News & Notes ~ Oct 2020 Numbers

Here is your look at the most recent data for the entire Portland area (Oct 2020) and how Lake Oswego fits in to this picture just below.

Inventory remained at 1.1 months of supply in October. August was 1.3 and July was 1.2. The 1.1 mark is a record low according to RMLS. New Listings, Pending Sales and Appreciation are all up across the board.

Though we have an undeniable shortage of homes available, this is the time of year when Buyers can expect to find reasonable Sellers, and Sellers can expect to find serious Buyers out looking.

Rates are still very good, remaining around 2.875 as of today.

According to the RMLS Market Action Report for the Portland Metro Area, Sept 2020:

  • There were 3,515  New Listings in Oct 2020 increased 14.7%  from Oct of 2019’s 3,064, and also increased 7.7% over the previous month/Sept’s 3,264.
  • At 3,155, Oct 2020’s Closed Sales are up 21.9% from Oct 2019’s 2,588, and decreased 3.0% from the previous month/Sept 2020’s total of 3,251
  • At 3,199, Oct 2020’s Pending Sales are up 25.2% from Oct 2019’s 2,575, and also increased 1.5% over the previous month/Sept 2020’s total of 3,152.
  • The Average Sale Price in Oct 2020 of $516,000 is up $54,600 from last year/Oct 2019’s $461,400, and is up $6,000 from the previous month/Sept 2020’s $510,000.   YTD increase is 6.5%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in Oct 2020 of $460,000 rose from last year/Oct 2019’s $410,500 by $49,500, and is up by $9,000 from the previous month/Sept 2020’s $451,000. YTD increase is 6.1%.

Neighborhoods: October’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $450,300              6.5%   (Sept $476,000)
    •                                                     YTD Median: $430,000
  • NE Portland:  $531,200                   4.6%   (Sept $532,100)
    •                                                     YTD Median: $452,500
  • SE Portland:  $477,300                   6.7%   (Sept $467,700)
    •                                                     YTD Median: $405,000
  • Gresham/Troutdale:   $412,900     4.8%   (Sept $409,300)
    •                                                     YTD Median: $374,900
  • Milwaukie/Clackamas:  $512,100  6.8%   (Sept $487,300)
    •                                                     YTD Median: $449,900
  • Oregon City/Canby:   $511,300      5.8%   (Sept $469,700)
    •                                                     YTD Median: $440,000
  • Lake Oswego/West Linn:$756,600  9.9%  (Sept $782,600)
    •                                                      YTD Median: $639,500
  • West Portland:    $685,900             4.5%  (Sept $636,600)
    •                                                     YTD Median: $550,000
  • NW Wash County:  $595,600          5.2%  (Sept $600,600)
    •                                                      YTD Median: $524,900
  • Beaverton/Aloha:     $451,200       4.9%   (Sept $447,000)
    •                                                     YTD Median: $415,300
  • Tigard/Wilsonville:   $516,700        8.0%   (Sept $534,300)
    •                                                      YTD Median: $475,000
  • Hillsboro/Forest Grove: $445,600  5.6%   (Sept $438,300)
    •                                                      YTD Median: $409,900

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of October 2020 reported:

    •  213 Active Listings (Sept 250)
    •  197 New Listings     (Sept 173)
    •  193 Pending Sales   (Sept 180)
    •  173 Closed Sales       (Sept 191)
    • Average Sale Price for Oct: $756,600  (Sept $782,600)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  59 Average Days on the Market   (Sept 45)
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