PORTLAND 2021 Annual MARKET REP ORT
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.
MIKE GRADY President & Chief Executive Officer of Coldwell Banker Bain “It’s been 20 months since this hyper-market started and, from a numbers perspective, no one predicted anything like what we experienced in 2021. We ended up increasing listings by 10%, closings by 8.5%, average sales price by 21.1% and ended the year surpassing $8 Billion in total closed volume. Looking ahead at 2022, the economic news continues to be positive: interest rates, net new job formations, migration patterns all good for the Pacific Northwest. The attitudes and moods of our business leaders is positive and upbeat. There are some concerns for 2022. The media recent focus on recent “inflationary” trends, the announced easing of mortgage-backed securities being purchased by the Federal Reserve’s lead one to be aware that home mortgage interest rates are very low today and might slightly increase in 2022. And we’re slightly concerned about a report from NAR that the percentage of first-time home buyers was below 30% in November. But we believe the positive economic news is significantly stronger and we remain bullish on 2022 and early 2023. Yes, inventory will be a continuing challenge and yes, home prices will continue to increase as the competition for inventory continues - but neither as concerning as 2021.”
2021 ANNUAL OREGON AREA MARKET REPORT
3
2021 ANNUAL MARKET REPORT
WARD SPEARS oregon regional manager “For much of 2021, the market had only a month or less of inventory. According to RMLS, December inventory was recorded at a record low of.6 of a month, meaning it would take less than 3 weeks to sell all available homes on the market. Now, comparing this time in January 2022 to last January we have 2% fewer pending sales than last year but 33% fewer active listings. At this point, it appears the seller friendly market is set to continue. Based on other overall trends it appears there should be resilience in this upward trend in prices. According to some moving studies, Oregon is still one of the top states to move to in 2021 as a top destination for high income earners, as well as people under the age of 34. Both facts bode well for future appreciation, market stability, and mean that Oregon should compare favorably to other states when market conditions change.”
4 2021 ANNUAL 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
AVERAGE DOM
18
$555K
Portland Metro Area
15
$523K
N. Portland NE Portland
17
$542K
17
$485K
SE Portland W. Portland & Raleigh Hills
24
$745K
Lake Oswego & West Linn
23
$875K
Portland Metro Condos Portland Metro Luxury
34
$322K $1.284M $300K
$600K
$900K
$1.2M
34
$1.5M
NUMBER OF SALES CLOSED
25,938
4000
TOTAL AREA SALES CLOSED
3500 3000
3917
3748
2500 2000
2873
1500
2261
1000 500
2072 1464
1327
0
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
INVENTORY IN UNITS / 12.31.21
Lake Oswego & West Linn
Portland Metro Condos
TOTAL PORTLAND AREA INVENTORY / 949
Portland Metro Luxury
-21.2%
50
112
150
96
59
312
240
+4.2%
+1.8%
+7.1%
-45.5%
-39.2%
-46.3%
-24.8%
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
3000
Portland Metro Luxury
2021 ANNUAL OREGON AREA MARKET REPORT
5
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 4000 3500 3000 MEDIAN SOLD PRICE
AVERAGE DOM
2500
Milwaukie, Gladstone & Happy Valley
20
$537K
2000
1500
Gresham, Sandy,
17
$470K
1000 Troutdale & Corbett 500 City, Beaver Oregon Creek, 0 Canby, Molalla & Mullino
$549K
21
NW WA County & Sauvie Island
$701K
Beaverton & Aloha
20
$536K
Tigard, Tualatin, Sherwood & Wilsonville
12 16
$600K
Hillsboro & Forest Groove
17
$510K $100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED
25,938
3000
TOTAL AREA SALES CLOSED
2500
2775
2000 1500
2056
1837
1000
1640
500
2198
2320
1279
0
Milwaukie, Gladstone Gresham, Sandy, Oregon City, Beaver Creek, Canby, Troutdale & Corbett & Happy Valley Molalla & Mullino
INVENTORY IN UNITS / 12.31.21
NW WA County & Sauvie Island
Beaverton & Aloha
Hillsboro & Tigard, Tualatin, Sherwood & Wilsonville Forest Groove
TOTAL PORTLAND AREA INVENTORY / 949
-21.2%
149
78
74
30
37
60
48
-14.9%
+18.2%
-17.8%
-56.5%
-24.5%
-22.1%
-55.1%
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
6 2021 ANNUAL OREGON AREA MARKET REPORT
portland area PORTLAND METRO AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
25,938
23,756
+9.2%
MEDIAN SOLD PRICE
$555K
$480K
+15.6%
18
31
-41.9%
102%
99%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
3,917
3,202
+22.3%
MEDIAN SOLD PRICE
$322K
$285K
+13.0%
34
50
-32.0%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$555K
MEDIAN SOLD PRICE UP +15.6% from 2020
PORTLAND METRO AREA CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$322K
MEDIAN SOLD PRICE UP +13.0% from 2020
2021 ANNUAL OREGON AREA MARKET REPORT
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portland area PORTLAND METRO AREA | LUXURY
2021
2020
CHANGE
TOTAL HOMES SOLD
2,072
1,071
+93.5%
MEDIAN SOLD PRICE
$1.284M
$1.29M
-0.5%
34
62
-45.2%
99%
95%
+4.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,327
1,119
+18.6%
MEDIAN SOLD PRICE
$523K
$450K
+16.2%
15
19
-21.1%
104%
102%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.28M
MEDIAN SOLD PRICE DOWN -0.5% from 2020
NORTH PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 ANNUAL OREGON AREA MARKET REPORT
$523K
MEDIAN SOLD PRICE UP +16.2% from 2020
NE PORTLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
2,873
2,424
+18.5%
MEDIAN SOLD PRICE
$542K
$472K
+14.8%
17
24
-29.2%
103%
100%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
3,748
3,272
+14.5%
MEDIAN SOLD PRICE
$485K
$425K
+14.1%
17
25
-32.0%
103%
100%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$542K
MEDIAN SOLD PRICE UP +14.8% from 2020
SE PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$485K
MEDIAN SOLD PRICE UP +14.1% from 2020
2021 ANNUAL OREGON AREA MARKET REPORT
9
portland area WEST PORTLAND & RALEIGH HILLS
2021
2020
CHANGE
TOTAL HOMES SOLD
2,261
2,003
+12.9%
MEDIAN SOLD PRICE
$745K
$637K
+17.0%
24
36
-33.3%
101%
98%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,464
1,334
+9.7%
MEDIAN SOLD PRICE
$875K
$730K
+19.9%
23
41
-43.9%
100%
97%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$745K
MEDIAN SOLD PRICE UP +17.0% from 2020
LAKE OSWEGO & WEST LINN
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 ANNUAL OREGON AREA MARKET REPORT
$875K
MEDIAN SOLD PRICE UP +19.9% from 2020
MILWAUKIE, GLADSTONE & HAPPY VALLEY
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
2,775
2,492
+11.4%
MEDIAN SOLD PRICE
$537K
$473K
+13.5%
20
36
-44.4%
102%
99%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
1,837
1,829
+0.4%
MEDIAN SOLD PRICE
$470K
$400K
+17.5%
17
34
-50.0%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$537K
MEDIAN SOLD PRICE UP +13.5% from 2020
GRESHAM, SANDY, TROUTDALE & CORBETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$470K
MEDIAN SOLD PRICE UP +17.5% from 2020
2021 ANNUAL OREGON AREA MARKET REPORT 11
portland area OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO
2021
2020
CHANGE
TOTAL HOMES SOLD
1,640
1,576
+4.1%
MEDIAN SOLD PRICE
$549K
$460K
+19.3%
21
43
-51.2%
102%
99%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,279
1,196
+6.9%
MEDIAN SOLD PRICE
$701K
$585K
+19.8%
20
34
-41.2%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$549K
MEDIAN SOLD PRICE UP +19.3% from 2020
NW WASHINGTON COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 ANNUAL OREGON AREA MARKET REPORT
$701K
MEDIAN SOLD PRICE UP +19.8% from 2020
BEAVERTON & ALOHA
2021
2020
CHANGE
TOTAL HOMES SOLD
2,056
2,055
+0.0%
MEDIAN SOLD PRICE
$536K
$459K
+16.8%
12
26
-53.8%
104%
100%
+4.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
2,198
2,293
-4.1%
MEDIAN SOLD PRICE
$600K
$515K
+16.5%
16
28
-42.9%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$536K
MEDIAN SOLD PRICE UP +16.8% from 2020
TIGARD, TUALATIN, SHERWOOD & WILSONVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +16.5% from 2020
2021 ANNUAL OREGON AREA MARKET REPORT 13
portland area HILLSBORO & FOREST GROVE
2021
2020
CHANGE
TOTAL HOMES SOLD
2,320
2,016
+15.1%
MEDIAN SOLD PRICE
$510K
$433K
+17.8%
17
34
-50.0%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 ANNUAL OREGON AREA MARKET REPORT
$510K
MEDIAN SOLD PRICE UP +17.8% from 2020
*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.