OREGON 2020 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 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.
202O Q2 MARKET REPORT
MIKE GRADY
COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the first quarter numbers and the impacts of the COVID-19 outbreak on the market, Mike Grady, Coldwell Banker Bain President and COO, said, “Well the jet engines have started and our marketplace has accelerated. The constants remain the same as they’ve been for several years now… most namely, inventory, inventory, inventory. In fact, in most of our markets we’re seeing anywhere from 40−50 percent less than in the second quarter of 2019. There are a couple of markets— Ballard/Greenlake and downtown condos—that are not currently experiencing this trend. The latter is most likely a result of an uncertainty going forward on downtown commuting and how the Ballard/Greenlake area has been one of the hottest markets for years, so a slight increase now is not unexpected.
Median prices are escalating between 5 and 30 percent depending on the area, and while closed sales are down that’s because they reflect for the most part listings taken in the latter part of the quarter. We expect fireworks when the closed numbers come in for July. Our agents are reporting a lot of movement to and diminishing inventory in outlying areas such as Bellingham, Bainbridge Island, Eastern Washington, Bend, OR and other recreational-type locations, given the ability to work from home or take an early retirement. We hope that this trend may open up additional inventory in the Puget Sound region. Facilitation of virtual transactions is also becoming more common, with brokers reporting an increase in transactions that are handled 100 percent virtually—with the buyers purchasing the homes without ever personally stepping inside.”
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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202O Q2 MARKET REPORT
WARD SPEARS OREGON REGIONAL MANAGER
Reflecting on the overall market, Ward Spears, Oregon regional manager for Coldwell Banker Bain, said, “On January 1, 2020 it would have been impossible to predict the behavior of the real estate market in the second quarter of 2020. In March, the beginning of the quarter, thanks to the COVID-19 outbreak we saw a massive slowdown in real estate transactions, comparable to the time immediately after September 11, 2001. There was also a wave of cancellations in both listings and sales. However, over the following weeks the market gradually staged a recovery including the month of June when the number of units sold were only 1.7 percent less than in June 2019 and the market showed only 1.5 months of inventory, a record low. In the month of June closed sales were 38 percent
4 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
higher than they were in May as home buyers came back into the market in droves. Now with historically low borrowing rates buyers are continuing to compete for a smaller number of available homes but with a certain amount of caution at the same time. The statement that ‘no one knows what the future holds’ has never been truer than in 2020 so far. The first half of the year has been a time of economic distress - at the same time coupled with a sellers’ real estate market. Sellers who are able to mitigate their risk of infection through reasonable showing protocols due to the involvement of a good broker should feel comfortable with changing their living situation through selling and buying a home in the event they choose to.”
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
$458K
18
NE Portland
$450K
20
SE Portland
22
$407K
W. Portland & Raleigh Hills
35
$625K
Lake Oswego & West Linn
36
$678K
Portland Metro Condos
46
$280K
Portland Metro Luxury
56
$1.275M $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 800
5,066
700 600
691
500
TOTAL SALES CLOSED
519
400
608
412
300 200
267
240
100
167
0
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Portland Metro Condos
Portland Metro Luxury
TOTAL PORTLAND INVENTORY / 2,496
INVENTORY IN UNITS / 06.30.2020
73
206
279
330
263
766
500
-53.2%
-48.5%
-49.1%
-38.9%
- 32.4%
- 29.5%
- 18.3%
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
N. Portland
600
Lake Oswego & West Linn
Portland Metro Luxury
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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202O Q2 MARKET REPORT
DAVID SLY
PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN
Said David Sly, principal managing broker of Coldwell Banker Bain of Portland Uptown, “Looking back at the second quarter we saw the resilience of a real estate industry, which as an essential service, had to find a way to overcome the obstacles placed upon us all. Real estate professionals figured out how to operate within the guidelines, creating new ways of doing business, and are still working on emerging ideas. Technology has allowed us to keep the market moving forward for both consumers and brokers alike – some examples of this would be the adoption of virtual open houses, video
6 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
client interactions and most recently the State of Oregon’s passing of HB 4212A, allowing remote online notarization. However, we still have some work to do to get back to the levels of activity we are used to. Our low inventory, currently below 1.6 months, coupled with the pent-up buyer demand has maintained a strong sellers’ market in Portland. We still have many unknowns which will affect our market in the ensuing months. We know the desire to be in one’s home is stronger than ever, given trends in remote working practices for many employers.”
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 / 800 TIGARD, TUALATIN, SHERWOOD & WILSONVILLE / HILLSBORO & FOREST GROVE 700 600 MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
500
Milwaukie, Gladstone 400 Valley & Happy
33
$385K
300 Sandy, Gresham, Troutdale & Corbett 200
33
$450K
Oregon City, Beaver 100Canby, Creek, Molalla & Mullino
48
$450K
0
NW WA County & Sauvie Island
27
$567K
Beaverton & Aloha Tigard, Tualatin, Sherwood & Wilsonville
25
$450K
28
$503K
Hillsboro & Forest Groove
30
$427K $200K
$300K
$400K
$500K
$600K
NUMBER OF SALES CLOSED 600 500
5,066
549
TOTAL SALES CLOSED
400
401
300
483
488 412
355
200
249
100 0
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
TOTAL PORTLAND INVENTORY / 2,496
INVENTORY IN UNITS / 06.30.2020
320
180
152
144
130
210
209
-36.4%
-49.0%
-52.2%
-42.4%
- 56.7%
- 47.5%
- 39.8%
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 Q2 PACIFIC NORTHWEST MARKET REPORT
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202O Q2 MARKET REPORT
BRANDON FAIRBANKS PRINCIPAL MANAGING BROKER OF BEND
Brandon Fairbanks, principal managing broker of Coldwell Banker Bain of Bend, said, “The Central Oregon housing market is fascinating right now to say the least. So many factors at play. In a nut shell, inventory of homes is at record lows, almost 50 percent less than this time last year. All the while I see a flood of people leaving the big cities and repopulating rural America;. A trend I believe will continue. Add the low interest rate environment and you have a perfect storm for prices to rise. How much
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prices will rise in Central Oregon is hard to predict but it would not surprise me to see double digit appreciation in 2020 and possibly 2021. We are experiencing multiple offers on homes over $1 million now, and many of these offers are cash. Our current pending sales, representing homes under contract, are actually higher than this time last year despite the low inventory. In fact, our Bend office currently has 17 percent more homes under contract in June compared to this time last year.�
BEND
SINGLE FAMILY (SF), AREA 1+ ACRE, LUXURY
BEND / BEND AREA 1 ACRE+ / BEND AREA LUXURY
MEDIAN SOLD PRICE (NEAREST $000)
Bend (Single Family & Condos)
AVERAGE DOM 51
$490K
139
$976K
Area 1 Acre+ Luxury (+1M,
$1.36M
SF + Condo) $300K
$600K
$900K
$1.2M
108
$1.5M
NUMBER OF SALES CLOSED 800
649
700 600
TOTAL SALES CLOSED
649
500 400 300 200
80
100 0
Bend
Area 1 Acre +
(Single Family & Condos)
63 Luxury (+1M, SF + Condo)
TOTAL BEND AREA INVENTORY / 411
INVENTORY IN UNITS / 06.30.2020
411
89
111
- 55.3%
- 31.5%
- 33.5%
Bend (Single Family & Condos)
Area 1 Acre +
Luxury (+1M, SF + Condo)
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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PORTLAND AREA P O RTL A N D METRO A REA C O N DOS
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
608
1104
-44.9%
MEDIAN SOLD PRICE
$280,000
$295,000
-5.1%
46
39
+17.9%
MEDIAN SOLD PRICE
96%
97%
-1.0%
DOWN -5.1% from 2019
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
167
239
-30.1%
MEDIAN SOLD PRICE
$1,275,000
$1,235,000
+3.2%
56
56
+0.0%
MEDIAN SOLD PRICE
95%
95%
+0.0%
UP +3.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$280K
P ORTL AN D METR O A REA | L UXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$1.28M
PORTLAND AREA N O RTH P O RTL A N D
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
240
281
-14.6%
MEDIAN SOLD PRICE
$458,000
$429,000
+6.8%
$458K
18
20
-10.0%
MEDIAN SOLD PRICE
101%
101%
+0.0%
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
519
661
-21.5%
MEDIAN SOLD PRICE
$450,000
$450,000
+0.0%
20
24
-16.7%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +0.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +6.8% from 2019
N E P ORTL AN D
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$450K
2020 Q2 PACIFIC NORTHWEST MARKET REPORT 11
PORTLAND AREA SE P O RTL A N D
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
691
909
-24.0%
MEDIAN SOLD PRICE
$407,000
$385,000
+5.7%
22
28
-21.4%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +5.7% from 2019
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
412
510
-19.2%
MEDIAN SOLD PRICE
$625,000
$602,000
+3.8%
35
33
+6.1%
MEDIAN SOLD PRICE
98%
97%
+1.0%
UP +3.8% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$407K
W. P ORTL AN D & RAL EIGH HI LLS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$625K
PORTLAND AREA L A KE OSWEG O & WEST L I N N
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
267
360
-25.8%
MEDIAN SOLD PRICE
$678,000
$678,000
+0.0%
36
43
-16.3%
MEDIAN SOLD PRICE
97%
97%
+0.0%
UP +0.0% from 2019
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
549
617
-11.0%
MEDIAN SOLD PRICE
$450,000
$438,000
+2.7%
33
36
-8.3%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +2.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$678K MILWAU KIE, G L ADSTO NE & HA PPY VALLEY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$450K
2020 Q2 PACIFIC NORTHWEST MARKET REPORT 13
PORTLAND AREA G RESHA M, SA N DY, TRO UTDA L E & C O RB ET T
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
401
445
-9.9%
MEDIAN SOLD PRICE
$385,000
$375,000
+2.7%
33
39
-15.4%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +2.7% from 2019
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
355
451
-21.3%
MEDIAN SOLD PRICE
$450,000
$432,000
+4.2%
48
43
+11.6%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +4.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% OR EG ON CITY, BEAV ER CR EE K, CA NBY, MO LOL L A & MU LIN O
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$385K
$450K
PORTLAND AREA N W WASHI N GTO N C O U NTY
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
249
353
-29.5%
MEDIAN SOLD PRICE
$567,000
$560,000
+1.3%
27
35
-22.9%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +1.3% from 2019
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
483
570
-15.3%
MEDIAN SOLD PRICE
$450,000
$432,000
+4.2%
42
46
-8.7%
MEDIAN SOLD PRICE
99%
98%
+1%
UP +4.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$567K BEAV ERTON & ALOHA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$450K
2020 Q2 PACIFIC NORTHWEST MARKET REPORT 15
PORTLAND AREA TI GA R D , TU A LAT I N, S HER WOOD & WI LS ONVI LLE
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
488
622
-21.5%
MEDIAN SOLD PRICE
$503,000
$476,000
+5.7%
28
31
-9.7%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +5.7% from 2019
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
412
425
-3.1%
MEDIAN SOLD PRICE
$427,000
$404,000
+7.2%
30
30
+0.0%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +7.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$503K
HI LLSB O R O & FO R E ST GROV E
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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$427K
Bend, Oregon
What can you imagine?
BEND AREA B END A R EA
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
649
777
-16.5%
MEDIAN SOLD PRICE
$490,000
$475,000
+3.2%
51
63
-19.0%
MEDIAN SOLD PRICE
95%
95%
+0.0%
UP +3.2% from 2019
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
80
100
-20.0%
MEDIAN SOLD PRICE
$976,000
$764,000
+27.7%
AVERAGE DAYS ON MARKET
139
113
+23.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
97%
97%
+0.0%
UP +27.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$490K
B E ND AR E A 1 ACR E + 18 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$976K
BEND AREA B END A R EA LU X U RY
2020 Q2
2019 Q2
CHANGE
TOTAL HOMES SOLD
63
58
+8.6%
MEDIAN SOLD PRICE
$1,364,000
$1,250,000
+9.1%
AVERAGE DAYS ON MARKET
108
120
-10.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
91%
89%
+2.2%
UP +9.1% from 2019
$1.36M
2020 Q2 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.