Q1-2024-OR-WA-Puget-Sound

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, & Benton)

• Eugene, Coastal, and Southern Oregon (Lane, Tillamook, & Douglas)

• Central Oregon

• Greater Portland Metro Area

• Southwest Washington (Vancouver Metro Area)

• Greater Seattle Metro Area (King, Pierce, Snohomish, & 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 datadriven 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 Jan 1, 2024 – Mar 31, 2024.

LETTER FROM THE EDITOR

Fluctuating mortgage rates had a definite impact on the Q1 2024 Pacific Northwest residential real estate market, but as our Q1 2024 Market Report reflects, the impact of rates alone doesn’t tell the whole story.

Inventory across the region increased in the first quarter of the year, and even these elevated levels of supply weren’t enough for current buyer demand. The result? Prices climbed, despite higher rates affecting affordability.

With the spring selling season picking up speed, the Pacific Northwest marketplace continues to be anything but straightforward. Buyers will benefit from turning to Berkshire Hathaway HomeServices real estate professionals to help find homes that fit their specific needs, navigate the complexities of the transaction, and negotiate in their best interests.

For sellers, it’s all about pricing, (or more specifically, pricing right) and a Berkshire Hathaway HomeServices sales professional will help you obtain the most value for your property based on the latest comparable sales and local market trends.

Delving into trends, this Market Report is rich with insights tailored to enhance your understanding of the Pacific Northwest’s dynamic real estate landscape. Armed with this Northwest Knowledge, you will be better prepared to navigate your next real estate venture. When you decide to buy or sell, collaborating with a Berkshire Hathaway HomeServices real estate professional will bolster your confidence and ensure you are poised to achieve your real estate aspirations.

Melanie Weidenbach, President & CEO

Mid-Willamette Valley

(Marion, Polk, Linn, & Benton)

Inventory is on the rise throughout the Mid-Willamette Valley, a good sign this year for buyers impacted in 2023 by increased competition and the uncertainty of interest rates. Prices, though fluctuating, are still generally on an upward trajectory, and the average for days on market is trending down. Mid-Willamette market conditions are lining up for a faster-paced, strong spring selling season ahead.

DAYS ON MARKET

Average days on market in the Mid-Willamette Valley fell 2% year-over-year to 62 days. The market significantly slowed in Philomath (77 days-on-market average) and Dallas (106 dayson-market average), climbing year-over-year by 175% and 77%, respectively.

AVERAGE SALES PRICE

Throughout the Mid-Willamette Valley, average sales price increased 4% to $452,296 this quarter. In Monmouth, average sales price – $500,205 – jumped 11% from year-ago figures but in Philomath, average sales price – $455,279 – fell 22% this quarter compared with Q1 of last year.

PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS

Pending sales (1,040) were up a slight 1% from year-ago figures, new listings (1,267) increased 6%, and active listings (2,247) were flat, unchanged in Q1 2024 compared with Q1 2023.

HOME SALES

Falling 13% year-over-year, closed transactions in the MidWillamette Valley ended Q1 2024 at 811. In Monmouth, closed units went against this trend, rising 37% to 26 units this quarter. Home sales in Dallas also picked up speed compared with last year, increasing 15% to 76 in Q1 2024.

MID-WILLAMETTE VALLEY

NW MARKET REPORT Q1 2024

MID-WILLAMETTE VALLEY

STAYTON DALLAS

INDEPENDENCE MONMOUTH PHILOMATH ALBANY

Eugene, Coastal, & Southern Oregon

(Lane, Tillamook, & Douglas)

New year, new market strength in Eugene, Coastal, and Southern Oregon. Active listings and new listings were higher than they were in the beginning of 2023, giving prospective buyers more available homes for their selection. Prices in general remained on the rise throughout the region, however in Coastal Oregon, Tillamook and Netarts saw year-over-year price declines.

DAYS ON MARKET

Average days on market in Eugene, and Southern Oregon increased 18%, from 51 days this time last year to 60 days this quarter. In the cities, days on market changes were dramatically different, depending on the location. In Tillamook, for instance, average days on market soared 244% year-over-year to 210 days. In Sweet Home, days on market dropped 33% from yearago figures to 58 days. At 47 days, Eugene posted the lowest average days on market for the region, a 9% increase compared with this time last year.

CLOSED TRANSACTIONS

Closed transactions (1,105) were virtually unchanged from last year, though two individual cities saw notable home sale movement. Closed units in Lebanon (83) and Corvallis (109) increased year-over-year by 32% and 24%, respectively.

NEW LISTINGS, ACTIVE LISTINGS, AND PENDING SALES

New listings (1,560) were up 5% compared with Q1 of last year, active listings increased 10% to end the quarter at 2,711, and pending sales (1,306) were 1% higher than the same time period a year ago.

AVERAGE SALES PRICE

Up 5% from Q1 of last year, average sales price ended Q1 2024 at $434,590. In Roseburg, average sales price ($410,738) jumped 18% but in Tillamook, average sales price trended down, falling 47% year-over-year to end the quarter at $233,500.

EUGENE, COASTAL, & SOUTHERN OREGON

EUGENE, COASTAL, & SOUTHERN OREGON

Central Oregon

In Central Oregon, inventory levels edged up, but fluctuating interest rates were a major contributing factor in keeping some buyers out of the market and giving prospective sellers pause. Still, new listings brought new life to the Q1 Central Oregon market, and sales activity increased across the region.

AVERAGE SALES PRICE

Average sales price in Central Oregon was up 8% yearover-year, rising from $716,838 to $772,834 this quarter. In Bend, average sales price experienced a 9% increase, and at $878,486, was the highest average posted in the region. In Sunriver, average sales price missed the mark by 15%, ending Q1 2024 at $717,955.

CLOSED TRANSACTIONS & PENDING SALES

Closed transactions (773) were up 5% compared with this time last year. Sunriver’s closed units (39) jumped a notable 34% from year-ago figures. Pending sales slipped 1% to end Q1 2024 at 951.

NEW LISTINGS & ACTIVE LISTINGS

New listings increased 7% year-over-year to 1,167 throughout Central Oregon. Active listings – 2,110 – also increased, rising 6% from year-ago figures.

DAYS ON MARKET

Average days on market saw a negligible 1% decrease, lowering from 67 days in Q1 2023 to 66 days this quarter. In Sunriver, the change was more dramatic; average days on market fell 52% compared with this time last year, to an average of just 31 days this quarter.

PACIFIC NW MARKET REPORT Q1 2024

CENTRAL OREGON

NUMBER OF CLOSED UNITS

REDMOND/ TERREBONNE SUNRIVER

Greater Portland Metro Area

Sales activity in the Greater Portland Metro Area posted inconsistent results, picking up in several cities, while declining in others. Overall, buyer demand outweighing current available inventory kept prices climbing, as the average days on market lengthened throughout many parts of the region.

DAYS ON MARKET

Average days on market increased 8% from year-ago figures to an average of 54 days throughout the Greater Portland Metro Area. Analyzing the cities, results were up and down; Tigard/Tualatin’s average days on market (72 days) jumped 85% year-over-year while Newberg’s average days on market fell 25% to 54 days.

NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES

New listings (6,514) remained flat this quarter, active listings (10,657) edged up 3% compared with last year and pending sales missed the mark by 3%, declining to 5,191 this quarter compared with 5,326 in Q1 of last year.

AVERAGE SALES PRICE

Average sales price increased 2% from year-ago figures to $582,127 this quarter. Lake Oswego posted the highest average sales price in the Greater Portland Metro Area–$1,134,288 – and this figure represents a 2% drop compared with average sales price in Q1 2023. In Tigard/Tualatin, average sales price jumped the most on a percentage basis, rising 14% from year-ago figures to end Q1 2024 at $663,112.

CLOSED TRANSACTIONS

In the Greater Portland Metro Area, closed transactions were down by 7%: 4,189 transactions this quarter compared with 4,519 closed transactions this time last year. In the cities, closed units jumped by 33% in Lake Oswego (117) and 22% in Wilsonville (66). Conversely, in Southeast Portland, closed units (440) declined 28% and in Newberg, closed units (68) decreased by 26%.

PACIFIC NW MARKET REPORT Q1 2024

GREATER PORTLAND METRO AREA

PACIFIC NW MARKET REPORT Q1 2024

GREATER PORTLAND METRO AREA

Southwest Washington

(Vancouver Metro Area)

New listings and active listings posted double-digit percentage gains this quarter, indicating a shift in a market once troubled by tight inventory that couldn’t keep pace with buyer demand. Higher interest rates slowed Vancouver Metro Area sales activity this quarter, but as the spring selling season approaches, expect home sales to pick up pace.

DAYS ON MARKET

Rising 6%, average days on market in Southwest Washington was recorded at 54 days this quarter. In most Southwest Washington cities surveyed, average days on market went up – in Ridgefield, it jumped 46% year-over-year to 73 days –but two cities posted days-on-market declines. Average days on market in La Center fell 15% to 64 days and Vancouver’s average days on market (45 days) was down 8% from this time last year.

AVERAGE SALES PRICE

Average sales price increased 2% year-over-year, landing at $566,809 this quarter. Woodland’s average sales price jumped 10% from-year ago figures to $601,223. Most Southwest Washington cities experienced a rise in average sales price, except La Center and Battle Ground, where prices dropped 21% and 1%, respectively.

CLOSED TRANSACTIONS & PENDING SALES

Throughout the Vancouver Metro Area, closed transactions (1,238) missed the mark by 4% compared with this time last year. In Woodland, closed units dropped 35% year-over-year to 28. Closed units in La Center proved to be an outlier to this trend, climbing 219% from year-ago figures to 51 this quarter from 16 last year. Rising 3%, pending sales in Southwest Washington ended Q1 2024 at 1,591.

NEW LISTINGS & ACTIVE LISTINGS

New listings (1,908) increased 10% and active listings followed this same trajectory, up 12% year-over-year to 3,010 this quarter.

SW WASHINGTON METRO AREA

NUMBER OF CLOSED UNITS

Greater Seattle Metro Area

(King, Pierce, Snohomish, & Thurston)

One of the spotlights in the Q1 2024 Greater Seattle Metro Area market is a noticeable increase in new listings, which provided buyers with more options in their home searches. Even with this rise, buyer demand continues to outpace supply, sending home prices on a continual upward trajectory.

DAYS ON MARKET

In the Greater Seattle Metro Area, average days on market dropped 19% from year-ago figures, ending Q1 2024 at a fast-moving 38 days. On a percentage-basis, days on market fell the most in Lynnwood/Edmonds, where an average of 23 days this quarter represented a 53% decline from Q1 2023 and was tied for the lowest days on market in the region. Redmond/Carnation also had an average days on market of 23 days, a 51% decrease from year-ago figures.

CLOSED TRANSACTIONS

Closed transactions fell 4% year-over-year to 9,917 this quarter. Analyzing the Seattle Metro cities surveyed for this report, Q1 2024 results were mixed. In Kirkland/Bridle Trails, for instance, closed units (318) were up 28% from year-ago figures. By contrast, in Puyallup, closed units missed the mark by 36% compared with this time last year, ending Q1 2024 at 326 units.

PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS

Pending sales (12,340) increased 2% from year-ago figures, new listings (14,099) were up 8% compared with this time last year, and active listings fell a slight 1% to end Q1 2024 at 18,818.

AVERAGE SALES PRICE

Average sales price increased 12% this quarter, rising from $784,558 to $875,478. Average sales price in Kirkland/Bridle Trails climbed 23% year-over-year to $1,549,849 this quarter. Mercer Island posted the highest average sales price ($2,362,113) in the region, increasing 3% compared with year-ago figures.

PACIFIC NW MARKET REPORT Q1 2024

GREATER SEATTLE METRO AREA

GREATER SEATTLE METRO AREA