A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon May Residential Highlights May brought sunny numbers to real estate activity in the Portland metro area. There were 2,969 closed sales, a 5.9% increase over May 2018 (2,803) and a 23.2% increase over April 2019 (2,409). This was the strongest May for closings in the area since 2006, when 3,054 were recorded.
May 2019 Reporting Period
Year to Date Summary Activity is mixed so far in 2019 compared with 2018. New listings (18,257) are up 4.3%, while pending sales (13,011) are down 2.6% and closed sales (10,986) are down 4.4%.
Average and Median Sale Prices Comparing 2019 to 2018 through May, the average sale price has increased 0.9% from $448,600 to Pending sales (3,292) rose 2.8% $452,700. In the same comparison, from May 2018 (3,201) and 6.1% the median sale price has increased from April 2019 (3,102). 0.7% from $399,500 to $402,400. There were 4,902 new listings offered, a 5.1% increase from May 2018 (4,665) and a 16.4% increase from April 2019 (4,210). This was the strongest May for new listings since 2008, when 5,182 were offered. Inventory decreased slightly to 2.1 months in May, with total market time decreasing to 48 days in the same period.
2019
Portland Metro Residential Highlights
2018
*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: +3.4% ($453,700 v. $438,900) Median Sale Price % Change: +2.6% ($400,000 v. $389,900)
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
May
4,902
3,292
2,969
471,200
420,000
48
April
4,210
3,102
2,409
452,100
405,000
53
18,257
13,011
10,986
452,700
402,400
61
4,665
3,201
2,803
460,700
409,000
37
17,506
13,360
11,492
448,600
399,500
51
5.1%
2.8%
5.9%
2.3%
2.7%
28.9%
Prev Mo 2019
16.4%
6.1%
23.2%
4.2%
3.7%
-9.4%
Year-to-date
4.3%
-2.6%
-4.4%
0.9%
0.7%
20.4%
Year-to-date
Change
Inventory in Months* 2017 2018 2019 January 1.7 2.2 3.3 February 1.9 1.9 2.7 March 1.3 1.6 2.2 April 1.7 1.8 2.2 May 1.5 1.9 2.1 June 1.6 2.1 July 2.1 2.4 August 2.0 2.3 September 2.3 3.1 October 2.1 2.7 November 1.9 2.8 December 1.6 2.5
May Year-to-date May
© Copyright RMLS™ 2019. All Rights Reserved.
AREA REPORT • 5/2019
Portland Metropolitan Area, Oregon RESIDENTIAL
COMMERCIAL
LAND
MULTIFAMILY
Year-To-Date
Year-To-Date
Year-To-Date
405,000
1.6%
4
766,300
13
247,300
14
799,200
NE Portland
532
458
81
283
-9.6%
270
534,500
38
1,675
1,152
-1.3%
1,000
473,100
426,500
0.7%
14
2,536,400
12
348,100
27
732,300
SE Portland
643
557
96
406
13.1%
350
433,500
39
2,140
1,553
0.5%
1,315
419,800
373,500
4.2%
17
502,400
16
256,600
61
697,200
144
Gresham/ Troutdale
387
309
33
204
5.2%
212
368,200
57
1,076
846
-3.4%
726
367,200
353,500
5.4%
3
347,900
29
259,800
10
624,000
145
Milwaukie/ Clackamas
472
354
63
238
-5.9%
236
444,600
43
1,398
1,036
-5.4%
898
431,400
409,000
2.6%
4
412,500
29
232,400
7
453,500
146
Oregon City/ Canby
348
255
37
169
-18.4%
183
435,700
53
976
759
0.7%
663
430,600
405,000
6.3%
8
899,100
32
318,000
10
389,700
147
Lake Oswego/ West Linn
450
318
70
187
-2.1%
161
695,600
64
1,148
683
-10.6%
573
669,100
580,000
0.9%
4
1,221,600
12
660,800
3
1,673,100
1,007
596
168
308
-1.3%
285
637,800
77
2,301
1,251
-1.3%
1,060
596,000
525,000
2.3%
7
630,800
18
325,500
12
678,300
NW Wash Co.
296
240
39
175
3.6%
151
536,900
46
902
690
-7.8%
550
525,900
510,100
-0.4%
1
290,000
14
279,300
1
715,000
150
Beaverton/ Aloha
313
432
53
335
10.9%
269
414,200
21
1,502
1,234
1.1%
1,017
405,100
389,000
7.5%
1
159,000
9
304,400
13
918,900
Tigard/ Wilsonville
497
432
53
307
0.3%
268
472,100
38
1,608
1,177
-9.5%
968
460,600
435,000
3.0%
4
510,200
17
400,100
5
548,400
Hillsboro/ Forest Grove
362
341
36
239
12.2%
184
423,400
34
1,220
891
-1.9%
716
401,900
379,900
4.2%
6
451,700
28
537,900
7
418,500
72
34
3
15
-16.7%
19
299,400
103
121
72
-11.1%
73
297,000
310,000
-0.7%
9
113,700
Columbia Co.
165
128
22
84
-4.5%
93
309,600
95
434
367
-9.6%
322
313,800
300,000
4.6%
6
268,100
31
107,100
3
358,300
Yamhill Co.
372
234
34
193
33.1%
145
373,900
49
924
723
8.7%
592
369,900
340,000
8.3%
3
761,600
34
442,500
9
411,900
141 142 143 148 149 153 155 156 1
Mt. Hood
-
Closed Sales
Pending Sales
New Listings
Total Market Time
Closed Sales -
Average Sale Price
422,300
Average Sale Price
513
Average Sale Price
2.7%
Closed Sales
577
Avg. Sale Price % Change2
832
Median Sale Price
47
Average Sale Price
426,300
Closed Sales
143
W Portland
Pending Sales 2019 v. 20181
Closed Sales
13.7%
3
Pending Sales 2019 v. 20181
149
Average Sale Price
Pending Sales
43
Expired.Canceled Listings
214
New Listings
266
Active Listings N Portland
151
Year-To-Date
152
Current Month
-
-
Percent change in number of pending sales this year compared to last year. The Current Month section compares May 2019 with May 2018. The Year-ToDate section compares 2019 year-to-date statistics through May with 2018 year-to-date statistics through May.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (6/1/18-5/31/19) with 12 months before (6/1/17-5/31/18).
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
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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 2017 3,214 3,109 3,313 3,753 4,325 5,211 5,785 5,940 5,998 5,415 4,596 3,771 2018 3,518 3,441 3,844 4,469 5,380 6,054 6,549 6,929 7,082 6,550 5,897 4,665 2019 4,760 4,579 4,808 5,400 6,182
TOTAL ACTIVE LISTINGS PORTLAND, OR
This graph shows the
Total Active Listings 9,000 8,000
total active listings over
7,000
the past three calendar
6,000
years in the greater Portland, Oregon metropolitan area.
5,000 4,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2017 4,386 4,315 4,553 5,006 5,656 6,626 7,239 7,400 7,430 6,855 6,026 5,022 2018 4,774 4,746 5,163 5,827 6,783 7,516 8,076 8,524 8,640 8,152 7,483 6,034 2019 6,210 6,059 6,289 6,929 7,830
NEW LISTINGS
New Listings
PORTLAND, OR
This graph shows the
5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000
new residential listings over the past three calendar years in the greater Portland, Oregon metropolitan area.
2017
2018
2019
3
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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
2017
2018
2019
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 2015
2,000
2016
1,500
2017
1,000
2018
500
2019
0
DAYS ON MARKET
Average Total Market Time 80
PORTLAND, OR
70
This graph shows the
60
average market time for
50
sales in the Portland,
40
Oregon metropolitan area
30
over the past three calendar
20
years. 2017 TMT
2018 TMT
2019 TMT
4
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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 $525,000 $475,000
$425,000 $375,000 $325,000
$275,000
Average Sale Price
Feb-19
May-19
Nov-18
Aug-18
May-18
Feb-18
Nov-17
Aug-17
Feb-17
May-17
Nov-16
Aug-16
May-16
Feb-16
Nov-15
Aug-15
May-15
Feb-15
Nov-14
Aug-14
May-14
Feb-14
Nov-13
Aug-13
May-13
Feb-13
Nov-12
Aug-12
May-12
Feb-12
Nov-11
Aug-11
$175,000
May-11
$225,000
Median Sale Price
Median Sale Price: Portland, OR & Clark Co., WA
MEDIAN SALE PRICE PORTLAND, OR
$450,000 $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
Oregon, metropolitan
$100,000
APR MAY JUN
JUL AUG SEP OCT NOV DEC JAN Clark County
FEB MAR APR MAY
Metro Portland, OR
5
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area and Clark County.
MEDIAN SALE PRICE May 2019
SW WASHINGTON
$319,000
$280,000
Woodland
N/NE Clark County
$360,000
PORTLAND
$450,000
Battle Ground
Ridgefield/La Center
METRO
$ 315,000 Columbia County $392,000 Salmon Creek
$390,000 Brush Prairie Hockinson
$415,500 Felida
$328,700 Hazel Dell Minnehaha
$ 520,000 North Washington County Sauvie Island
$ 400,000 Beaverton
$ 555,000 West Portland
Aloha
$ 444,500 Tigard/Tualatin Sherwood Wilsonville $ 353,000
5 Corners Orch.
$319,000 Cent. Vancouver $394,500 Heights
$ 408,000 N Portland
$ 399,900 Hillsboro Forest Grove
$323,500
$462,500 Camas/Washougal $ 490,000 NE Portland $ 381,000 SE Portland $ 419,500
$ 605,000
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn $ 421,500 Oregon City Canby Molalla Beavercreek
Yamhill County
6
$350,000 Cascade Park
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$ 355,000 Gresham Troutdale Sandy Corbett Fairview
$ 315,000 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 1200 1000 800 600
The statistics presented in Market Action are compiled monthly based on figures generated by RMLS™.
400 200 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.
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
$325,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 $150,000
RMLS™ was formed by area Boards and Associations of REALTORS® in 1991.
$125,000
2017
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™.
2018
2019
Pat Kaplan, Chairwoman of the Board Kurt von Wasmuth, President/CEO Tyler Chaudhary, Editor © Copyright RMLS™ 2019. All Rights Reserved.