OREGON 2020 Q1 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 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 Q1 MARKET REPORT
MIKE GRADY
COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the first-quarter numbers and the
Activity continues, however. In the first 11 days
impacts of the COVID-19 outbreak on the market,
of April we listed 100 new properties, sold 417
Mike Grady, Coldwell Banker Bain president and
properties, closed 327 sales and our average
COO, said, “Until March 27, all of our markets
sales price is up more than 13 percent. We are
were just about as good as we’ve ever seen. While new listings were down a few percentage points, mutually accepted offers were up about three percent and our average sales price was up almost 20 percent year over year to date! We expect that all numbers will decline in April and May as a direct result of the valid concerns over COVID 19. We also anticipate that April and May will be the
even hearing of multiple offer situations in several markets and price ranges – all while adhering to CDC and state safety guidelines. This is good news, and even with our challenges, both buyers and sellers can do a deal that serves them in a safe manner. Buyers can take advantage of extremely low interest rates and those sellers on the market are motivated. For sellers, the
'bridge months' before the market returns to more
continued low inventory and expected slowing of
of a normal activity level, of course assuming we
new listings over the next few weeks means their
all abide by state guidance.
homes can be seen now like never before.”
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
3
2020 Q1 MARKET REPORT
WARD SPEARS
OREGON REGIONAL MANAGER
Reflecting on the overall market, Ward Spears, Oregon
of inventory dropped a bit while an increase in new
regional manager for Coldwell Banker Bain, said, “As we
listings actually came on the market. While seemingly
entered the first quarter of the year, the real estate market
contradictory, an explanation is that some listings were
was off to a strong start. Compared to 2019, January
otherwise removed from the market. The impact of the
and February saw increases in both pending and closed
virus on the real estate market so far has been an overall
sales with increases of 14.2 percent and 12.1 percent,
decrease in both buyer and seller activity. Yet on balance,
respectively. During those months it appeared the real
in general the market remains seller-friendly. Buyer activity
estate market was set for a busy spring season.
is sufficient to hold prices steady as continued in part due to historically low interest rates.�
However, as we entered March, the new reality of COVID-19 began to increasingly have an impact on the market with a month-over-month decrease of pending sales of almost 10 percent. At the same time, the level
4 2020 Q1 PACIFIC NORTHWEST 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
N. Portland
$430K
30
NE Portland
$430K
40
SE Portland
42
$399K
W. Portland & Raleigh Hills Lake Oswego & West Linn Portland Metro Condos
$635K
52
$645K
65 62
$279K
Portland Metro Luxury
87
$1.260M $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 600
5,117
589
500
TOTAL SALES CLOSED
400
445
415
300
338
200
337
311
225
100 0
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Portland Metro Condos
Portland Metro Luxury
TOTAL PORTLAND INVENTORY / 3,696
INVENTORY IN UNITS / 03.31.2020
66
217
283
327
227
676
415
-42.1%
-22.8%
-25.9%
-10.9%
- 18.1%
- 21.5%
- 10.2%
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
N. Portland
800
Lake Oswego & West Linn
Portland Metro Luxury
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
5
2020 Q1 MARKET REPORT
DAVID SLY
PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN
Said David Sly, principal managing broker of Coldwell
provider, our industry has found new and creative ways to
Banker Bain of Portland Uptown, “Looking back at the
do this. Our goal is to ensure that our current and future
first quarter, we saw a good start to the year. The Portland
clients’ dreams of homeownership move forward and are
Metro region continued to see strong sales, price gains
fulfilled.
and overall signs of a positive year ahead. The main obstacle facing us was and still is a lack of inventory,
We have the technology and tools to ensure we can still
especially in our condominium market. We were looking
do what it takes to get a property listed and sold, and by
forward to the spring season.
adhering to COVID-19 protocols and guidelines.”
However, we were thrown a curve ball with COVID-19. The lack of inventory suddenly took a back seat to an economic obstacle no one had seen before. Our industry and how the public interact with it has changed. Yet, we continue to evolve – we have to. As an essential service
6 2020 Q1 PACIFIC NORTHWEST 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 / 600 TIGARD, TUALATIN, SHERWOOD & WILSONVILLE / HILLSBORO & FOREST GROVE 500
MEDIAN SOLD PRICE (NEAREST $000) 400
AVERAGE DOM
Milwaukie, Gladstone 300 Valley & Happy
54
$445K
Gresham, 200 Sandy, Troutdale & Corbett
56
$378K
Oregon 100City, Beaver Creek, Canby, Molalla & Mullino
64
$440K
0
NW WA County & Sauvie Island
44
$533K
Beaverton & Aloha Tigard, Tualatin, Sherwood & Wilsonville
42
$441K
42
$489K
Hillsboro & Forest Groove
53
$415k $200K
$300K
$400K
$500K
$600K
NUMBER OF SALES CLOSED 800
5,117 | TOTAL SALES CLOSED
700 600
655
500 400 300
408
399
409
200 100 0
220
197 Milwaukie, Gladstone & Happy Valley
169
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
TOTAL PORTLAND INVENTORY / 3,696
INVENTORY IN UNITS / 03.31.2020
292
194
206
158
175
220
211
-10.4%
-10.6%
-27.2%
-19.4%
- 5.4%
- 20.9%
+13.4%
Gresham, Sandy, Troutdale & Corbett
Oregon City, Beaver Creek, Canby, Molalla & Mullino
NW WA County & Sauvie Island
Beaverton & Aloha
Tigard, Tualatin, Sherwood & Wilsonville
Milwaukie, Gladstone & Happy Valley
Hillsboro & Forest Groove
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
7
2020 Q1 ANNUAL REPORT
BRANDON FAIRBANKS Brandon Fairbanks, principal managing broker of Coldwell Banker Bain of Bend, said, “The first quarter of 2020 was almost record-breaking for our Bend office in terms of the number of sales and an average price increase of 5.7% for single family homes. This year, unlike last, our weather cooperated in January and February which helped boost home sales – making the first quarter strong. Buyers were in full force bidding on very limited inventory. Luxury homes priced over $1 million saw a tremendous increase in the numbers sold over the same quarter the previous year – over 58%. Low interest rates and low inventory along with a continued surge of buyers relocating from higher-priced markets in California and Washington drove demand for luxury real estate in Bend. However, in mid-March we began to see a much different picture. COVID-19 suddenly changed the home-buying and -selling process. Buyers could not personally visit and view homes. Sellers, nervous about having people in their home, began to pull listings off the market. Interestingly enough, the decrease in buyer demand seems to be in line with the decrease in inventory, therefore not putting much downward pressure on prices. 8 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
PRINCIPAL MANAGING BROKER OF BEND
There is much speculation regarding the second quarter and how real estate will fare with the abrupt changes in our economy. Key indicators to watch will be inventory levels with the amount of new homes coming onto the market. In Bend we are seeing approximately 50% fewer new listings coming to market since COVID-19. Interest rates and unemployment numbers are also key. We expect prices to flatten and buyer demand to slow. This will be temporary because, unlike the recession of 2008, which was caused by the housing crash and took years to recover, this time the federal government is injecting trillions into the economy and once businesses reopen and people return to work, housing will come back in a very strong way. We believe there will be a lot of pent-up demand from sellers who were hoping to sell during the prime selling season and buyers trying to find a good home. We also anticipate that rural communities with open spaces such as Bend may very well see an increase in demand as more people may want to leave larger cities and as companies and employees are adapting to new ways of working remotely.”
BEND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BEND / BEND AREA 1 ACRE+ / BEND AREA LUXURY
MEDIAN SOLD PRICE (NEAREST $000)
Bend (Single Family & Condos)
AVERAGE DOM 130
$479K
193
$424K
Area 1 Acre+ Luxury (+1M,
187
$1.3M
SF + Condo) $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 1000
800
1,468
917
TOTAL SALES CLOSED
600
551
400
200
49 0
Bend
Area 1 Acre +
(Single Family & Condos)
Luxury (+1M, SF + Condo)
TOTAL BEND AREA INVENTORY / 1,366
INVENTORY IN UNITS / 03.31.2020
483
883
97
- 6.0%
- 2.0%
+2.1%
Bend (Single Family & Condos)
Area 1 Acre +
Luxury (+1M, SF + Condo)
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
9
PORTLAND AREA P OR TLA ND M ET R O A R EA COND OS
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
655
756
-13.4%
MEDIAN SOLD PRICE
$279,000
$285,000
-2.10%
62
55
+12.7%
MEDIAN SOLD PRICE
96%
96%
+0%
DOWN -2.10% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
169
123
+37.4%
MEDIAN SOLD PRICE
$1,260,000
$1,310,000
-3.80%
87
76
+14.5%
MEDIAN SOLD PRICE
93%
93%
0%
DOWN -3.80% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$279K
PO R TLAND ME TR O AREA | LU XU RY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
$1.26M
PORTLAND AREA NOR TH P OR TLA ND
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
225
208
+8.2%
MEDIAN SOLD PRICE
$430,000
$407,000
+5.7%
$430K
30
43
-30.2%
MEDIAN SOLD PRICE
101%
98%
+3.1%
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
415
424
-2.10%
MEDIAN SOLD PRICE
$430,000
$416,000
+3.4%
$430K
40
45
-11.1%
MEDIAN SOLD PRICE
99%
96%
+3.1%
UP +3.40% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +5.7% from 2019
NE PO R TLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 11
PORTLAND AREA S E P OR TLA ND
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
589
555
+6.10%
MEDIAN SOLD PRICE
$399,000
$375,000
+6.40%
$399K
42
51
-17.6%
MEDIAN SOLD PRICE
97%
97%
+0%
UP +6.40% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
337
326
+3.4%
MEDIAN SOLD PRICE
$635,000
$590,000
+7.60%
44
42
+4.80%
MEDIAN SOLD PRICE
96%
96%
+0%
UP +7.60% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% W. PO R TLAND & R ALEIGH HILL S
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
$689K
PORTLAND AREA
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
197
211
-6.6%
MEDIAN SOLD PRICE
$645,000
$635,000
+3.50%
$645K
65
68
-4.4%
MEDIAN SOLD PRICE
95%
95%
+0%
UP +3.50% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
445
420
+6.0%
MEDIAN SOLD PRICE
$445,000
$408,000
+9.10%
$445K
54
59
-8.5%
MEDIAN SOLD PRICE
97%
97%
+0%
UP +9.10% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
LA KE OS WEGO & WES T LI NN
“The Lake Oswego market behaves a little differently compared to the general market, in part because of the comparatively higher median prices,” said Ward Spears, who also serves as principal managing broker for Coldwell Banker Bain of Lake Oswego. “For example, the median price of the lowest quartile of homes in Lake Oswego is currently $717,000, while for the city of Portland the lowest quartile median is less than half of that at about $351,500. Reflecting the more discretionary nature of higher-priced markets, as general market activity slowed during late March, overall activity in Lake Oswego declined slightly more than in other Portland area markets. Similarly, a reasonable level of activity continues and the relationship between buyers and sellers still favors sellers.”
MI LWAUK I E , G LADSTONE & H APP Y VAL LEY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 13
PORTLAND AREA GR ES HA M , S A ND Y, T R OU T D A LE & COR B ETT
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
338
309
+9.40%
MEDIAN SOLD PRICE
$378,000
$365,000
+3.60%
56
50
+12.0%
MEDIAN SOLD PRICE
97%
97%
0%
UP +3.60% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
311
294
+5.80%
MEDIAN SOLD PRICE
$440,000
$406,000
+8.4%
$440K
64
53
+20.8%
MEDIAN SOLD PRICE
98%
97%
+1%
UP +8.40% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% O R E G O N CI TY, B E AV E R CREEK, CA NBY, MOL OL LA & MU LINO
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
$378K
PORTLAND AREA NW WA S HI NGT ON COU NT Y
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
220
222
-0.9%
MEDIAN SOLD PRICE
$533,000
$555,000
-4.0%
$533K
44
54
-18.5%
MEDIAN SOLD PRICE
98%
98%
+0%
DOWN -4.0% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
408
374
+9.1%
MEDIAN SOLD PRICE
$441,000
$425,000
+3.80%
42
46
-8.7%
MEDIAN SOLD PRICE
99%
98%
+1%
UP +3.80% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
B E AV E R TO N & ALO HA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$441K 2020 Q1 PACIFIC NORTHWEST MARKET REPORT 15
PORTLAND AREA TI GA R D , TU A LAT I N, S HER WOOD & WI LS ONVI LLE
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
399
376
+6.1%
MEDIAN SOLD PRICE
$489,000
$466,000
+4.90%
$489K
42
52
-19.2%
MEDIAN SOLD PRICE
98%
97%
+1%
UP +4.90% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
409
302
+35.4%
MEDIAN SOLD PRICE
$415,000
$387,000
+7.2%
53
48
+10.4%
MEDIAN SOLD PRICE
99%
98%
+1%
UP +7.20% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% HI LLSB O R O & FO R E ST GROV E
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
$415K
BEND AREA B END A R EA
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
551
479
+15.0%
MEDIAN SOLD PRICE
$479,000
$453,000
+5.70%
AVERAGE DAYS ON MARKET
130
125
+4.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
95%
95%
+0%
UP +5.70% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
917
773
+18.6%
MEDIAN SOLD PRICE
$424,000
$405,000
+4.70%
$424K
AVERAGE DAYS ON MARKET
130
128
+1.6%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
98%
98%
+0%
UP +4.70% from 2019
$479K
B E ND AR E A 1 ACR E + 18 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
BEND AREA B END A R EA LU X U RY
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
49
31
+58.1%
MEDIAN SOLD PRICE
$1,300,000
$1,255,000
+6.10%
$1.3M
AVERAGE DAYS ON MARKET
187
170
+10.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
93%
92%
+1.1%
UP +6.10% from 2019
2020 Q1 PACIFIC NORTHWEST 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.