A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon January Residential Highlights The Portland metro area started the year with a little mixed activity this January. New listings (2,212) rose 55.7% from December (1,421) but fell 12.2% short of the 2,519 new listings offered last year in January 2016. Similarly, pending sales (1,990) ended 13.3% stronger than last month in December (1,757) but were 11.3% cooler than last January (2,243). Closed sales, at 1,847, fell just 0.6% short of the 1,859 closings recorded last year in January 2016 but ended 29.5% below the 2,621 closings recorded last month in December 2016.
January 2017 Reporting Period
There were 3,214 active residential listings in the Portland metro area in January.
Average and Median Sale Prices Comparing the average price of homes sold in the twelve months ending January 31st of this year ($398,400) with the average price of homes in the twelve months ending January 2016 ($355,600) shows an increase of 12.0%. In the same comparison, the median has increased 12.9% from $309,900 to $350,000.
2017 2016 Change
*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
Total market time increased by nine days in January, ending at 58 days. During the same period, inventory rose slightly to 1.7 months. Portland Metro Residential Highlights
Inventory in Months* 2015 2016 2017 January 3.4 1.8 1.7 February 3.0 1.8 March 1.9 1.3 April 1.8 1.4 May 1.7 1.4 June 1.6 1.5 July 1.7 1.9 August 1.9 1.9 September 1.9 2.0 October 1.8 2.0 November 2.0 1.8 December 1.2 1.3
Average Sale Price % Change: +12.0% ($398,400 v. $355,600) Median Sale Price % Change: +12.9% ($350,000 v. $309,900)
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
January
2,212
1,990
1,847
409,900
350,000
58
Year-to-date
2,212
1,990
1,847
409,900
350,000
58
January
2,519
2,243
1,859
355,500
310,000
57
December
1,421
1,757
2,621
399,300
349,900
49
Year-to-date
2,519
2,243
1,859
355,500
310,000
57
-12.2%
-11.3%
-0.6%
15.3%
12.9%
2.2%
Prev Mo 2015
55.7%
13.3%
-29.5%
2.7%
0.0%
18.4%
Year-to-date
-12.2%
-11.3%
-0.6%
15.3%
12.9%
2.2%
January
© Copyright RMLS™ 2017. All Rights Reserved.
AREA REPORT • 1/2017
Portland Metropolitan Area, Oregon
-15.4%
64
341,900
28
95
77
-15.4%
64
341,900
328,700
12.5%
NE Portland
208
174
51
166
-23.9%
180
420,500
49
174
166
-23.9%
180
420,500
381,300
11.8%
-
-
1
SE Portland
308
253
62
229
-14.2%
220
358,000
50
253
229
-14.2%
220
358,000
314,000
10.6%
-
-
Gresham/ Troutdale
198
146
53
133
-25.7%
125
295,800
58
146
133
-25.7%
125
295,800
280,000
12.3%
1
Milwaukie/ Clackamas
281
189
63
155
-13.4%
149
373,200
65
189
155
-13.4%
149
373,200
351,600
11.9%
Oregon City/ Canby
197
116
35
118
-10.6%
116
380,700
62
116
118
-10.6%
116
380,700
347,000
12.1%
Lake Oswego/ West Linn
254
146
76
95
-20.8%
87
820,500
96
146
95
-20.8%
87
820,500
500,000
16.2%
W Portland
391
250
97
196
1.0%
197
571,900
79
250
196
1.0%
197
571,900
470,000
13.8%
NW Wash Co.
156
121
31
111
4.7%
80
482,100
47
121
111
4.7%
80
482,100
464,300
10.4%
-
Beaverton/ Aloha
164
184
39
182
-9.9%
157
351,700
42
184
182
-9.9%
157
351,700
340,000
12.1%
-
Tigard/ Wilsonville
287
211
55
194
10.2%
148
413,200
56
211
194
10.2%
148
413,200
385,900
9.2%
1
Hillsboro/ Forest Grove
205
162
49
139
-10.3%
143
354,600
38
162
139
-10.3%
143
354,600
323,000
15.0%
2
46
13
6
15
7.1%
18
307,600
93
13
15
7.1%
18
307,600
279,800
9.6%
Columbia Co.
109
51
19
50
-27.5%
54
263,500
95
51
50
-27.5%
54
263,500
264,800
11.6%
1
Yamhill Co.
291
101
38
130
-7.8%
109
316,700
59
101
130
-7.8%
109
316,700
280,000
12.7%
1
143 148 149 153 155 156 1
Mt. Hood
1
Average Sale Price 526,900
231,000
4
626,500
9
283,400
9
956,400
480,000
5
366,200
1
380,000
3
296,000
2
252,500
1
275,000
4
253,100
1
240,000
4
390,000
1
675,000
2
354,500
2
630,000
-
4
193,300
-
2
332,500
200,000
1
240,000
404,500
6
283,800
3
42,800
-
-
299,000
7
95,400
-
-
683,500
13
466,000
1
-
265,000
-
-
Closed Sales 1
-
299,000
Average Sale Price
Closed Sales
Closed Sales
Avg. Sale Price % Change2
Median Sale Price
Average Sale Price
Closed Sales
Pending Sales 2017 v. 20161
Pending Sales
New Listings
3
Total Market Time
77
144
Average Sale Price
36
145
Closed Sales
95
146
Pending Sales 2017 v. 20161
119
142
N Portland
147
Pending Sales
Year-To-Date
150
Expired.Canceled Listings
MULTIFAMILY
Year-To-Date
151
New Listings
Active Listings
LAND
Year-To-Date
152
141
COMMERCIAL Year-To-Date
Average Sale Price
RESIDENTIAL Current Month
-
-
-
-
3
2,258,300
-
2
1
317,500
206,000
Percent change in number of pending sales this year compared to last year. The Current Month section compares January 2017 with January 2016. The Year-To-Date section compares 2017 year-to-date statistics through January with 2016 year-to-date statistics through January.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (2/1/16-1/31/17) with 12 months before (2/1/15-1/31/16).
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™ 2017. 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 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 4,354 3,511 2017 3,214
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 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 5,767 4,731 2017 4,386
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.
2015
2016
2017
3
© Copyright RMLS™ 2017. 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
2015
2016
2017
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 2013
2,000
2014
1,500
2015
1,000
2016
500
2017
0
DAYS ON MARKET
Average Total Market Time 90
PORTLAND, OR
80
This graph shows the
70
average market time for
60 50
sales in the Portland,
40
Oregon metropolitan area
30
over the past three calendar
20
years. 2015 TMT
2016 TMT
2017 TMT
4
© Copyright RMLS™ 2017. 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
Jan-17
Oct-16
Jul-16
Apr-16
Jan-16
Jul-15
Oct-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
Apr-15
Jan-15
Oct-14
Jul-14
Apr-14
Jan-14
Jul-13
Oct-13
Apr-13
Oct-12
Jan-13
Jul-12
Apr-12
Jan-12
Jul-11
Oct-11
Apr-11
Oct-10
Jan-11
Jul-10
Apr-10
Jan-10
Jul-09
Oct-09
Apr-09
$175,000
Jan-09
$225,000
Oregon, metropolitan JAN
FEB
MAR
APR
MAY
JUN
Clark County
JUL
AUG
SEP
OCT
NOV
Metro Portland, OR
5
© Copyright RMLS™ 2017. All Rights Reserved.
DEC
JAN
area and Clark County.
MEDIAN SALE PRICE January 2017
SW WASHINGTON
$280,000
$328,000
Woodland
N/NE Clark County
PORTLAND
$294,500 $365,000
Battle Ground
Ridgefield/La Center
METRO
$ 264,800 Columbia County $359,700 Salmon Creek $309,500 Felida
$ 464,300 North Washington County Sauvie Island
Hockinson $283,000 Hazel Dell Minnehaha
$259,700 5 Corners Orch.
$258,000 Cent. Vancouver
$ 340,000 Beaverton Aloha
$ 385,900 Tigard/Tualatin Sherwood Wilsonville
$ 470,000 West Portland
$381,800 Camas/Washougal $ 381,300 NE Portland $ 314,000 SE Portland $ 351,600
$ 500,000
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn
$ 280,000 $ 347,000 Oregon City Canby Molalla Beavercreek
Yamhill County
6
$275,900 Cascade Park
$304,200 Heights
$ 328,700 N Portland
$ 323,000 Hillsboro Forest Grove
$345,000 Brush Prairie
© Copyright RMLS™ 2017. All Rights Reserved.
$ 280,000 Gresham Troutdale Sandy Corbett Fairview
$ 279,800 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 December 2016. Affordability Index
200 180 160 140 120 100 80 60 40 20 0
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 Dec-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 112% of a monthly mortgage payment on a median priced home ($349,900 in December). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 4.20% (per Freddie Mac).
Jeff Wiren, Chairman of the Board Kurt von Wasmuth, President/CEO Tyler Chaudhary, Editor © Copyright RMLS™ 2017. All Rights Reserved.