Here is your look at the most recent data for the entire Portland area (May 2020) and how Lake Oswego fits in to this picture just below.
Inventory is down but only slightly from April. Overall we’re seeing an adjustment down in numbers overall as they relate to last year in May, and/but look at the numbers and how they’ve all risen from April, Closed Sales being down a slight 2.6% (fewer Offers made in March). You may remember my prediction that COVID and some freezing/panic in March were affecting April numbers. Now, as I suspected, we see what we’re all seeing anecdotally in the marketplace, which is people adapting to safety protocols and getting out there to buy and sell houses suiting their individual circumstances. So, down over May 2019, and up over April 2020. Look at the 52.5% rise in Pending sales over April!
My trusted Mortgage Advisors tell me:
According to the RMLS Market Action Report for the Portland Metro Area, May 2020:
- There were 3,419 New Listings in May 2020 which decreased 30.3% from May of 2019’s 4,902, and/but increased 20.1% over the previous month/April’s 2,847.
- At 1,963, May 2020’s Closed Sales are down 33.9% from May 2019’s 2,969, and also decreased by 2.6% from the previous month/April 2020’s total of 2,015
- At 3,112, May 2020’s Pending Sales are down 5.5% from May 2019’s 3,292, and are up a whopping 52.5% from the previous month/April 2020’s total of 2,041.
- The Average Sale Price in May 2020 of $467,500 is down $3,700 from last year/May 2019’s $471,200, and is also down $9,900 from the previous month/April 2020’s $477,400. YTD increase is 2.8%, however.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in May 2020 of $425,000 rose from last year/May 2019’s $420,000 by $5,000, and is up by $1,000 from the previous month/April 2020’s $424,000. YTD increase is 4.1%.
Neighborhoods: May’s Average Sale Price + 12-month Appreciation:
- North Portland: $442,900 1.9% (Apr $448,500 )
- YTD Median: $410,000
- NE Portland: $479,900 2.9% (Apr $491,200)
- YTD Median: $429,900
- SE Portland: $448,300 1.3% (Apr $449,200)
- YTD Median: $389,500
- Gresham/Troutdale: $358,800 2.3% (Apr $371,900)
- YTD Median: $360,000
- Milwaukie/Clackamas: $435,200 3.8% (Apr $457,600)
- YTD Median: $429,900
- Oregon City/Canby: $454,500 3.5% (Apr $445,200)
- YTD Median: $431,700
- Lake Oswego/West Linn:$698,500 4.1% (Apr $772,500 )
- YTD Median: $604,500
- West Portland: $616,200 -1.3% (Apr $642,000 )
- YTD Median: $536,000
- NW Wash County: $520,400 0.8% (Apr $587,400 )
- YTD Median: $492,000
- Beaverton/Aloha: $407,800 2.9% (Apr $431,100 )
- YTD Median: $410,000
- Tigard/Wilsonville: $502,400 2.7% (Apr $474,600 )
- YTD Median: $460,000
- Hillsboro/Forest Grove: $422,100 5.9% (Apr $422,100)
- YTD Median: $394,000
LAKE OSWEGO:
The combined areas of Lake Oswego and West Linn for the month of May 2020 reported:
-
- 324 Active Listings (Apr 340)
- 209 New Listings (Apr 149)
- 169 Pending Sales (Apr 81)
- 92 Closed Sales (Apr 89)
- Average Sale Price for May: $698,500 (Apr $772,500)
- 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 (Apr 76)