A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon January Residential Highlights January brought some relief in the form of new listings to the Portland metro area. At 2,519, new listings increased 63.8% over the 1,538 new listings offered last month in December 2015, although 8.8% under the 2,762 new listings offered in January 2015. Pending sales, at 2,243, ended 2.2% under the 2,294 offers accepted in January 2015 but 15.9% over the 1,936 offers accepted last month in December 2015. Closed sales, at 1,859, ended 25.9% higher than in January 2015 (1,477) but 31.4% lower than last month in December 2015 (2,710). It was still the strongest January for closed sales since at least 1992— edging even over the 1,843 closings posted for Portland in January 2005.
January 2016 Reporting Period
Inventory in the Portland metro area increased slightly in January to 1.8 months. Total market time rose by one day in the same period, landing at 57 days. There are currently a total of 3,305 active residential listings in the Portland metro area.
Average and Median Sale Prices Comparing the average price of homes in the twelve months ending January 31st of this year ($355,700) with the average price of homes sold in the twelve months ending January 2015 ($333,400) shows an increase of 6.7%. In the same comparison, the median has increased 8.1% from $286,800 to $310,000.
Inventory in Months* 2014 2015 2016 January 4.1 3.4 1.8 February 3.9 3.0 March 3.1 1.9 April 2.8 1.8 May 2.8 1.7 June 2.8 1.6 July 2.9 1.7 August 3.0 1.9 September 3.1 1.9 October 2.8 1.8 November 3.2 2.0 December 2.3 1.2 *Inventory in Months is calculated by dividing the Active Residential Listings at the end of the month in question by the number of closed sales for that month. This includes proposed and under construction homes. Percent Change of 12-Month Sale Price Compared With The Previous 12 Months Average Sale Price % Change: +6.7% ($355,700 v. $333,400) Median Sale Price % Change: +8.1% ($310,000 v. $286,800)
For further explanation of this measure, see the second footnote on page 2.
Change
2015
2016
Portland Metro Residential Highlights
New Listings
Pending Sales
Closed Sales
Average Sale Price
Median Sale Price
Total Market Time
January
2,519
2,243
1,859
355,500
310,000
57
Year-to-date
2,519
2,243
1,859
355,500
310,000
57
January
2,762
2,294
1,477
329,400
280,000
82
December
1,538
1,936
2,710
367,600
320,000
56
Year-to-date
2,762
2,294
1,477
329,400
280,000
82
January
-8.8%
-2.2%
25.9%
7.9%
10.7%
-31.2%
Prev Mo 2015
63.8%
15.9%
-31.4%
-3.3%
-3.1%
1.8%
Year-to-date
-8.8%
-2.2%
25.9%
7.9%
10.7%
-31.2%
© Copyright RMLS™ 2016. All Rights Reserved.
AREA REPORT • 1/2016
Portland Metropolitan Area, Oregon
57
362,100
28
98
91
-9.9%
57
362,100
350,000
15.1%
2
925,000
NE Portland
176
212
45
218
-2.7%
161
356,900
38
212
218
-2.7%
161
356,900
315,000
7.8%
3
596,700
SE Portland
273
258
53
267
2.7%
235
332,500
47
258
267
2.7%
235
332,500
292,300
9.6%
4
337,800
5
Gresham/ Troutdale
279
192
31
179
13.3%
163
277,700
60
192
179
13.3%
163
277,700
255,000
9.6%
1
410,000
Milwaukie/ Clackamas
318
209
64
179
-2.2%
150
346,000
67
209
179
-2.2%
150
346,000
324,000
8.8%
-
Oregon City/ Canby
269
165
39
132
5.6%
100
362,700
64
165
132
5.6%
100
362,700
316,300
9.5%
Lake Oswego/ West Linn
243
150
81
120
6.2%
81
498,000
78
150
120
6.2%
81
498,000
410,000
2.1%
W Portland
327
244
83
194
-13.8%
162
526,100
57
244
194
-13.8%
162
526,100
440,000
5.9%
NW Wash Co.
132
122
21
106
5.0%
89
460,500
40
122
106
5.0%
89
460,500
406,000
5.4%
-
-
Beaverton/ Aloha
190
245
36
202
-16.5%
197
309,500
50
245
202
-16.5%
197
309,500
288,000
6.9%
-
-
Tigard/ Wilsonville
328
264
79
176
-17.0%
152
378,400
65
264
176
-17.0%
152
378,400
338,000
9.7%
-
-
4
Hillsboro/ Forest Grove
179
148
24
155
1.3%
141
299,100
43
148
155
1.3%
141
299,100
280,000
8.1%
-
-
63
14
9
14
27.3%
13
232,700
144
14
14
27.3%
13
232,700
235,300
0.8%
-
-
Columbia Co.
162
64
21
69
11.3%
54
250,200
83
64
69
11.3%
54
250,200
238,500
7.6%
1
Yamhill Co.
287
134
43
141
13.7%
104
263,100
88
134
141
13.7%
104
263,100
246,500
6.3%
3
143 148 149 153 155 156 1
Mt. Hood
461,000
10
437,800
204,000
13
535,300
2
178,500
3
284,000
-
16
160,400
-
-
-
-
7
200,900
-
-
-
-
7
413,600
-
-
2
666,500
2
271,000
-
410,000
166,700
Average Sale Price
Closed Sales 4
1
3
Average Sale Price
Closed Sales
Closed Sales
Avg. Sale Price % Change2
Median Sale Price
Average Sale Price
Closed Sales
Pending Sales 2016 v. 20151
Pending Sales
New Listings
3
Total Market Time
Average Sale Price
-9.9%
144
Closed Sales
91
145
Pending Sales 2016 v. 20151
16
146
Pending Sales
98
142
79
147
Expired.Canceled Listings
Year-To-Date
150
New Listings
Active Listings
MULTIFAMILY
Year-To-Date
151
141
LAND
Year-To-Date
152
N Portland
COMMERCIAL Year-To-Date
Average Sale Price
RESIDENTIAL Current Month
-
-
3
526,000
-
-
2
470,000
514,300
1
285,000
6
148,300
2
239,500
4
65,000
125,000
3
61,500
2
175,500
868,300
4
269,400
4
226,000
-
-
Percent change in number of pending sales this year compared to last year. The Current Month section compares January 2016 with January 2015. The Year-To-Date section compares 2016 year-to-date statistics through January with 2015 year-to-date statistics through January.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (2/1/15-1/31/16) with 12 months before (2/1/14-1/31/15).
3
Total Market Time is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, Total Market Time continues to accrue; however, it does not include the time that it was off the market.
2
© Copyright RMLS™ 2016. All Rights Reserved.
ACTIVE RESIDENTIAL LISTINGS
Active Residential Listings 10,000 9,000
PORTLAND, OR
8,000
This graph shows the active
7,000
residential listings over the
6,000
past three calendar years in
5,000 4,000
the greater Portland,
3,000
Oregon metropolitan area.
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 5,671 5,752 5,811 6,093 6,858 7,250 7,727 7,784 7,438 6,963 6,131 5,146 2015 4,996 4,947 4,767 4,853 5,125 5,388 5,708 5,837 5,657 5,021 4,252 3,381 2016 3,305
TOTAL ACTIVE LISTINGS PORTLAND, OR
This graph shows the
Total Active Listings 12,500 11,500 10,500
total active listings over
9,500
the past three calendar
8,500
years in the greater
7,500 6,500
Portland, Oregon
5,500
metropolitan area.
4,500
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 7,606 7,731 7,702 8,066 8,928 9,290 9,829 9,872 9,483 8,959 8,098 6,839 2015 6,764 6,718 6,518 6,622 6,934 7,175 7,549 7,665 7,417 6,737 5,905 4,785 2016 4,743
NEW LISTINGS
New Listings
PORTLAND, OR
4,500
This graph shows the
4,000
new residential listings
3,500
over the past three
3,000 2,500
calendar years in the
2,000
greater Portland, Oregon
1,500 1,000
metropolitan area.
2014
2015
2016
3
© Copyright RMLS™ 2016. All Rights Reserved.
PENDING LISTINGS
Pending Sales
PORTLAND, OR
4,000
This graph represents
3,500
monthly accepted offers
3,000
in the Portland, Oregon
2,500
metropolitan area over
2,000
the past three calendar
1,500
years.
1,000
2014
2015
2016
CLOSED SALES
Closed Sales
PORTLAND, OR
This graph shows the
3,500
closed sales over the past
3,000
five calendar years in the greater Portland, Oregon metropolitan area.
2,500 2012
2,000
2013
1,500
2014
1,000
2015
500
2016
0
DAYS ON MARKET
Average Total Market Time
PORTLAND, OR
110 100 90 80 70 60 50 40 30 20
This graph shows the average market time for sales in the Portland, Oregon metropolitan area over the past three calendar years. 2014 TMT
2015 TMT
2016 TMT
4
© Copyright RMLS™ 2016. All Rights Reserved.
SALE PRICE
This graph represents the average and median sale price for all homes sold in
PORTLAND, OR
the Portland, Oregon metropolitan area.
Average and Median Sale Price $425,000 $375,000 $325,000 $275,000
Oct-15
Jan-16
Jul-15
Apr-15
Jan-15
Oct-14
Jul-14
Apr-14
Oct-13
Jan-14
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Jul-11
Average Sale Price
Oct-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Jul-09
Oct-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
$175,000
Jan-08
$225,000
Median Sale Price
MEDIAN SALE PRICE
Median Sale Price: Portland, OR & Clark Co., WA
PORTLAND, OR
$350,000 $300,000
This graph shows the
$250,000
median sale price over
$200,000
the past 12 months in the greater Portland,
$150,000 $100,000
Oregon, metropolitan JAN
FEB
MAR
APR
MAY JUNE JULY AUG SEPT OCT
Clark County
NOV
Metro Portland, OR
5
© Copyright RMLS™ 2016. All Rights Reserved.
DEC
JAN
area and Clark County.
MEDIAN SALE PRICE January 2016
SW WASHINGTON
$233,300
$315,000
Woodland
N/NE Clark County
PORTLAND
$252,500 $359,900
Battle Ground
Ridgefield/La Center
METRO
$ 238,500 Columbia County $395,000 Salmon Creek $280,000 Felida
$ 406,000 North Washington County Sauvie Island
Brush Prairie Hockinson
$244,000 Hazel Dell Minnehaha
$239,000 5 Corners Orch.
$216,000 Cent. Vancouver
$ 288,000 Beaverton
$ 440,000 West Portland
Aloha
$ 338,000 Tigard/Tualatin Sherwood Wilsonville
$298,000 Camas/Washougal $ 315,000 NE Portland $ 292,300 SE Portland $ 324,000
$ 410,000
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn
$ 246,500 $ 316,300 Oregon City Canby Molalla Beavercreek
Yamhill County
6
$239,900 Cascade Park
$252,000 Heights
$ 350,000 N Portland
$ 280,000 Hillsboro Forest Grove
$331,000
© Copyright RMLS™ 2016. All Rights Reserved.
$ 255,000 Gresham Troutdale Sandy Corbett Fairview
$ 235,300 Mt. Hood: Zigzag Welches Rhododendron Wemme Brightwood Government Camp
MULTIPLE LISTING SERVICE
ACTIVE & CLOSED CONDOS PORTLAND, OR
Contact RMLS™ 8338 NE Alderwood Rd Suite 230 Portland, OR 97220 (503) 236-7657
This graph shows the number of active and closed condos in the Portland, Oregon, metropolitan area.
Active & Closed Condos 600 500
communications@rmls.com
400 300 200
The statistics presented in Market Action are compiled monthly based on figures generated by RMLS™.
100 0
Active Listings
RMLS™ was formed by area Boards and Associations of REALTORS® in 1991. E-mail subscriptions are available for $45 per year by contacting RMLS™. Reproduction of any portion of this copyrighted material is prohibited without prior approval of RMLS™.
AFFORDABILITY PORTLAND, OR
This graph shows the affordability for housing in Portland, Oregon in December 2015.
Affordability Index 200 180 160 140 120 100 80 60 40 20 0
Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15
Market Action Reports are compiled for the following areas: Portland metropolitan area, Southwest Washington, Mid-Columbia, Columbia Basin, Baker County, Coos County, Curry County, Douglas County, Grant County, Josephine County, Lane County, North Coastal Counties, Polk & Marion Counties, Union County, and Wallowa County.
Closed Sales
AFFORDABILITY - According to a formula from the National Association of Realtors®, buying a house in the Portland metro area is affordable for a family earning the median income. A family earning the median income ($73,900 in 2015, per HUD) can afford 127% of a monthly mortgage payment on a median priced home ($320,000 in December). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 3.96% (per Freddie Mac).
Craig Fahner, Chairman of the Board Kurt von Wasmuth, President/CEO Heather Andrews, Editor © Copyright RMLS™ 2016. All Rights Reserved.