A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon October Residential Highlights October brought a bit more seasonal cooling to the Portland metro area. New listings, at 2,929 for the month, fell 4.4% short of the 3,063 new listings offered a year prior in October 2015 and were 20.3% under the 3,673 new listings offered last month in September 2016.
October 2016 Reporting Period
same period, inventory stayed put at 2.0 months. There were 5,169 active residential listings in the region in October.
Year to Date Summary Activity has been mixed in 2016 compared to 2015. New listings (37,412) are up 1.2%. Closed sales (27,359) are down 2.6% and pending sales (29,464) are down 3.2% for the Closed sales (2,589) similarly year thus far. decreased 4.7% when compared Average and Median Sale Prices to October 2015 (2,717) and 8.3% Prices continue to rise in the compared to September 2016. Portland metro area. Comparing Pending sales, at 2,841, only 2016 to 2015 through October, fell 0.6% short of the 2,857 offers the average sale price rose 11.5% accepted last month in September from $353,400 to $393,900. In the 2016, but ended 5.2% under the same comparison, the median sale 2,996 offers accepted last year in price rose 13.1% from $305,000 to October 2015. $345,000. Total market time in the Portland metro area increased by six days in October to end at 41 days. In the
2016
Portland Metro Residential Highlights
2015
Pending Sales
Closed Sales
Average Sale Price
*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: +10.9% ($388,600 v. $350,300) Median Sale Price % Change: +12.4% ($340,000 v. $302,600)
For further explanation of this measure, see the second footnote on page 2.
Median Sale Price
Total Market Time
October
2,929
2,841
2,589
405,900
350,000
41
September
3,673
2,857
2,823
392,200
350,300
35
37,412
29,464
27,359
393,900
345,000
41
3,063
2,996
2,717
360,000
309,000
46
36,966
30,453
28,096
353,400
305,000
54
-4.4%
-5.2%
-4.7%
12.8%
13.3%
-12.5%
-20.3%
-0.6%
-8.3%
3.5%
-0.1%
17.1%
1.2%
-3.2%
-2.6%
11.5%
13.1%
-25.5%
Year-to-date
Change
New Listings
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 1.4 May 2.8 1.7 1.4 June 2.8 1.6 1.5 July 2.9 1.7 1.9 August 3.0 1.9 1.9 September 3.1 1.9 2.0 October 2.8 1.8 2.0 November 3.2 2.0 December 2.3 1.2
October Year-to-date October Prev Mo 2016 Year-to-date
© Copyright RMLS™ 2016. All Rights Reserved.
AREA REPORT • 10/2016
Portland Metropolitan Area, Oregon
-12.3%
1,057
380,300
365,000
14.6%
15
666,100
22
237,200
27
559,600
NE Portland
367
281
76
267
3.5%
212
423,700
29
3,255
2,565
-3.9%
2,363
417,600
375,000
11.6%
26
588,100
33
326,300
74
555,900
SE Portland
544
381
92
354
-12.4%
309
384,600
39
4,406
3,466
-3.9%
3,237
364,700
321,800
11.7%
27
411,500
84
188,800
141
557,600
144
Gresham/ Troutdale
333
182
44
208
-1.0%
191
309,900
36
2,504
2,100
2.7%
1,950
295,500
280,000
12.7%
16
393,400
50
193,200
61
356,700
145
Milwaukie/ Clackamas
427
239
77
235
-6.0%
200
372,400
40
3,081
2,435
-2.2%
2,283
373,300
349,300
11.1%
10
548,300
123
173,700
22
439,800
146
Oregon City/ Canby
335
126
42
149
-8.0%
169
370,500
44
2,055
1,687
6.5%
1,552
365,000
339,700
12.7%
10
283,200
94
217,400
24
397,000
Lake Oswego/ West Linn
372
143
73
119
-16.2%
131
637,400
66
2,135
1,488
-8.6%
1,404
617,400
525,500
13.2%
3
446,700
48
449,500
10
585,300
W Portland
619
291
105
258
-10.1%
244
606,900
48
3,924
2,799
-11.1%
2,638
556,900
470,000
11.5%
5
723,000
57
291,600
34
671,000
NW Wash Co.
238
174
38
152
18.8%
138
508,000
44
1,835
1,431
5.0%
1,341
484,600
474,900
9.0%
6
104,300
22
933,000
1
425,000
Beaverton/ Aloha
322
253
68
265
-6.4%
242
322,900
26
3,338
2,795
-10.7%
2,676
331,700
315,000
10.7%
10
446,300
28
207,100
22
530,900
Tigard/ Wilsonville
457
272
85
252
8.6%
241
404,000
38
3,566
2,825
7.8%
2,572
404,200
381,000
10.5%
6
310,300
55
427,100
13
349,200
Hillsboro/ Forest Grove
323
226
54
211
1.4%
198
344,200
24
2,510
2,060
-7.6%
1,910
334,400
310,000
14.5%
9
272,600
50
400,800
40
351,200
60
18
12
27
8.0%
20
326,700
115
258
204
14.0%
171
260,700
245,000
8.5%
27
92,300
Columbia Co.
178
71
18
84
-20.0%
68
242,400
52
1,069
878
4.8%
775
254,100
238,800
10.8%
20
244,100
77
98,100
17
248,900
Yamhill Co.
428
149
51
150
-6.8%
139
320,500
68
1,993
1,575
-2.1%
1,430
293,000
265,000
9.9%
18
615,500
110
215,200
41
271,400
142 143 148 149 153 155 156
-
-
Closed Sales
1,156
Closed Sales
Average Sale Price
1,483
Closed Sales
Closed Sales
34
Median Sale Price
Pending Sales
380,400
147
Avg. Sale Price % Change2
Pending Sales 2016 v. 20151
New Listings
87
150
3
-22.0%
Total Market Time
110
1
Average Sale Price
41
Closed Sales
New Listings 123
Pending Sales
Active Listings 166
141
N Portland
Mt. Hood
Average Sale Price
Year-To-Date
Average Sale Price
MULTIFAMILY
Year-To-Date
151
Pending Sales 2016 v. 20151
LAND
Year-To-Date
152
Expired.Canceled Listings
COMMERCIAL Year-To-Date
Average Sale Price
RESIDENTIAL Current Month
-
-
Percent change in number of pending sales this year compared to last year. The Current Month section compares October 2016 with October 2015. The Year-To-Date section compares 2016 year-to-date statistics through October with 2015 year-to-date statistics through October.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (11/1/15-10/31/16) with 12 months before (11/1/14-10/31/15).
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 3,721 4,003 4,762 5,360 5,645 5,614 5,169
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 5,140 5,438 6,279 6,917 7,220 7,132 6,647
NEW LISTINGS
New Listings
PORTLAND, OR
This graph shows the
5,000 4,500
new residential listings
4,000 3,500
over the past three
3,000
calendar years in the
2,500 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
Jul-16
Oct-16
Apr-16
Oct-15
Jan-16
Jul-15
Apr-15
Median Sale Price
MEDIAN SALE PRICE
Median Sale Price: Portland, OR & Clark Co., WA
PORTLAND, OR
$400,000 $350,000
This graph shows the
$300,000
median sale price over
$250,000
the past 12 months in
$200,000
the greater Portland,
$150,000 $100,000
Jan-15
Jul-14
Oct-14
Apr-14
Oct-13
Jan-14
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Oct-11
Jan-12
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Oct-09
Jan-10
Jul-09
Apr-09
Jan-09
$175,000
Oct-08
$225,000
Oregon, metropolitan OCT
NOV
DEC
JAN
FEB
MAR
Clark County
APR
MAY
JUN
JUL
AUG
Metro Portland, OR
5
© Copyright RMLS™ 2016. All Rights Reserved.
SEP
OCT
area and Clark County.
MEDIAN SALE PRICE October 2016
SW WASHINGTON
$290,000
$334,500
Woodland
N/NE Clark County
PORTLAND
$287,500 $382,900
Battle Ground
Ridgefield/La Center
METRO
$ 242,500 Columbia County $338,700 Salmon Creek $347,000 Felida
$ 486,600 North Washington County Sauvie Island
Brush Prairie Hockinson
$285,000 Hazel Dell Minnehaha
$255,500 5 Corners Orch.
$229,000 Cent. Vancouver
$ 310,000 Beaverton
$ 483,000 West Portland
Aloha
$ 393,500 Tigard/Tualatin Sherwood Wilsonville
$401,200 Camas/Washougal $ 371,300 NE Portland $ 342,500 SE Portland $ 346,600
$ 525,000
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn
$ 270,100 $ 340,000 Oregon City Canby Molalla Beavercreek
Yamhill County
6
$275,000 Cascade Park
$312,000 Heights
$ 375,000 N Portland
$ 317,300 Hillsboro Forest Grove
$369,000
© Copyright RMLS™ 2016. All Rights Reserved.
$ 285,000 Gresham Troutdale Sandy Corbett Fairview
$ 309,900 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 500 450
400
communications@rmls.com
350 300
250 200
The statistics presented in Market Action are compiled monthly based on figures generated by RMLS™.
150 100 50
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 September 2016.
Affordability Index 200 180 160 140 120 100 80 60 40 20 0
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 Mar-16 Jun-16 Sep-16
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 ($73,300 in 2016, per HUD) can afford 122% of a monthly mortgage payment on a median priced home ($350,300 in September). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 3.46% (per Freddie Mac).
Craig Fahner, Chairman of the Board Kurt von Wasmuth, President/CEO Tyler Chaudhary, Editor © Copyright RMLS™ 2016. All Rights Reserved.