A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon March Residential Highlights The Portland metro area saw some seasonal increases this March, but some numbers are cooler so far for the year to date. Closed sales (2,565) were up 4.4% compared to March 2015 (2,457) and 41.5% compared to February 2016 (1,813). The last March that closings were more numerous was in 2007, when 2,775 closings were posted for the month. Pending sales, at 3,076, rose 10.4% over the 2,786 offers accepted last month in February 2016—but were 9.1% under the 3,384 offers accepted last year in March 2015.
March 2016 Reporting Period
Total market time in the Portland metro area decreased to 51 days this March, with inventory decreasing to 1.3 months. There are currently a total of 3,318 active residential listings in the Portland metro area.
Average and Median Sale Prices Comparing the average price of homes in the twelve months ending March 31st of this year ($361,100) with the average price of homes sold in the twelve months ending March 2015 ($334,400) shows an increase of 8.0%. In the same comparison, the median has increased 9.0% from $289,000 to $315,000.
Similarly, the 3,409 new listings rose 17.7% above the 2,896 new listings offered last month in February 2016 but were 5.2% cooler than in March 2015 when 3,596 new listings were offered.
Change
2015
2016
Portland Metro Residential Highlights
Inventory in Months* 2014 2015 2016 January 4.1 3.4 1.8 February 3.9 3.0 1.8 March 3.1 1.9 1.3 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: +8.0% ($361,100 v. $334,400) Median Sale Price % Change: +9.0% ($315,000 v. $289,000)
For further explanation of this measure, see the second footnote on page 2.
New Listings
Pending Sales
Closed Sales
Average Sale Price
Median Sale Price
Total Market Time
March
3,409
3,076
2,565
385,100
335,000
51
February
2,896
2,786
1,813
364,900
315,000
60
Year-to-date
8,909
7,873
6,415
368,800
321,000
55
March
3,596
3,384
2,457
337,200
290,000
75
Year-to-date
9,328
7,996
5,720
332,000
286,000
78
March
-5.2%
-9.1%
4.4%
14.2%
15.5%
-31.5%
Prev Mo 2016
17.7%
10.4%
41.5%
5.5%
6.3%
-15.0%
Year-to-date
-4.5%
-1.5%
12.2%
11.1%
12.2%
-29.4%
© Copyright RMLS™ 2016. All Rights Reserved.
AREA REPORT • 3/2016
Portland Metropolitan Area, Oregon
Average Sale Price
Closed Sales
Average Sale Price
Closed Sales
Average Sale Price
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
122
-16.4%
103
365,000
30
344
304
-9.3%
234
364,400
350,000
15.4%
4
1,037,500
6
157,500
8
526,100
NE Portland
190
299
37
263
-13.2%
257
411,100
33
772
702
-0.8%
593
386,500
339,000
8.7%
7
480,000
5
435,000
23
451,200
SE Portland
273
405
41
375
-3.1%
291
348,500
39
989
926
3.2%
768
336,500
290,000
9.0%
10
312,000
21
202,500
39
519,400
144
Closed Sales
17
Gresham/ Troutdale
239
212
36
198
-3.9%
186
278,400
59
597
566
4.8%
500
277,200
265,000
9.7%
7
469,600
11
151,200
15
261,500
145
Pending Sales 2016 v. 20151
132
Milwaukie/ Clackamas
330
301
41
271
6.3%
215
351,800
68
754
655
6.7%
539
354,800
329,000
9.0%
1
701,000
49
146,400
5
346,400
Oregon City/ Canby
233
196
26
209
20.1%
148
371,800
53
546
511
25.9%
355
361,100
322,400
12.2%
1
67,500
22
212,700
5
416,700
Lake Oswego/ West Linn
284
189
50
150
-13.8%
114
639,500
92
528
397
-5.9%
303
581,300
475,000
5.7%
-
21
469,100
4
429,300
W Portland
348
344
66
268
-28.7%
242
551,400
49
873
697
-19.1%
581
523,100
450,000
8.7%
1
410,000
13
318,200
14
652,900
NW Wash Co.
149
170
13
147
14.0%
117
481,000
42
438
376
6.5%
312
464,000
431,000
5.6%
2
97,700
2
271,000
Beaverton/ Aloha
156
304
24
286
-27.0%
261
337,800
37
840
782
-11.9%
655
317,600
290,000
8.6%
4
217,500
8
137,900
6
402,900
Tigard/ Wilsonville
324
330
42
302
0.3%
241
401,400
50
860
705
-1.0%
542
385,100
364,900
11.0%
1
206,500
11
375,200
5
293,400
Hillsboro/ Forest Grove
192
214
27
194
-20.8%
179
320,700
43
564
516
-10.3%
452
318,300
290,000
9.6%
3
269,200
15
328,800
5
251,100
66
25
7
20
81.8%
16
269,600
106
62
49
63.3%
37
249,300
235,300
5.1%
7
82,500
Columbia Co.
161
105
22
82
-16.3%
67
238,400
94
237
219
-5.2%
194
231,000
225,000
5.7%
3
188,300
26
72,400
6
174,300
Yamhill Co.
287
183
32
189
1.1%
128
276,900
84
505
468
10.6%
350
272,800
249,300
8.0%
5
701,000
25
160,700
13
230,000
156
155
153
149
148
143
142
86
146
Pending Sales
Year-To-Date
147
Expired.Canceled Listings
MULTIFAMILY
Year-To-Date
150
New Listings
Active Listings
LAND
Year-To-Date
151
141
COMMERCIAL
152
N Portland
Year-To-Date
Closed Sales
RESIDENTIAL Current Month
1
Mt. Hood
-
-
-
-
-
-
-
Percent change in number of pending sales this year compared to last year. The Current Month section compares March 2016 with March 2015. The YearTo-Date section compares 2016 year-to-date statistics through March with 2015 year-to-date statistics through March.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (4/1/15-3/31/16) with 12 months before (4/1/14-3/31/15).
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.
8,500
ACTIVE RESIDENTIAL LISTINGS
7,500
PORTLAND, OR
6,500
This graph shows the active
5,500
residential listings over the
4,500
past three calendar years in
3,500
the greater Portland,
2,500
Oregon metropolitan area.
Active Residential Listings
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 3,226 3,318
TOTAL ACTIVE LISTINGS PORTLAND, OR
Total Active Listings 11,000 10,000
This graph shows the
9,000
total active listings over
8,000
the past three calendar
7,000
years in the greater
6,000
Portland, Oregon
5,000
metropolitan area.
4,000
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 4,674 4,754
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
Average Sale Price
Mar-16
Dec-15
Sep-15
Jun-15
Mar-15
Dec-14
Jun-14
Sep-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Jun-12
Sep-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Jun-10
Sep-10
Mar-10
Dec-09
Sep-09
Jun-09
Mar-09
Dec-08
Jun-08
Sep-08
$175,000
Mar-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 MAR
APR
MAY JUNE JULY AUG SEPT OCT Clark County
NOV
DEC
JAN
Metro Portland, OR
5
© Copyright RMLS™ 2016. All Rights Reserved.
FEB
MAR
area and Clark County.
MEDIAN SALE PRICE March 2016
SW WASHINGTON
$280,300
$375,000
Woodland
N/NE Clark County
PORTLAND
$309,000 $381,300
Battle Ground
Ridgefield/La Center
METRO
$ 229,900 Columbia County $385,000 Salmon Creek $284,900 Felida
$ 458,500 North Washington County Sauvie Island
Brush Prairie Hockinson
$265,900 Hazel Dell Minnehaha
$239,500 5 Corners Orch.
$208,500 Cent. Vancouver
$ 310,000 Beaverton
$ 486,300 West Portland
Aloha
$ 380,000 Tigard/Tualatin Sherwood Wilsonville
$384,000 Camas/Washougal $ 350,000 NE Portland $ 300,000 SE Portland $ 325,000
$ 527,500
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn
$ 262,500 $ 329,500 Oregon City Canby Molalla Beavercreek
Yamhill County
6
$265,000 Cascade Park
$247,000 Heights
$ 360,000 N Portland
$ 298,500 Hillsboro Forest Grove
$339,900
© Copyright RMLS™ 2016. All Rights Reserved.
$ 270,000 Gresham Troutdale Sandy Corbett Fairview
$ 248,100 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 communications@rmls.com
This graph shows the number of active and closed condos in the Portland, Oregon, metropolitan area.
Active & Closed Condos 600 500 400 300
The statistics presented in Market Action are compiled monthly based on figures generated by RMLS™.
200 100 0
Active Listings
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. 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™.
MEDIAN SALE PRICE CONDOS PORTLAND, OR
Closed Sales
This graph represents the median sale price for all condos sold in the last three calendar years in the Portland, Oregon metropolitan area. Median Condo Sale Price
$250,000 $225,000 $200,000 $175,000 $150,000 $125,000
2014
2015
2016
Craig Fahner, Chairman of the Board Kurt von Wasmuth, President/CEO Tyler Chaudhary, Editor © Copyright RMLS™ 2016. All Rights Reserved.