OREGON 2020 annual MARKET REP ORT
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 ANNUAL MARKET REPORT
MIKE GRADY
COLDWELL BANKER BAIN President & CEO Reflecting on the 2020 numbers and the interesting turn of the market in the fourth quarter, Mike Grady, Coldwell Banker Bain president and CEO, said, “It is amazing to look back over the roller coaster that 2020 became and see how well the real estate market was able to withstand a worldwide pandemic and a resulting faltering economy. We started off the year strong in the first quarter with inventory declining slowly to just more than a month’s on hand. Coldwell Banker Bain brokers were reporting that it ‘feels like 2017,’ with multiple offers returning to transactions, and review dates (where sellers identify a date to review all offers) being added to the mix because of the number of offers sellers were receiving. And we started to see double digit median price appreciation increases in Snohomish, Pierce and Kitsap counties, with King nudging back up to five percent over the same period in 2019. At the time, I publicly commented that ‘Unless something unexpected happens to affect the local job market, there’s no reason to think now that this trend will decline.’ And then the completely unexpected COVID-19 hit. As we adhered to lock-down mandates in our region, of course the market was impacted, although it could have been much worse. We saw a nearly 30 percent decline in Total Active Listings in April 2020, a significant decline, given that spring is typically one of the busiest times of the year. The upside continued to be the unequal supply/ demand dynamic, with more buyers than inventory, and so we continued to see impressive price appreciation increases in the largest four counties—a story that has not changed today.
As we responded to regulations related to continuing to serve our clients in a safe way, and leveraged our technology in ways we never anticipated, our market started to bounce back in June. We started to hear our brokers reporting substantial 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 accept or decide on an early retirement. The fourth quarter reflected a continuation of this rebound well into autumn. Pending sales were up double digits in the four major counties as well as median prices. A slight decrease in inventory, to about three weeks on hand, puts sellers in a great position—we saw buyers snapping homes up almost as fast as they were listed. With interest rates at record lows and employment in major tech industries very strong, this was a good indication that we might skip the typical slower winter market altogether— and that indeed turned out to be true. We are optimistic about 2021 and expect it to be a very good year. All the economic forecasts for our industry are positive, and most are predicting 2021 to be a banner year. There’s a feeling of optimism because there are multiple vaccines in process of deployment, we have learned to thrive in challenging circumstances, there’s serious discussions about getting the kids back in school, the election is over, and interest rates are still at all-time lows.”
2020 annual OREGON MARKET REPORT
3
2020 ANNUAL MARKET REPORT
WARD SPEARS oregon regional manager
Ward Spears, Oregon Regional Manager for Coldwell Banker Bain, said, “While one of the big lessons and reminders of 2020 is that we don’t know what the future holds, 2021 is starting off with a number of promising strengths, at least in residential real estate in Portland. Prices have increased on average about 7 percent in the last year, yet overall affordability for home buyers is actually quite strong. Affordability includes both mortgage
4 2020 annual OREGON MARKET REPORT
rates and average earnings—average earnings have increased 5.9 percent from a year ago which feels like a surprising statistic. The result of these and other factors is an incredibly favorable market for sellers, yet considering that fact, buyers are surprisingly quite choosy. To deal with this selectiveness, an important step when selling is obtaining professional assistance to best position your home in the market.”
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 31
$480K
Portland Metro Area
19
$450K
N. Portland NE Portland
24
$470K
25
$425K
SE Portland W. Portland & Raleigh Hills
36
$635K
Lake Oswego & West Linn
41
$730K
Portland Metro Condos Portland Metro Luxury
50
$285K
62
$1.29M $300K
$600K
$900K
NUMBER OF SALES CLOSED
$1.2M
$1.5M
23,622 | TOTAL SALES CLOSED
3500
(TOTAL PORTLAND AREA)
3000 2500
3254
3174
2000
2411
1500
1994
1000
1330
1114
500
1068
0
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
INVENTORY IN UNITS / 12.31.2020
Lake Oswego & West Linn
Portland Metro Condos
TOTAL PORTLAND AREA INVENTORY / 1205
Portland Metro Luxury
-52.5%
48
110
140
173
97
581
319
-36.0%
-34.1%
-47.2%
-43.6%
-47.6%
-6.1%
-14.5%
N. Portland
NE Portland
SE Portland
W. Portland & Raleigh Hills
Lake Oswego & West Linn
Portland Metro Condos
2500
Portland Metro Luxury
2020 annual OREGON MARKET REPORT
5
2020 ANNUAL MARKET REPORT
DAVID SLY
PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN
Said David Sly, Principal Managing Broker of Coldwell Banker Bain of Portland Uptown, “The Portland real estate market had an outstanding year and will continue to thrive as we move into and through 2021. If the past year showed us anything, it was the resilience of the industry. Home sellers, buyers, and real estate professionals were all tested in many ways. Even with COVID-19 restrictions in place the number of homes sold, compared to 2019, increased dramatically. This eroded our inventory to an all-time record low of one month and decreased the average days on market to an average of 31. This activity across our region is increasing our median sold price and sellers are capturing, on average, 1.4 percent more than their asking price. Purchasing power with record low interest rates, the desire to have more space, and a shift away
6 2020 annual OREGON MARKET REPORT
from the city’s core toward the suburbs will continue to drive this market.” Added Brian Houston, Principal Managing Broker of the Coldwell Banker Bain of Portland West office, “We have entered into unprecedented times in the Portland and Washington County real estate market. A low inventory in both Portland and Washington County is driving median prices and closed sales upward. While inventory is down in Portland by 46 percent and down in Washington County 60.4 percent, the median sales price for Multnomah is up 8.3 percent and Washington County 7.5 percent. Closed sales are following suit at a 6.6 percent increase in Portland and 8.5 percent in Washington County. Interest rates and a pent-up buyer demand is continuing to drive closed sales and median sales prices upward.”
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 / 3500 BEAVERTON & ALOHA / TIGARD, TUALATIN, SHERWOOD & WILSONVILLE / HILLSBORO & FOREST GROVE 3000 2500 MEDIAN
SOLD PRICE (NEAREST $000)
AVERAGE DOM
2000
Milwaukie, Gladstone
36
$474K
1500& Happy Valley
Gresham, Sandy, 1000
34
$400K
Troutdale & Corbett
500
Oregon City, Beaver Creek, Canby, 0 Molalla & Mullino
$460K
43
NW WA County & Sauvie Island
$589K
Beaverton & Aloha
34
$459K
Tigard, Tualatin, Sherwood & Wilsonville
26 28
$515K
Hillsboro & Forest Groove
34
$433K $100K
$200K
$300K
NUMBER OF SALES CLOSED
$400K
$500K
$600K
23,622 | TOTAL SALES CLOSED
2500
(TOTAL PORTLAND AREA)
2000
2481
1500
1817
1000
2039 1568
2282
1999
1188
500 0
Milwaukie, Gladstone Gresham, Sandy, Oregon City, Beaver Creek, Canby, Troutdale & Corbett & Happy Valley Molalla & Mullino
NW WA County & Sauvie Island
INVENTORY IN UNITS / 12.31.2020
Beaverton & Aloha
Hillsboro & Tigard, Tualatin, Sherwood & Wilsonville Forest Groove
TOTAL PORTLAND AREA INVENTORY / 1205
-52.5%
175
66
90
69
49
77
107
-40.9%
-67.3%
-61.9%
-53.1%
-73.7%
-63.3%
-54.3%
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 annual OREGON MARKET REPORT
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2020 ANNUAL MARKET REPORT
BRANDON FAIRBANKS PRINCIPAL MANAGING BROKER OF BEND
Brandon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of Bend, said, “Bend is now referred to as an official ‘Zoom Town’. In 20 years of selling real estate I would say 2020 was the most remarkable, challenging, and rewarding year all wrapped into one. Last March, as a result of COVID-19 lock-downs we saw our real estate transactions come to almost a complete halt. In merely one month we saw more transactions terminate than what we may typically see throughout an entire year. Understandably, buyers and sellers were panicked by an uncertain future. I too truly thought this may be the beginning of the next real estate downturn. Fortunately, I was wrong and as we entered the third quarter of the year interest rates began to
8 2020 annual OREGON MARKET REPORT
drop and the buyer demand increased strongly as people and corporations discovered that employees can work from home efficiently. Bend gained national recognition as one of the hottest markets in the country. As you can see from the statistics, the available residential inventory in Bend shrunk 75 percent year over year! We experienced competing offers on homes, with some offers exceeding as much as $200,000 or more over asking price. Prices rose almost 14 percent year over year, increasing the median home price in Bend to $535,000. Real estate activity in the winter months typically slows but not this year. Our Bend office experienced recordbreaking sales activity which I expect to continue into 2021 with one major challenge—inventory!
BEND area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BEND / BEND AREA 1 ACRE+ / BEND AREA LUXURY
MEDIAN SOLD PRICE (NEAREST $000)
Bend
AVERAGE DOM
$535K
(All Area Residential)
50 62
$790K
Area 1 Acre+ Luxury (+1M,
$1.34M
SF + Condo) $300K
$600K
$900K
$1.2M
80
$1.5M
NUMBER OF SALES CLOSED 3500 3000 2500
3,165 | TOTAL SALES CLOSED
3,165
(TOTAL BEND AREA)
2000 1500 1000
496
409
500 0
Bend
(All Area Residential)
Area 1 Acre +
Luxury
(+1M, SF + Condo)
INVENTORY IN UNITS / 12.31.2020
TOTAL BEND AREA INVENTORY / 271 -73.3%
126
44
63
-75.0%
-98.3%
-37.6%
Bend
Area
(All Area Residential)
Luxury
(+1M, SF + Condo)
1 Acre +
2020 annual OREGON MARKET REPORT
9
portland area PORTLAND METRO AREA
2020
2019
CHANGE
TOTAL HOMES SOLD
23,622
21,975
+7.5%
MEDIAN SOLD PRICE
$480K
$444K
+8.1%
31
38
-18.4%
99%
98%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
3174
3665
-13.4%
MEDIAN SOLD PRICE
$285K
$290K
-1.7%
50
46
+8.7%
97%
97%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$480K MEDIAN SOLD PRICE UP +8.1% from 2019
PORTLAND METRO AREA CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 annual OREGON MARKET REPORT
$285K
MEDIAN SOLD PRICE DOWN -1.7% from 2019
PORTLAND METRO AREA | LUXURY
2020
2019
CHANGE
TOTAL HOMES SOLD
1068
750
+42.2%
MEDIAN SOLD PRICE
$1.29M
$1.265M
+2.0%
62
65
-4.6%
95%
94%
+1.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
1114
1033
+7.8%
MEDIAN SOLD PRICE
$450K
$420K
+7.1%
19
29
-34.5%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.29M MEDIAN SOLD PRICE UP +2.0% from 2019
NORTH PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$450K MEDIAN SOLD PRICE UP +7.1% from 2019
2020 annual OREGON MARKET REPORT 11
portland area NE PORTLAND
2020
2019
CHANGE
TOTAL HOMES SOLD
2411
2280
+5.7%
MEDIAN SOLD PRICE
$470K
$445K
+5.6%
24
31
-22.6%
100%
98%
+2.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
3254
3076
+5.8%
MEDIAN SOLD PRICE
$425K
$385K
+10.4%
25
35
-28.6%
100%
98%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$470K MEDIAN SOLD PRICE UP +5.6% from 2019
SE PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 annual OREGON MARKET REPORT
$425K
MEDIAN SOLD PRICE UP +10.4% from 2019
W. PORTLAND & RALEIGH HILLS
2020
2019
CHANGE
TOTAL HOMES SOLD
1994
1789
+11.5%
MEDIAN SOLD PRICE
$635K
$599K
+6.0%
36
44
-18.2%
98%
96%
+2.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
1330
1231
+8.0%
MEDIAN SOLD PRICE
$730K
$661K
+10.4%
41
51
-19.6%
97%
96%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$635K
MEDIAN SOLD PRICE UP +6.0% from 2019
LAKE OSWEGO & WEST LINN
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$730K
MEDIAN SOLD PRICE UP +10.4% from 2019
2020 annual OREGON MARKET REPORT 13
portland area MILWAUKIE, GLADSTONE & HAPPY VALLEY
2020
2019
CHANGE
TOTAL HOMES SOLD
2481
2219
+11.8%
MEDIAN SOLD PRICE
$474K
$4270K
+11.0%
36
42
-14.3%
99%
98%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
1817
1677
+8.3%
MEDIAN SOLD PRICE
$400K
$370K
+8.1%
34
44
-22.7%
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$474K
MEDIAN SOLD PRICE UP +11.0% from 2019
GRESHAM, SANDY, TROUTDALE & CORBETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2020 annual OREGON MARKET REPORT
$400K MEDIAN SOLD PRICE UP +8.1% from 2019
2019
CHANGE
TOTAL HOMES SOLD
1568
1586
-1.1%
MEDIAN SOLD PRICE
$460K
$425K
+8.2%
43
45
-4.4%
99%
98%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
1188
1212
-1.1%
MEDIAN SOLD PRICE
$589K
$560K
+5.2%
34
40
-15.0%
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$460K MEDIAN SOLD PRICE UP +8.2% from 2019
OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO
2020
NW WASHINGTON COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$589K
MEDIAN SOLD PRICE UP +5.2% from 2019
2020 annual OREGON MARKET REPORT 15
portland area BEAVERTON & ALOHA
2020
2019
CHANGE
TOTAL HOMES SOLD
2039
1973
+3.3%
MEDIAN SOLD PRICE
$459K
$425K
+8.0%
26
32
-18.7%
100%
99%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
2282
2053
+11.2%
MEDIAN SOLD PRICE
$515K
$475K
+8.4%
28
38
-26.3%
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% TIGARD, TUALATIN, SHERWOOD & WILSONVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2020 annual OREGON MARKET REPORT
$459K MEDIAN SOLD PRICE UP +8.0% from 2019
$515K
MEDIAN SOLD PRICE UP +8.4% from 2019
HILLSBORO & FOREST GROVE
2020
2019
CHANGE
TOTAL HOMES SOLD
1999
1686
+18.6%
MEDIAN SOLD PRICE
$433K
$405K
+6.9%
34
36
-5.6%
100%
99%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$433K
MEDIAN SOLD PRICE UP +6.9% from 2019
2020 annual OREGON MARKET REPORT 17
bend area BEND AREA
2020
2019
CHANGE
TOTAL HOMES SOLD
3165
2893
+11.5%
MEDIAN SOLD PRICE
$535K
$470K
+13.8%
50
65
-23.1%
97%
95%
+2.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
496
447
+10.4%
MEDIAN SOLD PRICE
$790K
$550K
+35.8%
62
103
-49.7%
92%
69%
+28.6%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$535K
MEDIAN SOLD PRICE UP +13.8% from 2019
BEND AREA 1 ACRE+
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
18 2020 annual OREGON MARKET REPORT
$790K MEDIAN SOLD PRICE UP +7.9% from 2019
BEND AREA LUXURY
2020
2019
CHANGE
TOTAL HOMES SOLD
409
214
+91.1%
MEDIAN SOLD PRICE
$1.34M
$1.25M
+7.2%
80
113
-29.2%
95%
90%
+5.6%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.34M
MEDIAN SOLD PRICE UP +7.2% from 2019
2020 annual OREGON 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.