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OREGON 2020 Q1 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 2019. 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.


2020 Q1 MARKET REPORT

MIKE GRADY

COLDWELL BANKER BAIN PRESIDENT & COO

Reflecting on the first-quarter numbers and the

Activity continues, however. In the first 11 days

impacts of the COVID-19 outbreak on the market,

of April we listed 100 new properties, sold 417

Mike Grady, Coldwell Banker Bain president and

properties, closed 327 sales and our average

COO, said, “Until March 27, all of our markets

sales price is up more than 13 percent. We are

were just about as good as we’ve ever seen. While new listings were down a few percentage points, mutually accepted offers were up about three percent and our average sales price was up almost 20 percent year over year to date! We expect that all numbers will decline in April and May as a direct result of the valid concerns over COVID 19. We also anticipate that April and May will be the

even hearing of multiple offer situations in several markets and price ranges – all while adhering to CDC and state safety guidelines. This is good news, and even with our challenges, both buyers and sellers can do a deal that serves them in a safe manner. Buyers can take advantage of extremely low interest rates and those sellers on the market are motivated. For sellers, the

'bridge months' before the market returns to more

continued low inventory and expected slowing of

of a normal activity level, of course assuming we

new listings over the next few weeks means their

all abide by state guidance.

homes can be seen now like never before.”

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

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2020 Q1 MARKET REPORT

WARD SPEARS

OREGON REGIONAL MANAGER

Reflecting on the overall market, Ward Spears, Oregon

of inventory dropped a bit while an increase in new

regional manager for Coldwell Banker Bain, said, “As we

listings actually came on the market. While seemingly

entered the first quarter of the year, the real estate market

contradictory, an explanation is that some listings were

was off to a strong start. Compared to 2019, January

otherwise removed from the market. The impact of the

and February saw increases in both pending and closed

virus on the real estate market so far has been an overall

sales with increases of 14.2 percent and 12.1 percent,

decrease in both buyer and seller activity. Yet on balance,

respectively. During those months it appeared the real

in general the market remains seller-friendly. Buyer activity

estate market was set for a busy spring season.

is sufficient to hold prices steady as continued in part due to historically low interest rates.�

However, as we entered March, the new reality of COVID-19 began to increasingly have an impact on the market with a month-over-month decrease of pending sales of almost 10 percent. At the same time, the level

4 2020 Q1 PACIFIC NORTHWEST 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

N. Portland

$430K

30

NE Portland

$430K

40

SE Portland

42

$399K

W. Portland & Raleigh Hills Lake Oswego & West Linn Portland Metro Condos

$635K

52

$645K

65 62

$279K

Portland Metro Luxury

87

$1.260M $300K

$600K

$900K

$1.2M

$1.5M

NUMBER OF SALES CLOSED 600

5,117

589

500

TOTAL SALES CLOSED

400

445

415

300

338

200

337

311

225

100 0

N. Portland

NE Portland

SE Portland

W. Portland & Raleigh Hills

Portland Metro Condos

Portland Metro Luxury

TOTAL PORTLAND INVENTORY / 3,696

INVENTORY IN UNITS / 03.31.2020

66

217

283

327

227

676

415

-42.1%

-22.8%

-25.9%

-10.9%

- 18.1%

- 21.5%

- 10.2%

NE Portland

SE Portland

W. Portland & Raleigh Hills

Lake Oswego & West Linn

Portland Metro Condos

N. Portland

800

Lake Oswego & West Linn

Portland Metro Luxury

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

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2020 Q1 MARKET REPORT

DAVID SLY

PRINCIPAL MANAGING BROKER OF PORTLAND UPTOWN

Said David Sly, principal managing broker of Coldwell

provider, our industry has found new and creative ways to

Banker Bain of Portland Uptown, “Looking back at the

do this. Our goal is to ensure that our current and future

first quarter, we saw a good start to the year. The Portland

clients’ dreams of homeownership move forward and are

Metro region continued to see strong sales, price gains

fulfilled.

and overall signs of a positive year ahead. The main obstacle facing us was and still is a lack of inventory,

We have the technology and tools to ensure we can still

especially in our condominium market. We were looking

do what it takes to get a property listed and sold, and by

forward to the spring season.

adhering to COVID-19 protocols and guidelines.”

However, we were thrown a curve ball with COVID-19. The lack of inventory suddenly took a back seat to an economic obstacle no one had seen before. Our industry and how the public interact with it has changed. Yet, we continue to evolve – we have to. As an essential service

6 2020 Q1 PACIFIC NORTHWEST 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 / 600 TIGARD, TUALATIN, SHERWOOD & WILSONVILLE / HILLSBORO & FOREST GROVE 500

MEDIAN SOLD PRICE (NEAREST $000) 400

AVERAGE DOM

Milwaukie, Gladstone 300 Valley & Happy

54

$445K

Gresham, 200 Sandy, Troutdale & Corbett

56

$378K

Oregon 100City, Beaver Creek, Canby, Molalla & Mullino

64

$440K

0

NW WA County & Sauvie Island

44

$533K

Beaverton & Aloha Tigard, Tualatin, Sherwood & Wilsonville

42

$441K

42

$489K

Hillsboro & Forest Groove

53

$415k $200K

$300K

$400K

$500K

$600K

NUMBER OF SALES CLOSED 800

5,117 | TOTAL SALES CLOSED

700 600

655

500 400 300

408

399

409

200 100 0

220

197 Milwaukie, Gladstone & Happy Valley

169

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

TOTAL PORTLAND INVENTORY / 3,696

INVENTORY IN UNITS / 03.31.2020

292

194

206

158

175

220

211

-10.4%

-10.6%

-27.2%

-19.4%

- 5.4%

- 20.9%

+13.4%

Gresham, Sandy, Troutdale & Corbett

Oregon City, Beaver Creek, Canby, Molalla & Mullino

NW WA County & Sauvie Island

Beaverton & Aloha

Tigard, Tualatin, Sherwood & Wilsonville

Milwaukie, Gladstone & Happy Valley

Hillsboro & Forest Groove

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

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2020 Q1 ANNUAL REPORT

BRANDON FAIRBANKS Brandon Fairbanks, principal managing broker of Coldwell Banker Bain of Bend, said, “The first quarter of 2020 was almost record-breaking for our Bend office in terms of the number of sales and an average price increase of 5.7% for single family homes. This year, unlike last, our weather cooperated in January and February which helped boost home sales – making the first quarter strong. Buyers were in full force bidding on very limited inventory. Luxury homes priced over $1 million saw a tremendous increase in the numbers sold over the same quarter the previous year – over 58%. Low interest rates and low inventory along with a continued surge of buyers relocating from higher-priced markets in California and Washington drove demand for luxury real estate in Bend. However, in mid-March we began to see a much different picture. COVID-19 suddenly changed the home-buying and -selling process. Buyers could not personally visit and view homes. Sellers, nervous about having people in their home, began to pull listings off the market. Interestingly enough, the decrease in buyer demand seems to be in line with the decrease in inventory, therefore not putting much downward pressure on prices. 8 2020 Q1 PACIFIC NORTHWEST MARKET REPORT

PRINCIPAL MANAGING BROKER OF BEND

There is much speculation regarding the second quarter and how real estate will fare with the abrupt changes in our economy. Key indicators to watch will be inventory levels with the amount of new homes coming onto the market. In Bend we are seeing approximately 50% fewer new listings coming to market since COVID-19. Interest rates and unemployment numbers are also key. We expect prices to flatten and buyer demand to slow. This will be temporary because, unlike the recession of 2008, which was caused by the housing crash and took years to recover, this time the federal government is injecting trillions into the economy and once businesses reopen and people return to work, housing will come back in a very strong way. We believe there will be a lot of pent-up demand from sellers who were hoping to sell during the prime selling season and buyers trying to find a good home. We also anticipate that rural communities with open spaces such as Bend may very well see an increase in demand as more people may want to leave larger cities and as companies and employees are adapting to new ways of working remotely.”


BEND

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BEND / BEND AREA 1 ACRE+ / BEND AREA LUXURY

MEDIAN SOLD PRICE (NEAREST $000)

Bend (Single Family & Condos)

AVERAGE DOM 130

$479K

193

$424K

Area 1 Acre+ Luxury (+1M,

187

$1.3M

SF + Condo) $300K

$600K

$900K

$1.2M

$1.5M

NUMBER OF SALES CLOSED 1000

800

1,468

917

TOTAL SALES CLOSED

600

551

400

200

49 0

Bend

Area 1 Acre +

(Single Family & Condos)

Luxury (+1M, SF + Condo)

TOTAL BEND AREA INVENTORY / 1,366

INVENTORY IN UNITS / 03.31.2020

483

883

97

- 6.0%

- 2.0%

+2.1%

Bend (Single Family & Condos)

Area 1 Acre +

Luxury (+1M, SF + Condo)

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

9


PORTLAND AREA P OR TLA ND M ET R O A R EA COND OS

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

655

756

-13.4%

MEDIAN SOLD PRICE

$279,000

$285,000

-2.10%

62

55

+12.7%

MEDIAN SOLD PRICE

96%

96%

+0%

DOWN -2.10% from 2019

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

169

123

+37.4%

MEDIAN SOLD PRICE

$1,260,000

$1,310,000

-3.80%

87

76

+14.5%

MEDIAN SOLD PRICE

93%

93%

0%

DOWN -3.80% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$279K

PO R TLAND ME TR O AREA | LU XU RY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2020 Q1 PACIFIC NORTHWEST MARKET REPORT

$1.26M


PORTLAND AREA NOR TH P OR TLA ND

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

225

208

+8.2%

MEDIAN SOLD PRICE

$430,000

$407,000

+5.7%

$430K

30

43

-30.2%

MEDIAN SOLD PRICE

101%

98%

+3.1%

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

415

424

-2.10%

MEDIAN SOLD PRICE

$430,000

$416,000

+3.4%

$430K

40

45

-11.1%

MEDIAN SOLD PRICE

99%

96%

+3.1%

UP +3.40% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

UP +5.7% from 2019

NE PO R TLAND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2020 Q1 PACIFIC NORTHWEST MARKET REPORT 11


PORTLAND AREA S E P OR TLA ND

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

589

555

+6.10%

MEDIAN SOLD PRICE

$399,000

$375,000

+6.40%

$399K

42

51

-17.6%

MEDIAN SOLD PRICE

97%

97%

+0%

UP +6.40% from 2019

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

337

326

+3.4%

MEDIAN SOLD PRICE

$635,000

$590,000

+7.60%

44

42

+4.80%

MEDIAN SOLD PRICE

96%

96%

+0%

UP +7.60% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% W. PO R TLAND & R ALEIGH HILL S

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

12 2020 Q1 PACIFIC NORTHWEST MARKET REPORT

$689K


PORTLAND AREA

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

197

211

-6.6%

MEDIAN SOLD PRICE

$645,000

$635,000

+3.50%

$645K

65

68

-4.4%

MEDIAN SOLD PRICE

95%

95%

+0%

UP +3.50% from 2019

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

445

420

+6.0%

MEDIAN SOLD PRICE

$445,000

$408,000

+9.10%

$445K

54

59

-8.5%

MEDIAN SOLD PRICE

97%

97%

+0%

UP +9.10% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

LA KE OS WEGO & WES T LI NN

“The Lake Oswego market behaves a little differently compared to the general market, in part because of the comparatively higher median prices,” said Ward Spears, who also serves as principal managing broker for Coldwell Banker Bain of Lake Oswego. “For example, the median price of the lowest quartile of homes in Lake Oswego is currently $717,000, while for the city of Portland the lowest quartile median is less than half of that at about $351,500. Reflecting the more discretionary nature of higher-priced markets, as general market activity slowed during late March, overall activity in Lake Oswego declined slightly more than in other Portland area markets. Similarly, a reasonable level of activity continues and the relationship between buyers and sellers still favors sellers.”

MI LWAUK I E , G LADSTONE & H APP Y VAL LEY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2020 Q1 PACIFIC NORTHWEST MARKET REPORT 13


PORTLAND AREA GR ES HA M , S A ND Y, T R OU T D A LE & COR B ETT

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

338

309

+9.40%

MEDIAN SOLD PRICE

$378,000

$365,000

+3.60%

56

50

+12.0%

MEDIAN SOLD PRICE

97%

97%

0%

UP +3.60% from 2019

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

311

294

+5.80%

MEDIAN SOLD PRICE

$440,000

$406,000

+8.4%

$440K

64

53

+20.8%

MEDIAN SOLD PRICE

98%

97%

+1%

UP +8.40% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% O R E G O N CI TY, B E AV E R CREEK, CA NBY, MOL OL LA & MU LINO

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

14 2020 Q1 PACIFIC NORTHWEST MARKET REPORT

$378K


PORTLAND AREA NW WA S HI NGT ON COU NT Y

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

220

222

-0.9%

MEDIAN SOLD PRICE

$533,000

$555,000

-4.0%

$533K

44

54

-18.5%

MEDIAN SOLD PRICE

98%

98%

+0%

DOWN -4.0% from 2019

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

408

374

+9.1%

MEDIAN SOLD PRICE

$441,000

$425,000

+3.80%

42

46

-8.7%

MEDIAN SOLD PRICE

99%

98%

+1%

UP +3.80% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

B E AV E R TO N & ALO HA

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$441K 2020 Q1 PACIFIC NORTHWEST MARKET REPORT 15


PORTLAND AREA TI GA R D , TU A LAT I N, S HER WOOD & WI LS ONVI LLE

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

399

376

+6.1%

MEDIAN SOLD PRICE

$489,000

$466,000

+4.90%

$489K

42

52

-19.2%

MEDIAN SOLD PRICE

98%

97%

+1%

UP +4.90% from 2019

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

409

302

+35.4%

MEDIAN SOLD PRICE

$415,000

$387,000

+7.2%

53

48

+10.4%

MEDIAN SOLD PRICE

99%

98%

+1%

UP +7.20% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% HI LLSB O R O & FO R E ST GROV E

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

16 2020 Q1 PACIFIC NORTHWEST MARKET REPORT

$415K


BEND AREA B END A R EA

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

551

479

+15.0%

MEDIAN SOLD PRICE

$479,000

$453,000

+5.70%

AVERAGE DAYS ON MARKET

130

125

+4.0%

MEDIAN SOLD PRICE

SOLD/LIST PRICE%

95%

95%

+0%

UP +5.70% from 2019

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

917

773

+18.6%

MEDIAN SOLD PRICE

$424,000

$405,000

+4.70%

$424K

AVERAGE DAYS ON MARKET

130

128

+1.6%

MEDIAN SOLD PRICE

SOLD/LIST PRICE%

98%

98%

+0%

UP +4.70% from 2019

$479K

B E ND AR E A 1 ACR E + 18 2020 Q1 PACIFIC NORTHWEST MARKET REPORT


BEND AREA B END A R EA LU X U RY

2020 Q1

2019 Q1

CHANGE

TOTAL HOMES SOLD

49

31

+58.1%

MEDIAN SOLD PRICE

$1,300,000

$1,255,000

+6.10%

$1.3M

AVERAGE DAYS ON MARKET

187

170

+10.0%

MEDIAN SOLD PRICE

SOLD/LIST PRICE%

93%

92%

+1.1%

UP +6.10% from 2019

2020 Q1 PACIFIC NORTHWEST 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.

Profile for Coldwell Banker Bain

Portland Area | Q1 2020 Market Report  

Coldwell Banker Bain is the #1 Coldwell Banker affiliate in the world with nearly $6 billion in volume in 2019, helping people buy and sell...

Portland Area | Q1 2020 Market Report  

Coldwell Banker Bain is the #1 Coldwell Banker affiliate in the world with nearly $6 billion in volume in 2019, helping people buy and sell...