Q3 2023
OREGON • SW WASHINGTON • PUGET SOUND
PAC I F I C N O R T H W ES T
Q3
2023 MARKET REPORT
ABOUT THIS REPORT The Berkshire Hathaway HomeServices Quarterly Market Report features the latest MLS data and local market statistics. Through year-over-year comparisons of key performance indicators and market summaries, this report delivers a comprehensive overview of residential real estate activity for the regions we service across the Pacific Northwest, including: • Mid-Willamette Valley (Marion, Polk, Linn, and Benton) • Eugene, Coastal, and Southern Oregon (Lane, Tillamook, and Douglas) • Central Oregon • Greater Portland Metro Area • Southwest Washington (Vancouver Metro Area) • Greater Seattle Metro Area (King, Pierce, Snohomish, and Thurston)
Learn about trends affecting sales activity and price, read decisive takeaways for each market, and empower yourself with Northwest Knowledge.
ABOUT US Since 1942, we’ve been helping people buy and sell homes in Oregon and Washington. With 33 offices and a growing regional network of nearly 1,000 real estate professionals, we lead the Northwest in delivering exceptional service backed by data-driven market intelligence, just like you’ll find throughout this report. For more information and assistance to help successfully navigate today’s real estate market, contact your local Berkshire Hathaway HomeServices broker. We are All statistics are based upon MLS data for the period of 07/01/23 - 09/30/23.
BERKSHIRE HATHAWAY HOMESERVICES
PAC I F I C N O R T H W ES T
Q3
2023 MARKET REPORT
LET TER FROM THE EDITOR As we navigate the fall and winter months, buyers and sellers alike are keeping a close watch on interest rates, which have had a significant impact on the housing market and made affordability more of a challenge for many buyers. With homeowners unwilling to part with their lower interest rates unless life events necessitate a move, buyer demand continues to exceed inventory for sale. The low number of available homes in Oregon and Washington is reflective of the limited listing inventory across the U.S. and that trend is expected to continue, instilling optimism in sellers in the year ahead while the slower pace of the market may provide encouragement to home buyers seeking more flexible terms. With prices being closely linked to inventory levels, a slight increase in median home prices is anticipated through the end of next year. Across the Northwest, average sales prices in Q3 were generally higher than the previous quarter yet showed mixed results in some submarkets, ranging from modest movement to double-digit percentage increases and decreases. This has been a year impacted by inflation and rising interest rates which we anticipate will begin to trend downward and create a more balance market in the coming year, offering hope and opportunity for both buyers and sellers in our region. I am confident the insights shared in this report will provide valuable perspectives as you navigate the ever-evolving real estate landscape. You can trust the expertise of a Berkshire Hathaway HomeServices real estate professional to help guide you through the buying or selling process today, tomorrow, and forever.
Melanie Weidenbach, President & CEO
LET TER FROM THE EDITOR
BERKSHIRE HATHAWAY HOMESERVICES
Mid-Willamette Valley (Marion, Polk, Linn, and Benton) Inventory remained low and sales activity was down throughout the Mid-Willamette Valley, as buyers eyed rising rates with caution and sellers saw widespread price adjustments that gave them pause. Tight inventory and higher rates continue to constrain would-be buyers, but as inventory rises month-over month, buyers should expect more selection in the new year. DAYS ON MARKET Average days on market increased 42% to 44 days this quarter. In Monmouth, average days on market was up a slight 4% to 51, days but in Philomath, average days on market climbed significantly, rising 52% to 38 days. At 37 days, Salem/Keizer posted the fastest average time period; however, this figure still represented a 32% rise from yearago figures. AVERAGE SALES PRICE IAverage sales price ($453,188) was flat in the Mid-Willamette Valley compared with this time last year. Prices in Monmouth skyrocketed, up 54% from year-ago figures to record the highest average sales price in the region at $708,728. PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS Pending sales declined 12% to end Q3 2023 at 1,114. Active listings were also down, dropping 14% from year-ago figures to 2,487 from 2,889 last year, and new istings (1,482) fell 23% compared with this time last year. HOME SALES Closed transactions in Marion and Polk Counties declined 19% compared with Q3 2022, ending this quarter at 1,144. In Monmouth, closed units (23) were down 61% year-over-year, but in Independence, closed units increased, rising 8% to 40 units this quarter.
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
MID-WILLAMETTE VALLEY 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $451,885
SALEM/ KEIZER
28
$438,051
37
$472,197
STAYTON
24
$414,370
61
$460,976
DALLAS
30
$444,128
44
$460,177
MONMOUTH
49 $708,728
$422,384
INDEPENDENCE
36
$404,324
54 $487,132
PHILOMATH
25
$514,295
ALBANY
38
$442,989
28
$442,830
39 $562,086
CORVALLIS
34
$543,562
LEBANON
31
$395,883
33
$398,362
64
$370,866
SWEET HOME
37
$345,599
$0K
MID-WILLAMET TE VALLEY
$100K
$200K
$300K
51
56
$400K
$500K
$800K
BERKSHIRE HATHAWAY HOMESERVICES
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
MID-WILLAMETTE VALLEY 2023
2022
NUMBER OF CLOSED UNITS
1200 1000 910
800 600
731
400
SALEM/ KEIZER
200
320 300 280 260
257
240
243
220 200
208
180 166
160 140 120
129
100
109
80
93
93
68
60 59
55 37
SWEET HOME
LEBANON
CORVALLIS
22
PHILOMATH
MONMOUTH
STAYTON MID-WILLAMET TE VALLEY
40
23
22
INDEPENDENCE
20
37
ALBANY
44
DALLAS
40
BERKSHIRE HATHAWAY HOMESERVICES
Eugene, Coastal,& Southern Oregon (Lane, Tillamook, and Douglas) Eugene, Coastal and Southern Oregon posted moderate gains and losses this quarter. New listings were slightly lower than this time last year, active listings were slightly higher, and average sales price edged up overall, though various cities saw double-digit percentage price declines and gains. DAYS ON MARKET Average days on market in the region was up 36% from year-ago figures, ending Q3 at 34 days. In Tillamook, it jumped 148% to an average of 109 days. Eugene posted the fastest average market time at 26 days, which was a 30% rise from this time last year. CLOSED UNITS Closed units fell 17% year-over-year to 1,566 this quarter. While most cities in the region also posted closed unit declines, there were three notable standouts: In Florence, closed units (111) only decreased by 1%; in Garibaldi, closed units (2) were unchanged from last year; and in Netarts/Oceanside, closed units (12) increased 20% from year-ago figures. NEW LISTINGS, ACTIVE LISTINGS, AND PENDING SALES Throughout the region, new listings dropped 5% to 2,099, active listings increased 1% to 3,299 and pending sales missed the mark by 12% to end the quarter at 1,526 compared with 1,739 in Q3 of last year. AVERAGE SALES PRICE Average sales price increased 1% to $454,149 in Eugene, Coastal and Southern Oregon. In Tillamook, average sales price ($449,223) was 14% higher than Q3 2022. Netarts/Oceanside posted the highest average – $613,458, still a 29% drop in average sales price compared with this time last year.
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
EUGENE, COASTAL, & SOUTHERN OREGON 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $514,630
EUGENE
26
$380,220
ROSEBURG GARIBALDI
31
$368,212
38
$351,250
20
$301,250
37
$395,446
TILLAMOOK
44
$449,223
109 $858,500
NETARTS/ OCEANSIDE
$613,458
35
$466,123
$150K
EUGENE, COASTAL, & SOUTHERN OREGON
$300K
$450K
17 42
$429,214
FLORENCE
$0K
20
$520,593
49
$600K
$750K
$900K
BERKSHIRE HATHAWAY HOMESERVICES
PAC I F I C N O R T H W ES T
Q3
2023 MARKET REPORT
EUGENE, COASTAL, & SOUTHERN OREGON 2022
2023
NUMBER OF CLOSED UNITS
850 800 750 721
130
650 614
110
550
112
111
100
500
90
450
80
400
70
350
60
300
50
250
40
150
173
39
30
26
20
100
10
50 ROSEBURG
EUGENE
2
EUGENE, COASTAL, & SOUTHERN OREGON
10
2
12
FLORENCE
195
NETARTS/ OCEANSIDE
200
TILLAMOOK
600
120
GARIBALDI
700
BERKSHIRE HATHAWAY HOMESERVICES
Central Oregon New listings, active listings, closed transactions, and pending sales all experienced year-over-year declines in Central Oregon, but with low inventory and strong demand from those buyers remaining in the buyer pool, average prices held steady. The days-on-market average nearly doubled, reflecting a wait-and-see approach among buyers looking for price adjustments, lower interest rates or ideally, both. AVERAGE SALES PRICE Compared with this time last year, average sales price in Central Oregon ($795,860) remained virtually unchanged. In a city-by-city analysis, results are mixed: Year over year, average sales price was flat in Redmond/Terrebonne ($556,786), fell 21% in Sunriver ($699,515), and increased 3% in Bend ($924,355), where the highest average sales price in the region was recorded. CLOSED TRANSACTIONS & PENDING SALES Closed transactions declined 11% from year-ago figures to end Q3 2023 at 1,146. Across the board, closed transactions were down in all cities surveyed for this report, but fell most dramatically in Bend, where 655 units represented a 15% decrease from year-ago figures. Pending sales (1,135) were down 2% compared with this time last year. NEW LISTINGS & ACTIVE LISTINGS At 1,312, new listings in Central Oregon decreased 17% year-over-year. Active listings were also lower, falling 7% from year-ago figures to 2,476 this quarter. DAYS ON MARKET Jumping 41%, average days on market in Central Oregon increased to 41 days, compared with 29 days in Q3 2022. In Sunriver, average days on market (56 days) increased 124% from year-ago figures, though results were less dramatic elsewhere in the region, such as Redmond/Terrebonne, where average days on market (37 days) was up 28% from this time last year.
PAC I F I C N O R T H W ES T
Q3
2023 MARKET REPORT
CENTRAL OREGON 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $894,101
BEND
$924,355
REDMOND/ TERREBONNE
$557,143
29 37 $888,727 $699,515
$150K
$300K
35
$556,786
SUNRIVER
$0K
26
$450K
$600K
25 56
$750K
$900K
NUMBER OF CLOSED UNITS 450 400 1,200
350
1,050
300
600
250
771 655
200
450
150
300
100
150
50
BEND CENTRAL OREGON
265 261
66
62
SUNRIVER
750
REDMOND/ TERREBONNE
900
BERKSHIRE HATHAWAY HOMESERVICES
Greater Portland Metro Area Inventory continues to increase throughout the Greater Portland Metro Area, which is putting pressure on prices throughout the region, especially as affordability wanes amid higher interest rates. Activity slowed this quarter, with new listings, active listings, pending sales, and closed transactions all posting lower figures than this time last year. DAYS ON MARKET In the Greater Portland Metro Area, average market time increased 39% to an average of 32 days. Across the region, average days on market was up, though on a percentage basis it jumped the most in Tigard/Tualatin – a 200% year-over-year climb to an average of 57 days – and the least in West Linn – a 8% year-over-year rise to an average of 26 days. NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES New listings (8,596) fell 16% from year-ago figures and pending sales (5,798) were down 14% compared with Q3 of last year. Active listings declined 9% year-overyear to end Q3 2023 at 13,257. AVERAGE SALES PRICE Average sales price in the Greater Portland Metro Area was $610,969 this quarter, a 1% drop from year-ago figures. Lake Oswego recorded the highest average sales price in the region – $1,221,571, which was a 16% increase from year-ago figures. Average sales price in Sherwood also saw double-digit percentage gains, jumping 20% year-over-year to $848,294. CLOSED TRANSACTIONS Closed transactions (6,069) missed the mark by 19% compared with this time last year, but a city-by-city analysis reveals losses and gains. In Tigard/Tualatin, closed units dropped 55% from year-ago figures to 123, but in McMinnville, closed units increased 6% from year-ago figures to 137 this quarter.
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER PORTLAND METRO AREA 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $759,755
PORTLAND - W
28
$724,302
38
$510,015
PORTLAND - N
25
$476,818
PORTLAND - NE
34 $594,281
21
$588,967
27
$543,440
PORTLAND - SE
23
$515,022
25
NW WASHINGTON COUNTY
$744,130
22
$764,551
26 $1,050,338
LAKE OSWEGO
24
$876,095
26
$508,819
GRESHAM/ TROUTDALE
23
$482,648
27 $579,737
SANDY
22
$536,463
MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY
36
$597,614
25
$577,295
34
OREGON CITY
$608,709
27
$606,054
34
$620,371
CANBY
24
$572,277
BEAVERTON/ ALOHA
64
$553,572
21
$555,080
24
$630,089
TIGARD/ TUALATIN
19
$613,318
WILSONVILLE HILLSBORO/ FOREST GROVE
57 $715,391
21
$706,746
30
$591,482
23
$565,181
29 $705,702
SHERWOOD
21 $848,294
41
$462,924
MCMINNVILLE
21
$490,662
33 $633,819 $627,594
YAMHILL/ CARLTON
22 51
$575,188
NEWBERG
$250K
27
$906,700
WEST LINN
COLUMBIA COUNTY
19
$1,221,571
19
$537,897
30
$450,787
25
$435,732
$375K
GREATER PORTLAND METRO AREA
38
$500K
$625K
$750K
$875K
$1M
$1.25 M
$1.5 M
BERKSHIRE HATHAWAY HOMESERVICES
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER PORTLAND METRO AREA 2023
2022
NUMBER OF CLOSED UNITS 1300 1200 1100 1000 900 900
800
720 692
632
610 505
300
336 283
387 307
244
203 204 108
WEST LINN
LAKE OSWEGO
NW WASHINGTON COUNTY
PORTLAND - SE
PORTLAND - NE
PORTLAND - N
201
MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY
159
100
PORTLAND - W
349 299
GRESHAM/ TROUTDALE
200
497
480
400
172
116
113
BEAVERTON/ ALOHA
500
CANBY
600
770
OREGON CITY
700
700 600 500 498
400
403
300
GREATER PORTLAND METRO AREA
172 129
102
137
MCMINNVILLE
COLUMBIA COUNTY
SANDY
74
26
24
144
126
NEWBERG
100
SHERWOOD
103
HILLSBORO/ FOREST GROVE
123
124
106
YAMHILL/ CARLTON
201
TIGARD/ TUALATIN
100
274
WILSONVILLE
200
BERKSHIRE HATHAWAY HOMESERVICES
Southwest Washington (Vancouver Metro Area) New listings and active listings were both down in Southwest Washington, reflecting low levels of inventory, but average sales price dropped just 2% from year-ago figures as high demand in the Vancouver Metro Area kept home prices relatively steady. DAYS ON MARKET Average days on market in the Vancouver Metro Area lengthened 11% from year-ago figures to 30 days. In Battle Ground, average days on market jumped 53% year-overyear to 49 days, but in Washougal, average days on market fell 26% to an average of 31 days. At 26 days, Vancouver posted the fastest days on market average for the region, which represented an 8% rise from Q3 figures last year. AVERAGE SALES PRICE In Southwest Washington, average sales price ($592,897) declined 2% from year-ago figures. In Battle Ground, average sales price ($615,517) fell 24% compared with this time last year, though in Woodland, average sales price ($608,073) increased 19% on a year-over-year basis. CLOSED TRANSACTIONS & PENDING SALES Closed transactions dropped 20% to end the quarter at 1,698. Year-over-year, closed units in La Center nearly doubled, jumping 50% to 54 units this quarter. In Longview/Kelso, closed units revealed a different story, dropping 32% from year-ago figures to a total of 170 units this quarter. NEW LISTINGS & ACTIVE LISTINGS Compared with year-ago figures, new listings (2,120) decreased 17%, active listings declined 15% to 3,227, and pending sales fell by 17% to 1,575 this quarter.
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
SW WASHINGTON METRO AREA 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $526,629
VANCOUVER
24
$537,409
26 $725,316
WASHOUGAL
42
$661,968
31 $813,566
BAT TLE GROUND
32
$615,517
49
$512,931
WOODLAND
30 $608,073
41
$657,932
LA CENTER
37
$584,285
31 $702,907
RIDGEFIELD
23
$639,971
35 $799,447
CAMAS
29
$838,859
LONGVIEW/ KELSO
$200K
$300K
31
$381,325
26
$398,092
31
$400K
$500K
$600K
$700K
$800K
$900K
NUMBER OF CLOSED UNITS 325 2000
300
1800
250
1600
225
249
1400
176
150 125
600
100
400
75
200
50
135
103
132
94
55
SW WASHINGTON METRO AREA
WOODLAND
BAT TLE GROUND
WASHOUGAL
VANCOUVER
40
54 36
LONGVIEW/ KELSO
800
170 156
CAMAS
1,050
178
RIDGEFIELD
1000
182
175
LA CENTER
1200
200 1,263 1,363 1,252
BERKSHIRE HATHAWAY HOMESERVICES
Greater Seattle Metro Area (King, Pierce, Snohomish, and Thurston) While Q3 usually experiences an early-autumn housing market slowdown, this decrease in activity was compounded by rising rates that continue to sideline buyers and impact affordability. With pent-up demand and low inventory in the Greater Seattle Metro Area, prices are expected to gradually increase throughout the new year. DAYS ON MARKET In the Greater Seattle Metro Area, days on market increased 9% from an average of 23 days in Q3 last year to 25 days this quarter. Gig Harbor/Key Peninsula recorded the highest days on market average for the region at 40 days, which was a 60% jump from year-ago figures. Some areas went against the regional trend; days on market in Snohomish County (23 days) fell 4% compared with this time last year and days on market in Kirkland/Bridle Trails (16 days) dropped 27% this quarter from Q3 last year. CLOSED TRANSACTIONS Closed transactions (13,425) were down 21% compared with the same period last year. Across the Greater Seattle Metro Area, closed units fell, though they declined the least on a percentage basis in West Seattle, where 417 closed units this quarter represented just a 3% decrease from Q3 2022. PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS Pending sales (13,013) declined 18% from year-ago figures; new listings (16,441) dropped 25% year-over-year, and active listings in the Greater Seattle Metro Area(22,802) missed the mark by 26% compared with this time last year. AVERAGE SALES PRICE Average sales price increased 2% from year-ago figures, ending Q3 2023 at $852,265. Throughout the region, average sales prices didn’t follow a consistent trend, posting numbers that were both up and down compared with Q3 last year. Notably, in Juanita/Woodinville, sales price was up 18% from year-ago figures, ending Q3 2023 at an average of $1,488,467. Average sales price decreased the most on a percentage basis in North Seattle, with a 5% year-over-year decline and a Q3 2023 average sales price of $1,019,156.
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER SEATTLE METRO AREA 2022
AVERAGE SOLD PRICE KING COUNTY PIERCE COUNTY
$1,014,411
21
$1,040,431
23
$613,856
25
$600,913
28
SNOHOMISH COUNTY THURSTON COUNTY
$774,997
24
$776,467
23
$542,871
22
$561,954
26
WEST SEAT TLE
$876,859
18
$872,997
24
CENTRAL SEAT TLE
$1,102,345
19
$1,118,727
29
$1,074,635
NORTH SEAT TLE
16
$1,019,156
BURIEN/ NORMANDY PARK KENT
21
$640,034
19
$718,791
29
$621,761
22
$631,782
26 $1,560,914
BELLEVUE FEDERAL WAY/ DASH POINT
PUYALLUP
22
$1,686,652
19
$589,599
20
$568,103
22
GIG HARBOR/KEY PENINSULA TACOMA/ UNIVERSITY PLACE
$877,188
25
$914,706
40
$548,792
23
$536,992
24
$577,534
28
$566,015
25
$813,298
LYNNWOOD/ EDMONDS
22
$846,829
EVERET T
19
$622,553
21
$628,265
18 $2,803,104
MERCER ISLAND
21
$1,358,183
20
$1,390,339
22
$1,368,042
16
$1,260,352
JUANITA/ WOODINVILLE
$0K
20
$1,333,970
KIRKLAND/BRIDLE TRAILS
LACEY/ DUPONT
20
$2,735,579
REDMOND/ CARNATION
OLYMPIA
AVERAGE DAYS ON MARKET
2023
24
$1,488,467
26
$588,232
21
$625,158
25
$525,180
22
$532,198
24
$375K
GREATER SEAT TLE METRO AREA
$750K
$1.1M
$1.5M
$1.8M
$2.2M
$2.6M
$3M
$3.3M
BERKSHIRE HATHAWAY HOMESERVICES
Q3
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER SEATTLE METRO AREA 2023
2022
NUMBER OF CLOSED UNITS 11,000 10,000
900
9,000
800 700
8,019
600
7,000
500 400
5,000
432
417
300
4,000 3,531
249
239
GIG HARBOR/ KEY PENINSULA
FEDERAL WAY/ DASH POINT
BELLEVUE
KENT
1,082
THURSTON COUNTY
SNOHOMISH COUNTY
1,390
PIERCE COUNTY
330
307
100
1,000
KING COUNTY
401
287
200 2,755
417 339
BURIEN/ NORMANDY PARK
2,915
2,000
347
336
300
WEST SEAT TLE
3,000
432
NORTH SEAT TLE
3,978
439
434
1,750
700
1,500
600
1,250
500
1,281
1,000 931
GREATER SEAT TLE METRO AREA
112
JUANITA/ WOODINVILLE
KIRKLAND/ BRIDLE TRAILS
MERCER ISLAND
69
137
82
REDMOND/ CARNATION
100
511
659 487
250
622
537
466
407
408 312
LACEY/DUPONT
706
500
200
OLYMPIA
315
750
344
EVERET T
382
LYNNWOOD/ EDMONDS
355
300
PUYALLUP
400
TACOMA/ UNIVERSITY PLACE
6,000
6,673
CENTRAL SEAT TLE
8,000
BERKSHIRE HATHAWAY HOMESERVICES
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