A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon October Residential Highlights October brought an uptick in closings to the Portland metro area. These closed sales (2,487) showed a 13.6% increase over the 2,189 closings posted last October and a 4.6% increase over the 2,378 closings last September. It was the strongest October for closings in the Portland metro area since 2006 when there were 2,503. Pending sales (2,480) cooled 2.8% from September’s 2,551 accepted offers, but were 16.7% stronger than the 2,125 offers accepted last October. New listings, at 2,881, similarly cooled 7.1% from September (3,102) but represented a 13.6% increase over last October (2,535).
October 2014 Reporting Period
Year to Date Summary Activity in the Portland metro area has now surpassed numbers from last year. New listings (34,056) are up 4.9%, pending sales (24,671) are up 3.0%, and closed sales (23,301) are up 1.7% compared to the first ten months of 2013. Average and Median Sale Prices The average price the first ten months of the year was $333,200, up 7.4% from the same time frame in 2013 when the average was $310,200. In the same comparison, the median also rose 7.5% from $265,000 in the first ten months of 2013 to $285,000 in the same period of 2014.
There are currently 6,963 active residential listings in the Portland metro area. Total market time rose in October to 65 days, and inventory decreased to 2.8 months.
2014
Portland Metro Residential Highlights
2013
*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 Average Sale Price % Change: +7.8% ($330,100 v. $306,300) Median Sale Price % Change: +9.3% ($284,100 v. $259,900)
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
October
2,881
2,480
2,487
335,600
289,000
65
September
3,102
2,551
2,378
338,100
289,900
60
34,056
24,671
23,301
333,200
285,000
70
2,535
2,125
2,189
314,100
270,000
76
Year-to-date
32,452
23,955
22,909
310,200
265,000
83
October
13.6%
16.7%
13.6%
6.8%
7.0%
-13.8%
Prev Mo 2014
-7.1%
-2.8%
4.6%
-0.7%
-0.3%
8.7%
Year-to-date
4.9%
3.0%
1.7%
7.4%
7.5%
-15.7%
Year-to-date
Change
Inventory in Months* 2012 2013 2014 January 7.0 4.7 4.1 February 6.5 4.5 3.9 March 5.0 3.2 3.1 April 4.7 3.1 2.8 May 4.2 2.5 2.8 June 3.9 2.9 2.8 July 4.6 2.8 2.9 August 3.9 3.1 3.0 September 4.6 3.7 3.1 October 3.8 3.4 2.8 November 4.2 3.7 December 3.6 3.2
October
© Copyright RMLS™ 2014. All Rights Reserved.
AREA REPORT • 10/2014
Portland Metropolitan Area, Oregon RESIDENTIAL
Year-To-Date
Year-To-Date
Year-To-Date
Pending Sales
Pending Sales 2014 v. 2013
Closed Sales
Average Sale Price
Median Sale Price
67
1,448
1,154
9.6%
1,116
290,500
277,000 11.0%
11
389,000
17
215,300
31
423,000
NE Portland
481
253
62
262
11.0%
261
351,200
47
3,114
2,371
-3.9%
2,236
347,900
306,000
7.5%
25
393,800
38
124,200
70
387,200
SE Portland
671
348
106
328
25.7%
311
299,300
44
4,010
3,016
7.6%
2,819
302,500
259,900 13.6%
33
457,500
53
158,000
124
475,000
144
Gresham/ Troutdale
540
215
65
160
34.5%
138
244,600
100
2,192
1,523
13.8%
1,423
243,500
229,000 11.2%
8
288,900
48
162,700
37
366,000
145
Milwaukie/ Clackamas
569
224
104
202
18.1%
196
327,200
62
2,829
1,994
3.3%
1,844
310,900
287,000 11.9%
5
339,700
98
167,000
15
328,600
146
Oregon City/ Canby
403
131
65
107
-8.5%
130
305,500
72
1,777
1,312
5.0%
1,261
298,400
279,000 10.3%
6
274,800
86
183,300
13
259,800
147
Lake Oswego/ West Linn
475
166
68
136
3.0%
130
547,800
81
2,075
1,343
-3.0%
1,278
531,400
459,000
9.4%
2
564,300
46
359,900
11
407,600
W Portland
723
328
141
291
17.8%
237
480,000
65
3,803
2,653
-3.9%
2,512
471,500
395,000
5.8%
8
298,600
76
226,500
37
570,500
NW Wash Co.
254
101
40
97
-2.0%
115
435,500
57
1,580
1,185
-1.1%
1,177
421,700
394,000
7.2%
41
256,000
5
334,900
150
Beaverton/ Aloha
537
271
88
217
19.2%
244
278,900
51
3,099
2,275
8.0%
2,177
275,400
254,000
7.3%
4
270,500
11
154,200
36
346,000
151
Tigard/ Wilsonville
583
270
99
219
25.1%
256
338,500
65
2,989
2,184
-2.1%
2,043
335,800
320,000
6.5%
7
660,400
32
386,100
8
415,400
152
Hillsboro/ Forest Grove
468
199
53
158
0.0%
182
267,400
62
2,242
1,710
-0.2%
1,607
271,700
250,000 11.1%
16
262,300
47
193,900
32
378,600
Mt. Hood
109
24
8
17
41.7%
12
245,500
68
243
167
25.6%
159
240,300
219,500
5.2%
2
216,500
14
66,800
-
Columbia Co.
347
103
40
75
78.6%
54
217,500
141
936
609
14.3%
543
211,900
201,500 12.9%
10
243,000
43
90,900
12
166,000
Yamhill Co.
590
133
63
100
29.9%
103
229,200
114
1,719
1,175
11.4%
1,106
250,400
220,000
14
240,600
79
240,100
18
265,000
141 142 143 148 149 153
1.4%
-
-
Average Sale Price
Closed Sales
Average Sale Price
Closed Sales
Average Sale Price
Closed Sales
Avg. Sale Price % Change
Total Market Time
Pending Sales
2
New Listings
302,200
3
118
Average Sale Price
14.4%
Closed Sales
111
Expired/Canceled Listings
35
New Listings
115
Active Listings
213
155
Pending Sales 2014 v. 2013
MULTIFAMILY
N Portland
156 1
LAND
1
Year-To-Date
1
Current Month
COMMERCIAL
-
Percent change in number of pending sales this year compared to last year. The Current Month section compares October 2014 with October 2013. The Year-To-Date section compares 2014 year-to-date statistics through October with 2013 year-to-date statistics through October.
2
% Change is based on a comparison of the rolling average sale price for the last 12 months (11/1/13-10/31/14) with 12 months before (11/1/12-10/31/13).
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
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ACTIVE RESIDENTIAL LISTINGS
Active Residential Listings 10,000 9,000
PORTLAND, OR
8,000
This graph shows the active
7,000
residential listings over the
6,000
past three calendar years in
5,000
the greater Portland, Oregon metropolitan area.
4,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2012 8,514 8,256 8,391 8,523 8,742 8,799 9,041 9,014 8,689 7,981 7,216 6,352 2013 6,366 6,256 6,207 6,498 6,818 7,348 7,849 8,003 7,903 7,355 6,751 5,707 2014 5,671 5,752 5,811 6,093 6,858 7,250 7,727 7,784 7,438 6,963
TOTAL ACTIVE LISTINGS PORTLAND, OR
This graph shows the total active listings over
Total Active Listings 12,500
10,000
the past three calendar years in the greater
7,500
Portland, Oregon metropolitan area.
5,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2012 11,175 10,939 10,957 11,146 11,465 11,448 11,709 11,629 11,263 10,542 9,659 8,374 2013 8,519 8,435 8,385 8,673 9,002 9,564 10,138 10,293 10,223 9,573 8,884 7,511 2014 7,606 7,731 7,702 8,066 8,928 9,290 9,829 9,872 9,483 8,959
NEW LISTINGS
New Listings
PORTLAND, OR
This graph shows the
4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
new residential listings over the past three calendar years in the greater Portland, Oregon metropolitan area.
2012
2013
2014
3
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PENDING LISTINGS Pending Sales
PORTLAND, OR
This graph represents
3,500 3,000
monthly accepted offers
2,500
in the Portland, Oregon
2,000 1,500
metropolitan area over
1,000
the past three calendar
500
years.
0
2012
2013
2014
CLOSED SALES
Closed Sales
PORTLAND, OR
This graph shows the
3,000
closed sales over the past
2,500
five calendar years in the
2,000
greater Portland, Oregon
1,500
metropolitan area.
1,000
2010 2011 2012 2013
500
2014
0
DAYS ON MARKET
Average Total Market Time
PORTLAND, OR
160
This graph shows the
140 120
average market time for
100
sales in the Portland,
80 60
Oregon metropolitan area
40
over the past three calendar
20 0
years. 2012 TMT
2013 TMT
2014 TMT
4
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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 $375,000 $355,000 $335,000
$315,000 $295,000
$275,000 $255,000
$235,000 $215,000 $175,000
Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14
$195,000
Average Sale Price
Median Sale Price
Median Sale Price: Portland, OR & Clark Co., WA
PORTLAND, OR
$350,000 $300,000
This graph shows the median sale price over
$250,000
the past 12 months in
$200,000
the greater Portland,
$150,000 $100,000
MEDIAN SALE PRICE
Oregon, metropolitan OCT
NOV
DEC
JAN
FEB
MAR APR
Clark County
MAY JUNE JULY AUG SEPT OCT
Metro Portland, OR
5
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area and Clark County.
MEDIAN SALE PRICE October 2014
SW WASHINGTON
$217,000
$227,600
Woodland
N/NE Clark County
$256,300
PORTLAND
$293,200
Battle Ground
Ridgefield/La Center
METRO
$ 209,000 Columbia County $279,000 Salmon Creek $250,000 Felida
$ 369,000 North Washington County Sauvie Island
Brush Prairie Hockinson
$232,000 Hazel Dell Minnehaha
$201,400 5 Corners Orch.
$178,000 Cent. Vancouver
$ 259,500 Beaverton
$ 400,000 West Portland
Aloha
$ 320,000 Tigard/Tualatin Sherwood Wilsonville
$307,700 Camas/Washougal $ 315,000 NE Portland $ 265,000 SE Portland $ 286,000
$ 450,000
Milwaukie/Gladstone/ Boring/Clackamas Estacada
Lake Oswego West Linn
$ 220,000 $ 283,300 Oregon City Canby Molalla Beavercreek
Yamhill County
6
$225,000 Cascade Park
$245,000 Heights
$ 288,700 N Portland
$ 252,800 Hillsboro Forest Grove
$353,800
© Copyright RMLS™ 2014. All Rights Reserved.
$ 225,000 Gresham Troutdale Sandy Corbett Fairview
$ 245,000 Mt. Hood: Zigzag Welches Rhododendron Wemme Brightwood Government Camp
MULTIPLE LISTING SERVICE
ACTIVE & CLOSED CONDOS
This graph shows the number of active and closed condos in the Portland, Oregon, metropolitan area.
PORTLAND, OR
Contact RMLS™ 8338 NE Alderwood Rd Suite 230 Portland, OR 97220 (503) 236-7657 communications@rmls.com
Active & Closed Condos 800 700 600 500 400
The statistics presented in Market Action are compiled monthly based on figures generated by RMLS™.
300 200 100 0
Active Listings
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.
AFFORDABILITY PORTLAND, OR
Closed Sales
This graph shows the affordability for housing in Portland, Oregon in September 2014.
Affordability Index 200 180
160 140 120
100 80
60 40
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™.
20
0
Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 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
RMLS™ was formed by area Boards and Associations of REALTORS® in 1991.
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 ($69,400 in 2014, per HUD) can afford 128% of a monthly mortgage payment on a median priced home ($289,900 in September). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 4.16% (per Freddie Mac).
Brian Houston, Chairman of the Board Kurt von Wasmuth, President/CEO Heather Andrews, Editor © Copyright RMLS™ 2014. All Rights Reserved.