OREGON 2021 Q2 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 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 VP of Operations Reflecting on the second-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “We continue on a trajectory that will keep the Puget Sound region at the top of national lists for one of the hottest housing markets. Prices continue their climb with double digit increases in most of our markets, and inventory on hand at about two weeks in the larger areas. While we’re experiencing a bit of moderating activity in June, rather than that being an indication of a flattening of the market, we believe this is a result of our extreme heat events, a typical summer slowdown as schools let out and people start vacationing, and this year, the reopening of the country and discontinuation of COVID restrictions. The dramatic increase in prices and low inventory just continues in such a way that although we have more inventory coming on the market, it is immediately absorbed because of a demand that simply cannot be met. Affordability, especially for first-time homebuyers, continues to be a concern, and given indications from tech companies like Amazon and Microsoft to leasing large office spaces and hiring thousands of employees going forward in our region, drawing people from higher-priced markets like Silicon Valley who have a lot of money to spend, we don’t see much change in this scenario for buyers in the short term. Additionally, with national data of new household formations showing a shortage of more than 500,000 new homes per year for the entire decade, we have a nationwide shortfall of five million new homes. Without regulatory changes, we will not be able to quickly build our way out of this kind of shortfall. It’s a situation major cities and regions across the country will need to address going forward to ensure availability and affordability of homes.”
2021 Q2 OREGON MARKET REPORT
3
Q2 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, “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 Q2 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
14
$560K
Portland Metro Area
9
$525K
N. Portland NE Portland
12
$560K
12
$502K
SE Portland W. Portland & Raleigh Hills
16
$749K
Lake Oswego & West Linn
18
$888K
Portland Metro Condos Portland Metro Luxury
33
$315K
33
$1.295M $300K
$600K
$900K
NUMBER OF SALES CLOSED
$1.2M
$1.5M
7,174 | TOTAL SALES CLOSED TOTAL PORTLAND METRO (TRI-COUNTY) AREA
1200 1000
1140
800
1031
600
809
400 200
650
636
458
385
0
N. Portland
NE Portland
SE Portland
INVENTORY IN UNITS / 06.30.21
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
TOTAL PORTLAND AREA INVENTORY / 1,687
Portland Metro Luxury
-32.8%
91
187
252
232
119
542
443
+24.7%
-9.2%
-9.7%
-29.7%
-54.8%
-29.2%
-11.4%
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
800
Portland Metro Luxury
2021 Q2 OREGON MARKET REPORT
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Q2 2021 MARKET REPORT Photo: Jessica Barger
BRIAN HOUSTON principal MANAGing broker for Portland west Said Brian Houston, Principal Managing Broker of Coldwell Banker Bain of Portland West, “Housing in the Portland Metro area continues to remain strong. The average sale price has increased by 20.4 percent over the same time period compared to last year. Low interest rates and buyer demand has driven closed sales to 37.9 percent over last year’s closed sales number. The concern is the lack of inventory. By looking at the numbers one may think that there is not a problem but with closed sales outpacing the number of new homes entering the market, the available inventory is down 32.8 percent compared to the same time period last year.
6 2021 Q2 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
$537K
400 Gresham, Sandy, Troutdale & Corbett
12
$468K
200
Oregon City, Beaver Creek, Canby, 0 & Mullino Molalla
$545K
19
NW WA County & Sauvie Island
$702K
Beaverton & Aloha
18
$544K
Tigard, Tualatin, Sherwood & Wilsonville
8 12
$595K
Hillsboro & Forest Groove
13
$496K $100K
$200K
$300K
$400K
NUMBER OF SALES CLOSED
$500K
$600K
$700K
$800K
7,174 | TOTAL SALES CLOSED TOTAL PORTLAND METRO (TRI-COUNTY) AREA
800 700 600
775
500
571
400
488
300
424
200
614
601
335
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 / 06.30.21
Beaverton & Aloha
Hillsboro & Tigard, Tualatin, Sherwood & Wilsonville Forest Groove
TOTAL PORTLAND AREA INVENTORY / 1,687
-32.8%
181
127
108
76
70
116
113
-43.4%
-29.4%
-28.9%
-47.2%
-46.2%
-44.8%
-45.9%
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 Q2 OREGON MARKET REPORT
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Q2 2021 MARKET REPORT
BRANDON FAIRBANKS PRINCIPAL MANAGING BROKER OF BEND Brandon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of Bend, said, “Buyers, don’t give up on your search! Inventory is coming on the market as the pandemic fears are fading. Inventory in Bend is now at about a one-month supply, still very low but allowing some diligent buyers to successfully secure a home. It’s still very much a seller’s market, however, so buyers need to be ready with their financing and make sure they are working with a full-time seasoned professional to help navigate and negotiate their offer. The number of homes sold continues to be strong—up over 30 percent year-over-year despite the low inventory. We don’t see supply meeting demand anytime soon in Central Oregon, so home prices continue to rise and in fact are also up more than 30 percent year-over-year. The big question is—will these price increases continue at this pace and for how long? While no one has a crystal ball, experts agree that low inventory, low mortgage rates, and strong buyer demand will continue to drive the market. These factors coupled with the incredible lifestyle which Bend offers leads us to believe that now is still a great time to invest in real estate.”
8 2021 Q2 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
$666K
(All Area Residential)
Area 1 Acre+
12 23
$885K
Luxury (+1M,
$1.4M
SF + Condo) $300K
$600K
$900K
$1.2M
22
$1.5M
NUMBER OF SALES CLOSED 1000
800
600
864 | TOTAL SALES CLOSED
864
TOTAL BEND AREA
400
111
200
178
0
Bend
(All Area Residential)
Area 1 Acre +
Luxury
(+1M, SF + Condo)
INVENTORY IN UNITS / 06.30.21
TOTAL BEND AREA INVENTORY / 220 -46.5%
220
106
106-
-46.5%
-23.6%
4.5%
Bend
Area
(All Area Residential)
Luxury
(+1M, SF + Condo)
1 Acre +
2021 Q2 OREGON MARKET REPORT
9
portland area PORTLAND METRO AREA
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
7,174
5,202
+37.9%
MEDIAN SOLD PRICE
$560K
$465K
+20.4%
14
30
-53.3%
104%
99%
+5.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
1,140
618
+84.5%
MEDIAN SOLD PRICE
$315K
$281K
+12.1%
33
46
-28.3%
100%
96%
+4.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$560K MEDIAN SOLD PRICE UP +20.4% from 2020
PORTLAND METRO AREA CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q2 OREGON AREA MARKET REPORT
$315K
MEDIAN SOLD PRICE UP +12.1% from 2020
PORTLAND METRO AREA | LUXURY
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
636
170
+274.1%
MEDIAN SOLD PRICE
$1.295M
$1.275M
+1.6%
33
55
-40.0%
101%
95%
+6.3%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
385
240
+60.4%
MEDIAN SOLD PRICE
$525K
$458K
+14.6%
9
18
-50.0%
106%
101%
+5.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.30M MEDIAN SOLD PRICE UP +1.6% from 2020
NORTH PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$525K
MEDIAN SOLD PRICE UP +14.6% from 2020
2021 Q2 OREGON MARKET REPORT 11
portland area NE PORTLAND
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
809
528
+53.2%
MEDIAN SOLD PRICE
$560K
$453K
+23.6%
12
21
-42.9%
106%
99%
+7.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
1,031
703
+46.7%
MEDIAN SOLD PRICE
$502K
$407K
+23.3%
12
22
-45.5%
106%
100%
+6.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$560K MEDIAN SOLD PRICE UP +23.6% from 2020
SE PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q2 OREGON AREA MARKET REPORT
$502K MEDIAN SOLD PRICE UP +23.3% from 2020
W. PORTLAND & RALEIGH HILLS
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
650
421
+54.4%
MEDIAN SOLD PRICE
$749K
$625K
+19.8%
16
35
-54.3%
102%
98%
+4.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
458
272
+68.4%
MEDIAN SOLD PRICE
$888K
$679K
+30.8%
18
37
-51.4%
102%
97%
+5.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$749K
MEDIAN SOLD PRICE UP +19.8% from 2020
LAKE OSWEGO & WEST LINN
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$888K
MEDIAN SOLD PRICE UP +30.8% from 2020
2021 Q2 OREGON MARKET REPORT 13
portland area MILWAUKIE, GLADSTONE & HAPPY VALLEY
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
775
569
+36.2%
MEDIAN SOLD PRICE
$537K
$450K
+19.3%
15
34
-55.9%
104%
100%
+4.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
488
414
+17.9%
MEDIAN SOLD PRICE
$468K
$385K
+21.6%
12
33
-63.6%
104%
100%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$537K
MEDIAN SOLD PRICE UP +19.3% from 2020
GRESHAM, SANDY, TROUTDALE & CORBETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q2 OREGON AREA MARKET REPORT
$468K
MEDIAN SOLD PRICE UP +21.6% from 2020
Q2 2020
CHANGE
TOTAL HOMES SOLD
424
363
+16.8%
MEDIAN SOLD PRICE
$545K
$450K
+21.1%
19
51
-62.7%
104%
99%
+5.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
335
255
+31.4%
MEDIAN SOLD PRICE
$702K
$570K
+23.2%
18
28
-35.7%
103%
99%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$545K
OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO
Q2 2021
MEDIAN SOLD PRICE UP +21.1% from 2020
NW WASHINGTON COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$702K
MEDIAN SOLD PRICE UP +23.2% from 2020
2021 Q2 OREGON MARKET REPORT 15
portland area BEAVERTON & ALOHA
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
571
489
+16.8%
MEDIAN SOLD PRICE
$544K
$450K
+20.9%
8
25
-68.0%
106%
100%
+6.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
614
496
+23.8%
MEDIAN SOLD PRICE
$595K
$503K
+18.3%
12
27
-55.6%
104%
99%
+5.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$544K
MEDIAN SOLD PRICE UP +20.9% from 2020
TIGARD, TUALATIN, SHERWOOD & WILSONVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2021 Q2 OREGON AREA MARKET REPORT
$595K
MEDIAN SOLD PRICE UP +18.3% from 2020
HILLSBORO & FOREST GROVE
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
601
426
+41.1%
MEDIAN SOLD PRICE
$496K
$428K
+15.9%
13
30
-56.7%
103%
100%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$496K
MEDIAN SOLD PRICE UP +15.9% from 2020
2021 Q2 OREGON MARKET REPORT 17
bend area BEND AREA
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
864
659
+31.1%
MEDIAN SOLD PRICE
$666K
$489K
+36.2%
12
52
-76.9%
103%
95%
+8.4%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
111
97
+14.4%
MEDIAN SOLD PRICE
$885K
$669K
+32.3%
23
95
-75.8%
99%
89%
+11.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$666K
MEDIAN SOLD PRICE UP +36.2% from 2020
BEND AREA 1 ACRE+
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
18 2021 Q2 OREGON AREA MARKET REPORT
$885K
MEDIAN SOLD PRICE UP +32.3% from 2020
BEND AREA LUXURY
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
178
66
+169.7%
MEDIAN SOLD PRICE
$1.40M
$1.39M
+0.7%
22
112
-80.4%
102%
91%
+12.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.40M MEDIAN SOLD PRICE UP 0.7% from 2020
2021 Q2 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.