On this Memorial Day weekend, here is your look at the most recent data for the entire Portland area (April 2020) and how Lake Oswego fits in to this picture just below.
Inventory is up a bit in April, so we’ll see how that plays out in May numbers. As for April overall, this is the first month we’re really seeing the market take a bit of a hit since COVID19. Prices are still holding their own & rising while volume in all aspects of real estate dropped in April: Fewer New Listings, Pending Sales & SOLD’s than both the previous month & last year. All areas are appreciating, however, save West Portland, and/but those prices have risen a bit in April (by $61,000 over March), so things seem likely to be leveling out there. Lake Oswego also saw an $85,000 Average Sale Price increase, and/but that can happen in an environment with such a wide span of prices from low/mid to upper end.
My trusted Mortgage Advisors tell me: Mortgage Rates are in the low 3’s for good borrowers on Conventional loans as of this writing, and Government loans (VA & FHA) have recently gone as low as 2.875% on good days.
According to the RMLS Market Action Report for the Portland Metro Area, April 2020:
- There were 2,847 New Listings in April 2020 which decreased 32.4% from April of 2019’s 4,210, and also dropped 17.9% from the previous month/March’s 3,468.
- At 2,015, April 2020’s Closed Sales are down 16.4% from April 2019’s 2,409, and also down 14.5% from the previous month/March 2020’s total of 2,536
- At 2,041, April 2020’s Pending Sales are down 34.2% from April 2019’s 3,102, and also fell 13.0% from the previous month/March 2020’s total of 2,347.
- The Average Sale Price in April 2020 of $477,400 is up $25,300 from last year/April 2019’s $452,100, and is also up $11,900 from the previous month/March 2020’s $465,500. YTD increase of 4.3%.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2020 of $424,000 rose from last year/April 2019’s $405,000 by $19,000, and is almost the same/down by $1,000 from the previous month/March 2020’s $425,000. YTD increase of 3.9%.
Neighborhoods: April’s Average Sale Price + 12-month Appreciation:
- North Portland: $448,500 1.9% (Mar $441,300)
- YTD Median: $410,000
- NE Portland: $491,200 4.8% (Mar $470,500)
- YTD Median: $425,000
- SE Portland: $449,200 1.8% (Mar $442,600)
- YTD Median: $385,000
- Gresham/Troutdale: $371,900 3.5% (Mar $355,000)
- YTD Median: $358,000
- Milwaukie/Clackamas: $457,600 4.3% (Mar $466,100 )
- YTD Median: $430,200
- Oregon City/Canby: $445,200 3.7% (Mar $447,000)
- YTD Median: $430,000
- Lake Oswego/West Linn:$772,500 3.4% (Mar $687,400)
- YTD Median: $599,900
- West Portland: $642,000 -0.4% (Mar $580,400 )
- YTD Median: $527,300
- NW Wash County: $587,400 0.4% (Mar $544,200 )
- YTD Median: $492,300
- Beaverton/Aloha: $431,100 3.8% (Mar $445,100)
- YTD Median: $412,000
- Tigard/Wilsonville: $474,600 2.3% (Mar $487,200 )
- YTD Median: $459,500
- Hillsboro/Forest Grove: $422,100 6.4% (Mar $406,900)
- YTD Median: $391,000
LAKE OSWEGO:
The combined areas of Lake Oswego and West Linn for the month of April 2020 reported:
-
- 340 Active Listings (Mar 305)
- 149 New Listings (Mar 183)
- 81 Pending Sales (Mar 87)
- 89 Closed Sales (Mar 103)
- Average Sale Price for April: $772,500 (Mar $687,400)
- 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.
- 76 Average Days on the Market (Mar 106)