Oregon Area | Coldwell Banker Bain 2021 Q2 Market Report

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OREGON 2021 Q2 MARKET REPORT

coldwellbankerbain.com


Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6 billion in sales in 2020. With 32 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 43 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound are and the Pacific Northwest. As important to us as business success— we also provide services in property management, commercial real estate, real estate investment and relocation management— is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.


JOHN DEELY executive VP of Operations Reflecting on the second-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “We continue on a trajectory that will keep the Puget Sound region at the top of national lists for one of the hottest housing markets. Prices continue their climb with double digit increases in most of our markets, and inventory on hand at about two weeks in the larger areas. While we’re experiencing a bit of moderating activity in June, rather than that being an indication of a flattening of the market, we believe this is a result of our extreme heat events, a typical summer slowdown as schools let out and people start vacationing, and this year, the reopening of the country and discontinuation of COVID restrictions. The dramatic increase in prices and low inventory just continues in such a way that although we have more inventory coming on the market, it is immediately absorbed because of a demand that simply cannot be met. Affordability, especially for first-time homebuyers, continues to be a concern, and given indications from tech companies like Amazon and Microsoft to leasing large office spaces and hiring thousands of employees going forward in our region, drawing people from higher-priced markets like Silicon Valley who have a lot of money to spend, we don’t see much change in this scenario for buyers in the short term. Additionally, with national data of new household formations showing a shortage of more than 500,000 new homes per year for the entire decade, we have a nationwide shortfall of five million new homes. Without regulatory changes, we will not be able to quickly build our way out of this kind of shortfall. It’s a situation major cities and regions across the country will need to address going forward to ensure availability and affordability of homes.”

2021 Q2 OREGON MARKET REPORT

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Q2 2021 MARKET REPORT Photo: Jessica Barger

WARD SPEARS oregon regional manager Reflecting on the overall market, Ward Spears, Oregon Regional Manager for Coldwell Banker Bain, said, “The story in the real estate market continues to be one of strong demand and low inventory. This trend has accelerated in the first quarter with the number of pending sales almost double the number of active listings in the Portland metro area at the end of the quarter. The only way this unusual statistic occurs is if homes placed on the market sell almost immediately, almost every time. In fact, the average time on the market is about half what it was a year ago. As the market becomes even more seller-friendly one might wonder ‘how long does this last?’ Fortunately, certain factors are encouraging for the long-term. Positive demographics, employment growth, and ongoing limits to supply are resilient factors that should support a strong housing market going forward. In such a strong sellers’ market an experienced broker provides more value than ever. It’s not only about getting an offer and accepting it, it’s having a broker with the expertise to know how to manage and leverage a multiple offer scenario and doing so in a way that results in what can be a significant in the price for a home seller.”

4 2021 Q2 OREGON AREA MARKET REPORT


portland area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

NORTH PORTLAND | NORTHEAST PORTLAND | SOUTHEAST PORTLAND WEST PORTLAND & RALEIGH HILLS | LAKE OSWEGO & WEST LINN | PORTLAND METRO

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

14

$560K

Portland Metro Area

9

$525K

N. Portland NE Portland

12

$560K

12

$502K

SE Portland W. Portland & Raleigh Hills

16

$749K

Lake Oswego & West Linn

18

$888K

Portland Metro Condos Portland Metro Luxury

33

$315K

33

$1.295M $300K

$600K

$900K

NUMBER OF SALES CLOSED

$1.2M

$1.5M

7,174 | TOTAL SALES CLOSED TOTAL PORTLAND METRO (TRI-COUNTY) AREA

1200 1000

1140

800

1031

600

809

400 200

650

636

458

385

0

N. Portland

NE Portland

SE Portland

INVENTORY IN UNITS / 06.30.21

W. Portland & Raleigh Hills

Lake Oswego & West Linn

Portland Metro Condos

TOTAL PORTLAND AREA INVENTORY / 1,687

Portland Metro Luxury

-32.8%

91

187

252

232

119

542

443

+24.7%

-9.2%

-9.7%

-29.7%

-54.8%

-29.2%

-11.4%

N. Portland

NE Portland

SE Portland

W. Portland & Raleigh Hills

Lake Oswego & West Linn

Portland Metro Condos

800

Portland Metro Luxury

2021 Q2 OREGON MARKET REPORT

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Q2 2021 MARKET REPORT Photo: Jessica Barger

BRIAN HOUSTON principal MANAGing broker for Portland west Said Brian Houston, Principal Managing Broker of Coldwell Banker Bain of Portland West, “Housing in the Portland Metro area continues to remain strong. The average sale price has increased by 20.4 percent over the same time period compared to last year. Low interest rates and buyer demand has driven closed sales to 37.9 percent over last year’s closed sales number. The concern is the lack of inventory. By looking at the numbers one may think that there is not a problem but with closed sales outpacing the number of new homes entering the market, the available inventory is down 32.8 percent compared to the same time period last year.

6 2021 Q2 OREGON AREA MARKET REPORT


portland area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

MILWAUKIE, GLADSTONE & HAPPY VALLEY | GRESHAM, SANDY, TROUTDALE & CORBETT OREGON CITY, BEAVER CREEK, CANBY, MOLALLA & MULINO | NW WASHINGTON COUNTY & SAUVIE ISLAND BEAVERTON & ALOHA | TIGARD, TUALATIN, SHERWOOD & WILSONVILLE | HILLSBORO & FOREST GROVE 1200 1000

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

800

Milwaukie, Gladstone 600 & Happy Valley

15

$537K

400 Gresham, Sandy, Troutdale & Corbett

12

$468K

200

Oregon City, Beaver Creek, Canby, 0 & Mullino Molalla

$545K

19

NW WA County & Sauvie Island

$702K

Beaverton & Aloha

18

$544K

Tigard, Tualatin, Sherwood & Wilsonville

8 12

$595K

Hillsboro & Forest Groove

13

$496K $100K

$200K

$300K

$400K

NUMBER OF SALES CLOSED

$500K

$600K

$700K

$800K

7,174 | TOTAL SALES CLOSED TOTAL PORTLAND METRO (TRI-COUNTY) AREA

800 700 600

775

500

571

400

488

300

424

200

614

601

335

100 0

Milwaukie, Gladstone Gresham, Sandy, Oregon City, Beaver Creek, Canby, Troutdale & Corbett & Happy Valley Molalla & Mullino

NW WA County & Sauvie Island

INVENTORY IN UNITS / 06.30.21

Beaverton & Aloha

Hillsboro & Tigard, Tualatin, Sherwood & Wilsonville Forest Groove

TOTAL PORTLAND AREA INVENTORY / 1,687

-32.8%

181

127

108

76

70

116

113

-43.4%

-29.4%

-28.9%

-47.2%

-46.2%

-44.8%

-45.9%

Milwaukie, Gladstone & Happy Valley

Gresham, Sandy, Troutdale & Corbett

Oregon City, Beaver Creek, Canby, Molalla & Mullino

NW WA County & Sauvie Island

Beaverton & Aloha

Tigard, Tualatin, Sherwood & Wilsonville

Hillsboro & Forest Groove

2021 Q2 OREGON MARKET REPORT

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Q2 2021 MARKET REPORT

BRANDON FAIRBANKS PRINCIPAL MANAGING BROKER OF BEND Brandon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of Bend, said, “Buyers, don’t give up on your search! Inventory is coming on the market as the pandemic fears are fading. Inventory in Bend is now at about a one-month supply, still very low but allowing some diligent buyers to successfully secure a home. It’s still very much a seller’s market, however, so buyers need to be ready with their financing and make sure they are working with a full-time seasoned professional to help navigate and negotiate their offer. The number of homes sold continues to be strong—up over 30 percent year-over-year despite the low inventory. We don’t see supply meeting demand anytime soon in Central Oregon, so home prices continue to rise and in fact are also up more than 30 percent year-over-year. The big question is—will these price increases continue at this pace and for how long? While no one has a crystal ball, experts agree that low inventory, low mortgage rates, and strong buyer demand will continue to drive the market. These factors coupled with the incredible lifestyle which Bend offers leads us to believe that now is still a great time to invest in real estate.”

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BEND area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BEND | BEND AREA 1 ACRE+ | BEND AREA LUXURY

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

Bend

$666K

(All Area Residential)

Area 1 Acre+

12 23

$885K

Luxury (+1M,

$1.4M

SF + Condo) $300K

$600K

$900K

$1.2M

22

$1.5M

NUMBER OF SALES CLOSED 1000

800

600

864 | TOTAL SALES CLOSED

864

TOTAL BEND AREA

400

111

200

178

0

Bend

(All Area Residential)

Area 1 Acre +

Luxury

(+1M, SF + Condo)

INVENTORY IN UNITS / 06.30.21

TOTAL BEND AREA INVENTORY / 220 -46.5%

220

106

106-

-46.5%

-23.6%

4.5%

Bend

Area

(All Area Residential)

Luxury

(+1M, SF + Condo)

1 Acre +

2021 Q2 OREGON MARKET REPORT

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portland area PORTLAND METRO AREA

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

7,174

5,202

+37.9%

MEDIAN SOLD PRICE

$560K

$465K

+20.4%

14

30

-53.3%

104%

99%

+5.1%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

1,140

618

+84.5%

MEDIAN SOLD PRICE

$315K

$281K

+12.1%

33

46

-28.3%

100%

96%

+4.2%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$560K MEDIAN SOLD PRICE UP +20.4% from 2020

PORTLAND METRO AREA CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2021 Q2 OREGON AREA MARKET REPORT

$315K

MEDIAN SOLD PRICE UP +12.1% from 2020


PORTLAND METRO AREA | LUXURY

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

636

170

+274.1%

MEDIAN SOLD PRICE

$1.295M

$1.275M

+1.6%

33

55

-40.0%

101%

95%

+6.3%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

385

240

+60.4%

MEDIAN SOLD PRICE

$525K

$458K

+14.6%

9

18

-50.0%

106%

101%

+5.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.30M MEDIAN SOLD PRICE UP +1.6% from 2020

NORTH PORTLAND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$525K

MEDIAN SOLD PRICE UP +14.6% from 2020

2021 Q2 OREGON MARKET REPORT 11


portland area NE PORTLAND

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

809

528

+53.2%

MEDIAN SOLD PRICE

$560K

$453K

+23.6%

12

21

-42.9%

106%

99%

+7.1%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

1,031

703

+46.7%

MEDIAN SOLD PRICE

$502K

$407K

+23.3%

12

22

-45.5%

106%

100%

+6.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$560K MEDIAN SOLD PRICE UP +23.6% from 2020

SE PORTLAND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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$502K MEDIAN SOLD PRICE UP +23.3% from 2020


W. PORTLAND & RALEIGH HILLS

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

650

421

+54.4%

MEDIAN SOLD PRICE

$749K

$625K

+19.8%

16

35

-54.3%

102%

98%

+4.1%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

458

272

+68.4%

MEDIAN SOLD PRICE

$888K

$679K

+30.8%

18

37

-51.4%

102%

97%

+5.2%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$749K

MEDIAN SOLD PRICE UP +19.8% from 2020

LAKE OSWEGO & WEST LINN

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$888K

MEDIAN SOLD PRICE UP +30.8% from 2020

2021 Q2 OREGON MARKET REPORT 13


portland area MILWAUKIE, GLADSTONE & HAPPY VALLEY

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

775

569

+36.2%

MEDIAN SOLD PRICE

$537K

$450K

+19.3%

15

34

-55.9%

104%

100%

+4.0%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

488

414

+17.9%

MEDIAN SOLD PRICE

$468K

$385K

+21.6%

12

33

-63.6%

104%

100%

+4.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$537K

MEDIAN SOLD PRICE UP +19.3% from 2020

GRESHAM, SANDY, TROUTDALE & CORBETT

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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$468K

MEDIAN SOLD PRICE UP +21.6% from 2020


Q2 2020

CHANGE

TOTAL HOMES SOLD

424

363

+16.8%

MEDIAN SOLD PRICE

$545K

$450K

+21.1%

19

51

-62.7%

104%

99%

+5.1%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

335

255

+31.4%

MEDIAN SOLD PRICE

$702K

$570K

+23.2%

18

28

-35.7%

103%

99%

+4.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$545K

OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO

Q2 2021

MEDIAN SOLD PRICE UP +21.1% from 2020

NW WASHINGTON COUNTY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$702K

MEDIAN SOLD PRICE UP +23.2% from 2020

2021 Q2 OREGON MARKET REPORT 15


portland area BEAVERTON & ALOHA

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

571

489

+16.8%

MEDIAN SOLD PRICE

$544K

$450K

+20.9%

8

25

-68.0%

106%

100%

+6.0%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

614

496

+23.8%

MEDIAN SOLD PRICE

$595K

$503K

+18.3%

12

27

-55.6%

104%

99%

+5.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$544K

MEDIAN SOLD PRICE UP +20.9% from 2020

TIGARD, TUALATIN, SHERWOOD & WILSONVILLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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$595K

MEDIAN SOLD PRICE UP +18.3% from 2020


HILLSBORO & FOREST GROVE

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

601

426

+41.1%

MEDIAN SOLD PRICE

$496K

$428K

+15.9%

13

30

-56.7%

103%

100%

+3.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$496K

MEDIAN SOLD PRICE UP +15.9% from 2020

2021 Q2 OREGON MARKET REPORT 17


bend area BEND AREA

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

864

659

+31.1%

MEDIAN SOLD PRICE

$666K

$489K

+36.2%

12

52

-76.9%

103%

95%

+8.4%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

111

97

+14.4%

MEDIAN SOLD PRICE

$885K

$669K

+32.3%

23

95

-75.8%

99%

89%

+11.2%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$666K

MEDIAN SOLD PRICE UP +36.2% from 2020

BEND AREA 1 ACRE+

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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$885K

MEDIAN SOLD PRICE UP +32.3% from 2020


BEND AREA LUXURY

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

178

66

+169.7%

MEDIAN SOLD PRICE

$1.40M

$1.39M

+0.7%

22

112

-80.4%

102%

91%

+12.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.40M MEDIAN SOLD PRICE UP 0.7% from 2020

2021 Q2 OREGON MARKET REPORT 19


*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.