Here is your look at the most recent data for the entire Portland area (June 2020) and how Lake Oswego fits in to this picture just below.
Inventory has dropped in June. They all got snatched up in May! ; ) Seriously, look at the 38% rise in June Closed sales over May. We are seeing a housing shortage in the overall Portland area and it is reflected in Buyers experiencing lots of multiple-offer situations and overall competition over properties that are in good shape and priced well. Sellers are noticing this trend and continuing to list properties for sale. I’m anticipating an extended busy period this summer after some pent-up COVID-inspired “waiting” from earlier in the spring that is spilling into the post-4th of July time period which is usually a bit slower.
My trusted Mortgage Advisors tell me: Rates are at historic lows hovering around 3% and lower in some circumstances.
According to the RMLS Market Action Report for the Portland Metro Area, June 2020:
- There were 3,658 New Listings in June 2020 which decreased 14.6% from June of 2019’s 4,281, and/but increased 7% over the previous month/May’s 3,419.
- At 2,709, June 2020’s Closed Sales are down slightly at 1.7% from June 2019’s 2,756, and are up a whopping 38% from the previous month/May 2020’s total of 1,963
- At 3,654, June 2020’s Pending Sales are up 18.5% from June 2019’s 3,083, and also up 17.4% from the previous month/May 2020’s total of 3,112.
- The Average Sale Price in June 2020 of $479,700 is up $7,000 from last year/June 2019’s $472,700, and is also up $12,200 from the previous month/May 2020’s $467,500. YTD increase is 2.6%.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in June 2020 of $435,000 rose from last year/June 2019’s $420,000 by $15,000, and is up by $10,000 from the previous month/May 2020’s $425,000. YTD increase is 3.9%.
Neighborhoods: June’s Average Sale Price + 12-month Appreciation:
- North Portland: $447,500 3.0% (May $442,900 )
- YTD Median: $421,800
- NE Portland: $486,200 3.0% (May $479,900)
- YTD Median: $431,700
- SE Portland: $462,800 2.1% (May $448,300 )
- YTD Median: $390,000
- Gresham/Troutdale: $383,000 1.8% (May $358,800)
- YTD Median: $361,000
- Milwaukie/Clackamas: $479,600 3.7% (May $435,200)
- YTD Median: $433,000
- Oregon City/Canby: $447,300 2.9% (May $454,500)
- YTD Median: $435,000
- Lake Oswego/West Linn:$721,800 3.9% (May $698,500)
- YTD Median: $605,400
- West Portland: $609,400 -0.9% (May $616,200)
- YTD Median: $540,000
- NW Wash County: $585,000 2.2% (May $520,400)
- YTD Median: $506,800
- Beaverton/Aloha: $417,500 3.2% (May $407,800)
- YTD Median: $410,000
- Tigard/Wilsonville: $504,400 3.7% (May $502,400)
- YTD Median: $465,000
- Hillsboro/Forest Grove: $433,100 5.7% (May $422,100)
- YTD Median: $400,000
LAKE OSWEGO:
The combined areas of Lake Oswego and West Linn for the month of June 2020 reported:
-
- 315 Active Listings (May 324)
- 216 New Listings (May 209)
- 196 Pending Sales (May 169)
- 135 Closed Sales (May 92)
- Average Sale Price for May: $721,800 (May $698,500)
- 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.
- 54 Average Days on the Market (May 59)