Here is your look at the most recent data for the entire Portland area (July 2020) and how Lake Oswego fits in to this picture just below.
The Inventory says it all. Well, not maybe all… Just look at the increases over both last month and last year. Pending Sales are up 21.9% over last year/July, and Closed Sales are up 15% over July 2019 as well. Activity was put off in the Spring and is pushing into Summer.
It is currently understood to be a Seller’s Market. There are a large number of multiple-offer transactions for properties that are priced well. That will change as we head into Fall, where Buyers typically have more leverage. It is often a toss-up as to when you make your move as a Seller or a Buyer. Obviously, its good to be a Seller right now, and/but we don’t know where rates are headed, so I wouldn’t wait if I were a Buyer. At the moment, my trusted Mortgage Advisors tell me: Rates are inching up now, hovering around 3.125%.
According to the RMLS Market Action Report for the Portland Metro Area, July 2020:
- There were 4,236 New Listings in July 2020 which increased 6.8% from July of 2019’s 3,966, and increased 15.8% over the previous month/June’s 3,658.
- At 3,391, July 2020’s Closed Sales are up at 15.2% from July 2019’s 2,944, and also up by 25.2% from the previous month/June 2020’s total of 2,709
- At 3,656, July 2020’s Pending Sales are up 21.9% from July 2019’s 2,998, and increased 0.1% (virtually the same) from the previous month/June 2020’s total of 3,654.
- The Average Sale Price in July 2020 of $502,300 is up $36,300 from last year/July 2019’s $466,000, and is also up $22,600 from the previous month/June 2020’s $479,700. YTD increase is 3.7%.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in July 2020 of $445,000 rose from last year/July 2019’s $411,600 by $33,400, and is up by $10,000 from the previous month/June 2020’s $435,000. YTD increase is 4.5%.
Neighborhoods: July’s Average Sale Price + 12-month Appreciation:
- North Portland: $453,900 4.1% (June $447,500)
- YTD Median: $425,000
- NE Portland: $515,100 2.6% (June $486,200)
- YTD Median: $440,000
- SE Portland: $459,500 3.1% (June $462,800)
- YTD Median: $395,000
- Gresham/Troutdale: $393,100 2.0% (June $383,000)
- YTD Median: $364,900
- Milwaukie/Clackamas: $487,000 4.0% (June $479,600 )
- YTD Median: $439,900
- Oregon City/Canby: $447,300 3.4% (June $447,300)
- YTD Median: $437,000
- Lake Oswego/West Linn:$830,600 7.1% (June $721,800)
- YTD Median: $620,000
- West Portland: $629,500 -0.2% (June $609,400)
- YTD Median: $542,000
- NW Wash County: $575,600 2.5% (June $585,000)
- YTD Median: $513,000
- Beaverton/Aloha: $416,300 2.6% (June $417,500)
- YTD Median: $410,000
- Tigard/Wilsonville: $537,300 4.1% (June $504,400)
- YTD Median: $470,000
- Hillsboro/Forest Grove: $437,100 5.4% (June $433,100)
- YTD Median: $400,000
LAKE OSWEGO:
The combined areas of Lake Oswego and West Linn for the month of July 2020 reported:
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- 311 Active Listings (June 315)
- 242 New Listings (June 216)
- 191 Pending Sales (June 196)
- 193 Closed Sales (June 135)
- Average Sale Price for July: $830,600 (June $721,800)
- 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.
- 62 Average Days on the Market (June 54)