Coldwell Banker Bain | Q3 2022 Portland Market Report

Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting over $8 billion in sales in 2021. With 34 offices and more than 1,200 brokers in Washington and Oregon, plus a global reach that extends to over 100,000 brokers in 41 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 area 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 Vice President of Operations

“ Early in the quarter, we gradually came off the fevered pitch of a market that had enjoyed tremendous velocity for several years. The number of listings began to slowly increase, which decreased the number of multiple offers from buyers though it remained a seller’s market with less than two months’ inventory in most regions. Gradually, sellers who were on the fence about placing their home on the market, mainly because they had nowhere to go, began to see potential thereby providing more inventory for buyers to look at. And while the rate of price increases also slowed down, we did not see the median price drop significantly. Smart sellers, especially those aided by a CB Bain broker, closely watched the market and were pricing competitively to get their property sold. We ended the quarter with signs of a more traditional market and one that is more favorable to buyers than it has been in a decade. Yet, with uncertainty over interest rate increases, some buyers are still holding off. Correct pricing remains critical. Sellers need to be hyper-local in developing their pricing strategy, based on what is happening in their local market now versus ‘what could have been’ earlier in the year.”

“

WARD SPEARS

Principal Managing Broker of lake oswego

Stable and predictable macro environments tend to be favorable to strong markets. In such a setting, buyers and sellers feel confident and plan for the future often with the use of 30-year mortgages. In this quarter, borrowing rates increased nearly 30% - a shift that was bound to have an impact on market dynamics. Sure enough, prices in the Portland metro area are off about 8% since their peak in May. However, a sign of strength for the market is inventories have only risen modestly. In fact, between July and August the level dropped before increasing again, which is a major difference between our current situation and the housing crisis of 14 years ago when inventories were high and kept climbing. Most sellers at that time were selling because they had to. Now, most sellers are selling because they choose to. The contrast in motivations can’t be emphasized enough and will remain a strength if borrowing costs ease. Normal negotiating is much more common than before. During most of the second quarter the average home in the Portland area sold for 5% above list price, now the average sale is 3% under list price. Certainly, there are still many tales of multiple offers, but they’re much less common. In this market the benefit of working with an agent who is comfortable with a variety of scenarios cannot be understated.”

Sandy, Troutdale & Corbett

& Aloha Hillsboro & Forest Groove

Gladstone & Happy Valley

& Aloha

& Aloha

Sandy, Troutdale & Corbett

&

Gladstone

Sandy, Troutdale & Corbett

& Forest Groove

Gladstone

Happy Valley

City, Beaver Creek, Canby, Molalla & Mullino

Tualatin, Sherwood & Wilsonville

Creek, Canby,

area

Q3

CHANGE

TOTAL HOMES SOLD 5,399 7,451 -27.5%

MEDIAN SOLD PRICE $600K $565K +6.2%

AVERAGE DAYS ON MARKET 21 15 +40.0% SOLD/LIST PRICE% 98% 102% -3.9%

$600K

MEDIAN SOLD PRICE UP +6.2% from 2021

TOTAL HOMES SOLD

-31.9%

MEDIAN SOLD PRICE $350K $330K +6.1%

AVERAGE DAYS ON MARKET

$350K

MEDIAN SOLD PRICE UP +6.1% from 2021

-2.0%

-3.4% SOLD/LIST PRICE%

PORTLAND

PORTLAND

HOMES

SOLD PRICE

AVERAGE DAYS ON

PRICE%

AVERAGE

$1.23M

MEDIAN SOLD PRICE

-2.1%

-1.0%

$585K

MEDIAN SOLD PRICE

TOTAL HOMES SOLD

-15.8%

MEDIAN SOLD PRICE $517K $480K +7.7%

AVERAGE DAYS ON MARKET

+64.3% SOLD/LIST PRICE%

-4.0%

$517K

MEDIAN SOLD PRICE UP +7.7% from 2021

TOTAL HOMES

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

PRICE%

+11.2%

-4.9%

$575K

MEDIAN SOLD PRICE UP +11.2% from

HILLSBORO & FOREST GROVE

GRESHAM, SANDY, TROUTDALE,

& CORBETT

TOTAL HOMES SOLD

-35.7%

MEDIAN SOLD PRICE $920K $880K +4.5%

AVERAGE DAYS ON MARKET

+16.7% SOLD/LIST PRICE% 98%

-1.0%

$920K

MEDIAN SOLD PRICE UP +4.5% from 2021

TOTAL HOMES

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

PRICE%

-3.9%

$600K

MEDIAN SOLD PRICE UP +9.1% from

MILWAUKIE, GLADSTONE,

& HAPPY VALLEY

LAKE OSWEGO & WEST LINN

Q3 2022 Q3

CHANGE

TOTAL HOMES SOLD 221 360 -38.6%

MEDIAN SOLD PRICE $532K $510K +4.3%

AVERAGE DAYS ON MARKET 19 14 +35.7% SOLD/LIST PRICE% 99% 102% -2.9%

$532K

MEDIAN SOLD PRICE UP +4.3% from 2021

2022 Q3

TOTAL HOMES SOLD 601

-23.9%

MEDIAN SOLD PRICE $550K $550K +0.0%

AVERAGE DAYS ON MARKET 20 15 +33.3% SOLD/LIST PRICE% 98% 103% -3.9%

$550K

MEDIAN SOLD PRICE +0.0% from 2021

TOTAL HOMES SOLD

-32.2%

MEDIAN SOLD PRICE $794K $725K +9.5%

AVERAGE DAYS ON MARKET 19 15 +26.7% SOLD/LIST PRICE% 100% 102% -2.0%

$794K

MEDIAN SOLD PRICE UP +9.5% from 2021

TOTAL HOMES

MEDIAN SOLD PRICE $600K $564K +6.4%

AVERAGE DAYS ON MARKET

+50.0% SOLD/LIST PRICE%

-3.9%

$600K

MEDIAN SOLD PRICE UP +6.4% from

TOTAL HOMES SOLD

-29.5%

MEDIAN SOLD PRICE $510K $495K +3.0%

AVERAGE DAYS ON MARKET

+57.1% SOLD/LIST PRICE% 98% 103% -4.9%

$510K

MEDIAN SOLD PRICE UP +3.0% from 2021

TOTAL HOMES

MEDIAN SOLD PRICE $664K

AVERAGE DAYS ON MARKET

PRICE%

+9.8%

+21.4%

-3.9%

$664K

MEDIAN SOLD PRICE UP +9.8% from

SOUTHEAST PORTLAND

TIGARD, TUALATIN, SHERWOOD,

& WILSONVILLE

TOTAL HOMES SOLD

-21.6%

MEDIAN SOLD PRICE $800K $742K +7.8%

AVERAGE DAYS ON MARKET 21 19 +10.5% SOLD/LIST PRICE% 98% 101% -3.0%

$800K

MEDIAN SOLD PRICE UP +7.8% from 2021

WEST

&

TOTAL HOMES SOLD

-28.86%

MEDIAN SOLD PRICE $550K $514K +7.0%

AVERAGE DAYS ON MARKET 20

+81.82% SOLD/LIST PRICE% 97% 103% -5.83%

$550K

MEDIAN SOLD PRICE UP +7.0% from 2021

TOTAL HOMES SOLD

MEDIAN SOLD PRICE $365K $325K +12.3%

AVERAGE DAYS ON MARKET

+46.2% SOLD/LIST PRICE%

-2.9%

$365K

MEDIAN SOLD PRICE UP +12.3% from 2021

TOTAL HOMES SOLD

CHANGE

-25.8%

MEDIAN SOLD PRICE $670K $615K +8.9%

AVERAGE DAYS ON MARKET 21 10 +110.0% SOLD/LIST PRICE% 98% 102% -3.9%

$670K

MEDIAN SOLD PRICE UP +8.9% from 2021

TOTAL HOMES SOLD

-24.9%

MEDIAN SOLD PRICE $525K $500K +5.0%

AVERAGE DAYS ON MARKET

+80.0% SOLD/LIST PRICE%

-5.8%

$525K

MEDIAN SOLD PRICE UP +5.0% from 2021

LAKE TAPPS &

BONNEY LAKE

Q3 2022 Q3

CHANGE

TOTAL HOMES SOLD 483 711 -32.1%

MEDIAN SOLD PRICE $565K $525K +7.6%

AVERAGE DAYS ON MARKET 23 10 +130.0% SOLD/LIST PRICE% 97% 102% -4.9%

$565K

MEDIAN SOLD PRICE UP +7.6% from 2021

2022 Q3

TOTAL HOMES SOLD

-23.9%

MEDIAN SOLD PRICE $460K $440K +4.5%

AVERAGE DAYS ON MARKET 18 10 +80.0% SOLD/LIST PRICE% 98% 103% -4.9%

$460K

MEDIAN SOLD PRICE UP +4.5% from 2021

PUYALLUP

TACOMA

*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.