OREGON 2020 Q3 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 Q3 MARKET REPORT
MIKE GRADY
COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the third quarter numbers, Mike Grady, Coldwell Banker Bain President and COO, said, “It is truly remarkable to see the significant increase in closed sales this quarter, which speaks to sellers becoming much more confident and buyers competing more effectively, most likely due to the low interest rates. It’s as if we just completed our typical ‘spring’ market, are now heading into our ‘summer’ market, and will hit the ‘fall’ market in December. Home prices continue to increase in double digits, and months of inventory on hand is still historically low. Luxury and waterfront sales simply amaze. This data points to what we see as a continued steady, and perhaps upward, trajectory for the rest of the year. We’re seeing
significant impacts of people’s work from home situations, especially in more rural areas, as well as on larger, single-family sales. And given the recent announcements by Facebook, Amazon and Microsoft, all focused on either purchasing, building or renovating major office buildings in our region, these plans will counteract any impacts we may see going forward related to Boeing’s announcement for reducing services of its Everett plant. We also don’t believe that Freddie Mac’s and Fannie Mae’s slight tightening of credit requirements will have anything but a minor impact on buyer loan qualification meaning we expect interest rates to remain at all-time lows – which is good for both buyers and sellers.”
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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202O Q3 MARKET REPORT
WARD SPEARS OREGON REGIONAL MANAGER
Reflecting on the overall market, Ward Spears, Oregon Regional Manager for Coldwell Banker Bain, said, “For a number of years one of the main themes in the market has been ‘low inventory’. Now, powerful forces are coming together to cause a dramatic ebb in the number of homes that are on the market. For a long time, people were reluctant to sell because they were uncertain whether there would be something to buy. Additional uncertainty about national and world events also resulted in a reluctance to sell. According to the Regional Multiple Listing Service (RMLS), the current level of inventory is only 1.1 months of availability on the market, an all-time low.
4 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
However, this does not mean that home buyers should just settle for any home to purchase. Having a cool-headed approach and making a prudent buying decision with the guidance of a broker who truly earns their status as a trusted advisor is crucial when shopping for a home in this market. Other statistical oddities exist which can create opportunities for an attentive home buyer. For instance, the region of the market with the highest appreciation over the last 12 months also has the longest market time (Lake Oswego and West Linn), and the region with the lowest appreciation percentage has the shortest market time (NE Portland). Market peculiarities like this are best navigated with professional assistance.”
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 15
$465K
N. Portland
22
$494K
NE Portland SE Portland
22
$425K
W. Portland & Raleigh Hills
31
$635K
Lake Oswego & West Linn
34
$753K
Portland Metro Condos
44
$285K
Portland Metro Luxury
50
$1.300M $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED
6,251 | TOTAL SALES CLOSED
1200
(TOTAL PORTLAND AREA)
1000
1004
800 600
962
758
400
512
200
335
371
384
0
N. Portland
NE Portland
SE Portland
INVENTORY IN UNITS / 09.30.2020
Lake Oswego & West Linn
Portland Metro Condos
Portland Metro Luxury
TOTAL PORTLAND AREA INVENTORY / 2177
-51.4%
87
198
278
350
195
884
493
- 47.6%
-51.7%
-50.4%
-32.7%
- 43.3%
- 21.8%
- 14.0%
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
N. Portland
800
W. Portland & Raleigh Hills
Portland Metro Luxury
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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202O Q3 MARKET REPORT
DAVID SLY
PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN
Said David Sly, Principal Managing Broker of Coldwell Banker Bain of Portland Uptown, “It is hard to believe we have moved into the final quarter of the year. I do not believe anyone could have predicted the strength of the housing industry. This has certainly been a bright spot in our local economy. We are experiencing a seller’s market not seen in our area in over a decade. Our low available inventory, currently at 1.1 months, remains to be a challenge in the Portland metropolitan area and arguably across the entire Northwest region.
6 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
Pending and closed sales have been brisk in all residential markets with the exception of condominiums, which saw the only decline in year over year sales at a -12%. In addition, all residential markets saw price appreciation over the same period last year, many in double digits. Again, the condo market has been negatively affected and saw a -3.1% price change over the previous year, echoing the slide of condominium sales. I expect the rest of the year will keep up the strong pace we have seen so far. Strong buyer demand coupled with low interest rates will continue to bolster our efforts as we close out 2020.”
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 / 1200 BEAVERTON & ALOHA / TIGARD, TUALATIN, SHERWOOD & WILSONVILLE / HILLSBORO & FOREST GROVE 1000
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
800
Milwaukie, Gladstone & Happy 600 Valley
32
$480K
Gresham, 400 Sandy, Troutdale & Corbett
29
$409K
Oregon 200City, Beaver Creek, Canby, Molalla & Mullino
32
$471K
0
NW WA County & Sauvie Island
32
$620K
Beaverton & Aloha Tigard, Tualatin, Sherwood & Wilsonville
22
$467K
27
$520K
Hillsboro & Forest Groove
28
$435K $100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED 800
6,251 | TOTAL SALES CLOSED
700
600
(TOTAL PORTLAND AREA)
758
746
500
618
588
542
400
498
300
365
200 100 0
Milwaukie, Gladstone & Happy Valley
Gresham, Sandy, Troutdale & Corbett
Oregon City, Beaver Creek, Canby, Molalla & Mullino
INVENTORY IN UNITS / 09.30.2020
NW WA County & Sauvie Island
Beaverton & Aloha
Tigard, Tualatin, Sherwood & Wilsonville
TOTAL PORTLAND AREA INVENTORY / 2177
Hillsboro & Forest Groove
-51.4%
264
133
138
129
96
137
164
- 48.4%
-62.4%
-57.1%
-38.0%
- 70.7%
- 62.0%
- 52.9%
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
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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202O Q3 MARKET REPORT
BRANDON FAIRBANKS PRINCIPAL MANAGING BROKER OF BEND Brandon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of Bend, said, “Bend has become an official ‘Zoom Town’ with many businesses closing their corporate offices and allowing their employees to work online, and thus giving these employees an opportunity relocate to highly desirable towns and communities. The demand for housing is stronger than I’ve ever seen and with low interest rates coupled with the lowest inventory of homes on record, prices continue to skyrrocket with multiple offers on most homes. Total homes sold this year are up by 8% in Deschutes County at 4,354 total and up 2% in Bend. In September we sold 701 homes in Deschutes County vs. 461 last year, (up 52%) and in Bend there were 403 homes sold vs. 286 last year, up 41%. Listed homes were at 251, down from 271 in August and down 73% from last year in Bend at 915 homes. In Deschutes County 440 homes
8 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
were listed, down 14% from the August number of 514 and down by a whopping 74% vs. last year’s figures of 1641 homes on the market in September. Pending home sales were down by 24% vs. August figures and last year in September in Bend at 291 homes. In Deschutes County we had 491 pending homes down 25% from last month and even with last year’s September pending’s of 490. Pricing is up from the same as last year’s September figures with an average sold price of $701,380 in Bend, up 27% from last yr. and up 25% in Deschutes County with the September’s average price per home at $613,336 this year and $492,386 last year in September. Homes are selling at a faster pace than last year in Bend at 49 days on the market and in Deschutes County at 55 days. Million dollar home sales are starting to play a role in Central Oregon – this year Bend had 55 $1 million+ or more priced homes that sold vs. 21 last year and in Deschutes County there were 64 $1 million+ home sales vs. 23 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 47
$557K
69
248
Area 1 Acre+ Luxury (+1M,
69
$1.3M
SF + Condo) $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 1200 1000
1,131 | TOTAL SALES CLOSED
1131
(TOTAL BEND AREA)
800 600 400
159
200
32
0
Bend
Area 1 Acre +
(Single Family & Condos)
Luxury (+1M, SF + Condo)
INVENTORY IN UNITS / 09.30.2020
TOTAL BEND AREA INVENTORY / 228 -73.3%
228
14
150
- 73.3%
- 60.0%
- 43.3%
Bend (Single Family & Condos)
Area 1 Acre +
Luxury (+1M, SF + Condo)
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
9
PORTLAND AREA P O RTL A N D METRO A REA C O N DOS
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
962
1093
-12.0%
MEDIAN SOLD PRICE
$285K
$294K
-3.1%
44
41
+7.3%
MEDIAN SOLD PRICE
97%
97%
0.0%
DOWN -3.1% from 2019
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
371
213
+74.2%
MEDIAN SOLD PRICE
$1.3M
$1.275M
+2.0%
50
64
-21.9%
MEDIAN SOLD PRICE
96%
95%
+1.1%
UP +2.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$285K
P ORTL AN D METR O A REA | L UXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$1.30M
PORTLAND AREA N O RTH P O RTL A N D
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
335
276
+21.4%
MEDIAN SOLD PRICE
$465K
$417K
+11.5%
$465K
15
28
-46.4%
MEDIAN SOLD PRICE
103%
98%
+5.1%
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
758
617
+22.9%
MEDIAN SOLD PRICE
$494K
$459K
+7.6%
22
28
-21.4%
MEDIAN SOLD PRICE
101%
98%
+3.1%
UP +7.6% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +11.5% from 2019
N E P ORTL AN D
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$494K
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 11
PORTLAND AREA SE P O RTL A N D
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
1004
827
+21.4%
MEDIAN SOLD PRICE
$425K
$389K
+9.3%
22
31
-29.0%
MEDIAN SOLD PRICE
101%
98%
+3.1%
UP +9.3% from 2019
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
613
512
+19.7%
MEDIAN SOLD PRICE
$635K
$598K
+6.2%
31
39
-20.5%
MEDIAN SOLD PRICE
98%
96%
+2.1%
UP +6.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$425K
W. P ORTL AN D & RAL EIGH HI LLS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$635K
PORTLAND AREA L A KE OSWEG O & WEST L I N N
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
476
384
+24.0%
MEDIAN SOLD PRICE
$753K
$660K
+14.1%
34
43
-20.9%
MEDIAN SOLD PRICE
97%
96%
+1.0%
UP +14.1% from 2019
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
746
607
+22.9%
MEDIAN SOLD PRICE
$480K
$430K
+11.6%
32
34
-5.9%
MEDIAN SOLD PRICE
100%
98%
+2.0%
UP +11.6% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$753K MILWAU KIE, G L ADSTO NE & HA PPY VALLEY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$480K
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 13
PORTLAND AREA G RESHA M, SA N DY, TRO UTDA L E & C O RB ET T
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
542
508
+6.7%
MEDIAN SOLD PRICE
$409K
$369K
+10.8%
29
35
-17.1%
MEDIAN SOLD PRICE
100%
98%
+2.0%
UP +10.8% from 2019
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
498
454
+9.7%
MEDIAN SOLD PRICE
$471K
$426K
+10.6%
32
36
-11.1%
MEDIAN SOLD PRICE
99%
99%
0.0%
UP +10.6% 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 Q3 PACIFIC NORTHWEST MARKET REPORT
$409K
$471K
PORTLAND AREA N W WASHI N GTO N C O U NTY
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
365
355
+2.8%
MEDIAN SOLD PRICE
$620K
$565K
+9.7%
32
36
-11.1%
MEDIAN SOLD PRICE
100%
98%
+2.0%
UP +9.7% from 2019
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
588
530
+10.9%
MEDIAN SOLD PRICE
$467K
$428K
+9.1%
22
28
-21.4%
MEDIAN SOLD PRICE
101%
99%
+2.0%
UP +9.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$620K BEAV ERTON & ALOHA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$467K
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 15
PORTLAND AREA TI GA R D , TU A LAT I N, S HER WOOD & WI LS ONVI LLE
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
758
594
+27.6%
MEDIAN SOLD PRICE
$520K
$475K
+9.5%
27
33
-18.2%
MEDIAN SOLD PRICE
100%
97%
+3.1%
UP +9.5% from 2019
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
618
531
+16.4%
MEDIAN SOLD PRICE
$435K
$410K
+6.1%
28
32
-12.5%
MEDIAN SOLD PRICE
99%
99%
0.0%
UP +6.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$520K
HI LLSB O R O & FO R E ST GROV E
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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$435K
Bend, Oregon
What can you imagine?
BEND AREA B END A R EA
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
1131
866
+30.6%
MEDIAN SOLD PRICE
$557K
$479K
+16.3%
47
52
-9.6%
MEDIAN SOLD PRICE
98%
96%
+2.1%
UP +16.9% from 2019
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
32
32
0.0%
MEDIAN SOLD PRICE
$248K
$293K
-15.4%
41
77
-46.8%
MEDIAN SOLD PRICE
98%
96%
+2.1%
DOWN -15.4% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$557K
B E ND AR E A 1 ACR E +
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
18 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$248K
BEND AREA B END A R EA LU X U RY
2020 Q3
2019 Q3
CHANGE
TOTAL HOMES SOLD
159
67
+137.7%
MEDIAN SOLD PRICE
$1.30M
$1.325M
-1.9%
69
66
+4.5%
MEDIAN SOLD PRICE
97%
94%
+3.2%
DOWN -1.9% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.30M
2020 Q3 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.