2021
2020
CHANGE
TOTAL HOMES SOLD
538
450
+19.6%
MEDIAN SOLD PRICE
$512K
$445K
+15.1%
29
54
-46.3%
102%
97%
+5.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
323
350
-7.7%
MEDIAN SOLD PRICE
$433K
$379K
+14.2%
23
56
-58.9%
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$512K
MEDIAN SOLD PRICE UP +15.1% from 2020
GRESHAM, SANDY, TROUTDALE & CORBETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q1 OREGON AREA MARKET REPORT
$433K
MEDIAN SOLD PRICE UP +14.2% from 2020
2020
CHANGE
TOTAL HOMES SOLD
316
316
+0.0%
MEDIAN SOLD PRICE
$499K
$440K
+13.4%
29
63
-54.0%
101%
98%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
218
228
-4.4%
MEDIAN SOLD PRICE
$634K
$530K
+19.6%
26
45
-42.2%
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$499K
OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO
2021
MEDIAN SOLD PRICE UP +13.4% from 2020
NW WASHINGTON COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$634K
MEDIAN SOLD PRICE UP +19.6% from 2020
2021 Q1 OREGON MARKET REPORT 15
portland area BEAVERTON & ALOHA
2021
2020
CHANGE
TOTAL HOMES SOLD
357
421
-15.2%
MEDIAN SOLD PRICE
$500K
$440K
+13.6%
13
42
-69.0%
103%
99%
+4.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
394
407
-3.2%
MEDIAN SOLD PRICE
$580K
$489K
+18.6%
21
41
-48.8%
102%
98%
+4.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$500K MEDIAN SOLD PRICE UP +13.6% from 2020
TIGARD, TUALATIN, SHERWOOD & WILSONVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2021 Q1 OREGON AREA MARKET REPORT
$580K
MEDIAN SOLD PRICE UP +18.6% from 2020
HILLSBORO & FOREST GROVE
2021
2020
CHANGE
TOTAL HOMES SOLD
446
429
+4.0%
MEDIAN SOLD PRICE
$480K
$415K
+15.7%
30
52
-42.3%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$480K MEDIAN SOLD PRICE UP +15.7% from 2020
2021 Q1 OREGON MARKET REPORT 17
bend area BEND AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
559
556
+0.5%
MEDIAN SOLD PRICE
$630K
$479K
+13.8%
24
86
-72.1%
100%
95%
+5.3%
2021
2020
CHANGE
TOTAL HOMES SOLD
99
86
+15.%
MEDIAN SOLD PRICE
$850K
$683K
+24.8%
45
133
-66.2%
97%
92%
+5.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$630K
MEDIAN SOLD PRICE UP +31.5% from 2020
BEND AREA 1 ACRE+
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
18 2021 Q1 OREGON AREA MARKET REPORT
$850K
MEDIAN SOLD PRICE UP +24.5% from 2020
BEND AREA LUXURY
2021
2020
CHANGE
TOTAL HOMES SOLD
113
51
+121.6%
MEDIAN SOLD PRICE
$1.25M
$1.30M
-3.8%
38
140
-72.9%
98%
93%
+5.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M
MEDIAN SOLD PRICE DOWN -3.8% from 2020
2021 Q1 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.