April 2022 Portland Metro Real Estate Market Action Report

11 05 2022

Cool Hand Luke, 1967

With each new month we are breaking price records…the average sales price is now $632,900 and the median is $560,000.  We have been talking about affordable housing since, at least, the hot market of 2005 and, well, “How’s that working for ya?”

The truth is in supply and demand. 

Here is the supply over the past 5 years:

            April 2022:  3684 Active Listings

            April 2021:  4065

            April 2020: 2847

            April 2019:  4210

            April 2018:  3990

            April 2017:  3759

Here is the “Demand” 

April 2022:  3005 Pending Listings

            April 2021:  3102

            April 2020:  2041

            April 2019:  3102

            April 2018:  3008

            April 2017:  3088

Here are the Days on Market

April 2022:  21 Days on Market

            April 2021:  27

            April 2020:  44

            April 2019:  53

            April 2018:  42

            April 2017:  42

“What we see here is a failure to communicate…” (Cool Hand Luke, 1967)  

Someone is causing the days on market to be halved.  Is it the locals in the Portland Metro Area?  Is it the neighboring areas of SW Washington moving here?  Is it folks from neighboring states?  Or, is it folks from far off?  We do not know.  The state and counties are not effectively counting address changes, driver license conversions and license plate transfers from out of state or country. 

The only way to fix this is through supply.  In 2019, the state unanimously approved HB 2001 to open up all lots restricted to single family residences to be allowed higher density.  Three years later, it has had no measurable effect.

So, next month, expect higher prices…It is simple math. 

“Some men (or women) you just can’t reach…(my insertion, Cool Hand Luke, 1967)

In Portland, 254 houses in the past 30 days sold over $1M.  Here are the statistics on how much over list price they sold.  (And why the bleeding doesn’t appear to be stopping quite yet.)

$50K over List Price32
$100k-200k over List55
$200K + over63

That is 150 homes out of 254 which have closed $50,000 or more over the price they listed!

Dustin Miller

Broker/Analyst Licensed in Oregon

Windermere Realty Trust


Portland Metro Market Action March 2021

13 04 2021

Only once in the past 14 years on the median sales price have we increased 19% or more for the Average or Median Sales Price for the Portland Metropolitan area—September 2016.  Before that we find ourselves in the real estate market of 2005 and 2006 where we hit 19% or higher between August of 2005 and May of 2006 four times in the Average Sales Price and Five times for the Median Sales Price.

We are still in a pandemic-type world where what we thought might be the end of the unimaginable and might yet still be far from it.  This is an up and down real estate world right now…

Compared to Last Month

  • New listings up 40.1%
  • Pending sales up 51.5%
  • Closed sales up 29.2%

Compared to Last Year

  • Inventory down from 1.8 months to 0.8 months.
  • New listings down -0.1%.

Were the agents in 1981 ever thinking of a world in 2021 where someone who bought a home in March 2016 would turn-around and sell it for $200,000 more than they bought it for originally?  That’s right: Our average and median sales prices are $217,100 and $198,000 higher than they were in March 2016 right now!  Well, actually right now it may be more, because this data is 2 weeks old.

So, will hillsides collapse or tsunamis hit?  Will visitors from beyond the Moon come to visit us?  Will we find galaxies with an Earth-like planet to inhabit?  Will Dr. Seuss be removed from world literature?  At this point, we might start expanding our minds to think even further…anything is possible…and…everything is possible.

RMLS Market Action March 2021

Compared to Last Year

  • Inventory down from 1.8 months to 0.8 months.
  • New listings down -0.1%.
  • Pending sales up 42.6%
  • Closed sales up 8.5%.
  • Average Sales Price up 19.1%
  • Median Sales Price up 14.8%

Compared to Last Month

  • Inventory down to 0.8 months from 1.0 months
  • New listings up 40.1%
  • Pending sales up 51.5%
  • Closed sales up 29.2%
  • Average Sales Price up 2.3%
  • Median Sales Price up 1.9%

Latest Market Action Here:

Dustin Miller

Broker/Portland Metro Market Analyst

Windermere Realty Trust

September 2019 Portland Real Estate Market Action

16 10 2019

September 2007New listings are down from a year ago, but the pending and closed sales numbers are up 8.7% and 4.6% from a year ago.  Normally we would say, based on the law of supply and demand, prices would go up; however, buyers aren’t desperate at this point—or so it seems.  The good news is that prices are going down moderately compared to the past.  The bad news is that sellers may have to do a little more to prepare for the coming real estate market or make concessions on price to make up for it.

In the past, we have generally dipped from the peak month of prices—June or July of each year—by about 5% for the average sales price and 4%-6.5% for the median sales price.  This year has been much more moderate and typical to the pre-boom days of 2005.  We dropped $14,300 and -3.09% from the peak in June 2019 for the average sales price.  The median sales price is even more moderate dropping $10,000 and 2.46% from their peak in June 2019.fall rains

The last three fall markets we had for the average sales price actually went up between September and October and then down a little more the rest of the year.  Back in 2016 was the last time we went up in December for the average sales price.  The median sales price has alternated going up or down in November or October and then going down a tad or staying the same at the end of the year.

puddles“Feels Like” real estate market conditions are partly sunny for some agents and partly cloudy for others.  I have heard some agents talk about it slowing down, while the others don’t seem to be concerned with the market conditions because they are busy showing houses to buyers who are looking for just the right house.  Buyers are out there covering larger search areas than before.  They have very specific needs and are generally willing to find it in other neighborhoods if the original one they thought they liked doesn’t have what they want.  Sellers have to put their best clothes on for these buyers coming to their homes.  This dance has a lot of sellers on the wall looking for a date.geeks on the wall

Get The Full Report Here:  Portland Metro September 2019

Dustin Miller

Market Analyst

Windermere Realty Trust

June 2019 Portland Metro Market Action

30 07 2019

slow down horsePortland Metro Market Action Report

July 30, 2019

The trend of number of home sales for the Portland Metro Area continues to slow down.  However, the average and median sales prices are going up slowly but steadily over time.  Inventory is still creeping upward but nowhere near where it could be considered a balanced market.

It appears Portlanders seem to be hanging onto their homes longer as the influx of Out-of-state buyers continues to climb.  Last summer was about the same as far as numbers going down between May and June 2018.

slow granny

As far as predictions go, we might be in for another slow Fall and Winter.  Last year inventory climbed briefly to 3.1 months in September and the numbers declined in double digits in November from the previous month and previous year.  However, prices kept climbing slowly for the buyers still out searching for the right home in a low inventory.  January 2019 saw a high of 3.3 months of inventory we had not seen since January 2015 when the inventory was 3.4 months. If we can hit 3 months again perhaps we might see the prices take a small dip to an even percentage or possibly a small decline.

Buyer’s market?  That is hard to say with low inventory and rising prices.  Even with a tick down in prices, the inventory is still going to keep pressure on the buyers to choose from the existing inventory and perhaps compete for homes.

Slow Frog

RMLS Market Action June 2019

Compared to Last Year

  • Inventory up from 2.1 months to 2.4 months.
  • New listings down -5.2%.
  • Pending sales up .8%
  • Closed sales down -6.4%.
  • Average Sales Price up .1%
  • Median Sales Price up .5%


Compared to Last Month

  • Inventory up to 2.4 months from 2.1.
  • New listings down -12.7%
  • Pending sales down -6.3%
  • Closed sales down -7.2%
  • Average Sales Price up .3%
  • Median Sales Price even 0%

I also looked back at the month of July statistics from July 1-July 30th to see what we are headed toward as the Portland Metro Market action will not be out until mid-August and the following is what I found out…

Peeking into July 2019

  • Pending sales down -15.1%
  • Closed sales down -20.5%
  • Average Sales Price up .72%
  • Median Sales Price even 0.1%

The full report here:  Portland Metro June 2019


Dustin Miller

Broker/Portland Metro Market Analyst

Windermere Realty Trust

Where is the Million Dollar Market? Or the Six Million Dollar Market? Only a Lee Majors fan would know.

29 07 2018

steve austin 1

Right now we have the most homes for sale, the greatest number of pending homes and the greatest number of sold homes in the Portland Metro Market’s history.  It is the time to assess your home’s value.

The average days on the market time is down 7.8% from last year and all of the previous years.  This is from the correctly priced homes coming on the market and selling quickly in the luxury market perspective.  They are still selling for less than asking around 96% in June 2018 of listing price though.

So, if you are listed at $2.25M and sell for $90,000 less than that, will you be o.k.?  Is this a big victory after you paid $1.4M ten years ago and made some big improvements and kept it up?

Prices are going down in the luxury market.  This is news most agents won’t tell you.  Why, because no one studies these numbers more than me.  Numbers are a dangerously truthful way at presenting information on the luxury market. The average sales price over $1M has decreased 4% from last year in Portland.

They are still better prices from 4 years ago generally appreciating at a $125,000 per year in four years.Six-Million-Dollar-Man-six-million-dollar-man-659516_290_367

And…inventory is way down.  I mean way down.  18.9% from last year and half of what it was 4 years ago.  That would generally mean a rise in prices, not so in our luxury market.  Under $1M in Portland, Oregon and you are sitting on 2.1 months of inventory and rising prices with it.  Over $1M and the data leans against normal conventions…why?

This is one area where the perplexing low supply and high demand has not driven up prices.  It is a fascinating group which has been playing picky on both sides.

Here is a quick table of the last 15 years of numbers in the Luxury Market

June 2018 (Quarterly)

Homes For Sale in June 2018 (End of Qtr): 587 units.

Up 37.5% compared to last quarter
Up 21.3% compared to last year

Home Closed in June 2018 (Quarterly): 241 units.

Up 95.9% compared to last quarter
Up 27.5% compared to last year

Home Placed under Contract in June 2018 (Quarterly): 264 units.

Up 45.1% compared to last quarter
Up 31.3% compared to last year


Up in all categories over 5 and 15 years is the hard evidence.  Yes, the prices are slowing down, but the sales are up!  Take advantage of this market today.  And be glad you are not in Manhattan…which is probably where the hype started.

March 2018 Portland Market Action

13 04 2018

Portland Prices Align With Arizona Weather!


If you bought a rental house at the average sales price in December 2017 and rented it the next month in January, you would have covered your $1500 mortgage payments for the year and walked away with $6200 to spare for expenses on that rental for the rest of the year.  If you bought it for the median sales price, you broke even for March.  All your expenses paid; even better if your first payment wasn’t until February 1st.



So, prices are hotter than a ghost pepper and it barely hit 69 degrees once this year!  Last year’s ceiling is this year’s floor.  I said it last month and the month before and it could not be more true today with this news from the RMLS Market Action for March 2018.



Hot As Hell

Buckle down for the next six- eight months folks—or, wait until the last week of August—my favorite time of the year for buyers to get a steal from a seller who has to sell as the market comes to a halt at the end of the summer.



Compared to Last Year

  • Inventory up to 1.6 months from 1.3.
  • Closed sales up 31.3%.
  • Pending sales up 23.8%.
  • New listings up 44.2%.
  • Average Sales Price up 4.1%
  • Median Sales Price up 6.8%


Compared to Last Month

  • Inventory down to 1.6 months from 1.9.
  • Closed sales up 31 %
  • Pending sales up 23.8%
  • New listings up 44.2%
  • Average Sales Price up 0.9%
  • Median Sales Price up 2.6%



The Full Report:Market Action March 2018

Dustin Miller

Market Analyst

Windermere Realty Trust

Portland Metro Market Action 2017

13 01 2018


Closed sales went down a tick under 1%, Decembers are pretty volatile over the past 5 years.  Last year we went down 29.5%, 2015 was up 25.9%, 2014 was up 15.6 and 2013 was down 2.1%.  This is a tough one to predict with weather and timing.


The new listings being down 33.1% is somewhat common and nothing to even lose sleep over, for now.  We always lose headway for December and pick up generally after the first of the year.  Pending sales follow the same trend.

Price is the big one!  December is the month to “figure” out the annual appreciation rate for the common man.  (The stat nerd calculates every month individually and posts different numbers).  The average sales price according to the Market Report is up only 5.6% and the median sales price is up near the expected 8.6%.  (Stat nerd came up with 2.8% for the average if you simply measure January’s price to December’s Price and 8.59% if you measure 2017’s low to high average sales price).  The Median Sales Price fared better January-December with 8.57% and high to low as 12.88%.   Which is really how it should be done.

  • Compared to Last Year
  • Inventory up to 1.6 months from 1.3.
  • Closed sales down 10.3%.
  • Pending sales even from the year prior.
  • New listings up 13.8%.
  • Average Sales Price up 5.6%
  • Median Sales Price up 8.6%

Compared to Last Month

  • Inventory down to 1.6 months from 1.9.
  • Closed sales down 1.6 %
  • Pending sales down 25.9%
  • New listings down 33.1%
  • Average Sales Price down 0.8%
  • Median Sales Price up 0.8%

Interested in a unique measure of a decade?  From the peak in 2007 to the low in 2011 (when we lost about 30% of our equity) to the high in 2017, Portland has gained 21.94% for the average sales price since 2007 and 31.67% for the median sales price!  So if you bought high in 2007, lost your shirt but not your house in 2011 and are looking to sell in Portland today…bankrupt

…on average, your home is worth about 20-30% more than it was then. That’s about 2-3% a year as we have done for the 3 decades before 2000 in Portland.

win big


Dustin Miller

Broker/Market Analyst

Realty Trust Group


                                   The Full Report Here:   Portland Metro Market Action December 2017

April 19, 2017 Real Estate Market Report

19 04 2017

dentist office posterPortland Metro Market Action Report

Well, well, well…a price jump of 6% in a single month!  Looks huge compared to the NAR’s national average for the entire country, which is the Non-Seasonally Adjusted figure of 5.8% from last year!

New listings jumped up as well by 43%, however, different than last March, the pending sales gobbled them right up with a parallel jump of 28.5% compared to last year which was only a 10.4% jump from the previous month.bronco

The other news is the median sales price for the Portland Metro Area being at $370,000!  Last year the peak number was $362,000 in June.  If we are above that number for 2017 already, you can forecast this year’s number to peak again higher easily.  Hang on!  The ride is not over yet…

The largest dilemma facing our industry is inventory—we need more houses on the market to balance out the demand facing supply.  If you are leaving the area, you will have no problem selling your home in a week if correctly priced.  However, if you are relocating to another spot here in the Portland the challenge to find a spot to land is very Hamster hangs on a ropedifficult.  Only a licensed professional agent will be able to help you navigate this landscape—trust me.  The other very difficult challenge is finding the ability to purchase without selling your home first.  This market will very rarely accept a contingent offer on the closing of your home first.  Back in the heyday of real estate in 2005-2006 bridge loans provided this ability constantly.  Now, there are only a handful of companies doing this and, once again, that is where an agent will be able to assist in locating one who fits your needs.


Median By Portland Area                % up from Last Year

Beaverton                     $328,000         13.1

Tigard                            $405,000         11.0

Lake Oswego                $530,000         11.6

Milwaukie                     $358,000          8.8

Oregon City                  $355,000         10.1

West Portland               $499,900         11.1

North Portland             $385,000         10.0

Northeast Portland      $390,000         15.0

Southeast Portland      $322,000         11.0

goat climb

RMLS Market Action March 2017

Compared to Last Year

  • Inventory even from 1.3 months from 1.3 months.
  • Closed sales down -2.8%.
  • Pending sales down -1.1%
  • New listings up 5.7%.
  • Average Sales Price up 11.2%
  • Median Sales Price up 10.4%

Compared to Last Month

  • Inventory down to 1.3 months from 1.9.
  • Closed sales up 49.4%
  • Pending sales up 28.5%
  • New listings up 43%
  • Average Sales Price up 6%
  • Median Sales Price up 4.7%

Portland Metro Market Action March 2017

Dustin Miller

Broker/Portland Metro Market Analyst

Realty Trust Group

February 28, 2017 Case-Shiller Report

28 02 2017


Number 2 again… Well, as I said in last month’s report, it is the best place to be for any competitor going into the big game. Most eyes are on number one—who is Seattle in this case.

The best news coming out of this report, which is a little interesting for David Blitzer’s analysis, is the insight to volatility over the course of the last 25 years, specifically the recent boom-to-bust-to-boom.  Blitzer looked at both the Seattle and Portland markets and found the higher end properties (over $532,716) were less volatile than the lower end (under $335,111) over the years.

…“Another factor supporting rising home prices is mortgage rates. A 30-year fixed rate mortgage today is 4.2% compared to the 6.4% average since 1990. Another indicator that home price levels are normal can be seen in the charts of Seattle and Portland OR. In the boom-bust of 2005-2009, prices of low, medium, and high-tier homes moved together, while in other periods, including now, the tiers experienced different patterns,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.



All in all, we are moving upward slowly and steadily and that is how we have done it for the past 50 years.  Obviously we have had some bumps along the way, but, in general, it has been a slow climb upward.


In the coming month I will post an analysis on the home prices regarding the past 12 years and be comparing the highs and lows as well as the times of year they happened.  Stay tuned!

Understatement Of The Year!

“One factor behind rising home prices is low inventory. While sales of existing single family homes passed five million units at annual rates in January, the highest since 2007, the inventory of homes for sales remains quite low with a 3.6 month supply,” said Blitzer.

Portland is currently at 1.7 months of supply and yearning for more.  In fact, we have only had 2 or more months of inventory in only 5 occasions in the past 2 years.


S&P Case-Shiller Numbers for December 2016



  • 8% up from last year
  • 2% up from last month

20 city—(Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, LasVegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco,  Seattle, Tampa, Washington.)

  • 9% up from last year
  • 3% up from last month

10 city—(Boston, Chicago, Denver, Vegas, LA, Florida, N.Y., San Diego, Miami, San Francisco)

  • 9% up from last year
  • 3% up from last month



10% up from last year

0.3% up from last month


Download the Case-Shiller Report here:case-shiller-february-28-2017


Dustin Miller

Broker/Portland Metro Market Analyst

Realty Trust Group



January 31, 2017 Case-Shiller Report

1 02 2017


First and foremost, the numbers from this report are from data in November 2016.  Secondly, Portland landed at #2 again for this month which is still very strong for the national average.


“With the S&P CoreLogic Case-Shiller National Home Price Index rising at about 5.5% annual rate over the last two-and-a-half years and having reached a new all-time high recently, one can argue that housing has recovered from the boom-bust cycle that began a dozen years ago, says David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices…disposable income has risen at about a 2.5% annual rate for 30 months.”


Oak Grove Fork Clackamas River

What does this really mean?  Well, the encouraging part is that we are going up at a slow and steady pace, even in the late fall months, which is seasonally unexpected.  This is due mostly to our very low inventory for the area (1.2 months).  Supply is low and demand is still high for Portland, Oregon.  As I read in the CoreLogic MarketPulse this month, there is a large outward migration still flowing from California counties.  In Los Angeles and Orange counties, the outward migration is going to outlying counties due to affordability.  The median sales price for a home in Orange County is $639,000 and $544,000 for Los Angeles County.


“…about 24 out of the 100 households were buying outside of the county (Los Angeles),” said Archana Pradhan, Economist for CoreLogic…About one-third of the net outflow, representing 6 percent of current residents who want to buy, are buying out of state.”

Microsoft Word - hood trillium lake photo.docx

Holly Fischer Photography




Portland’s median home price was $349,900 in December 2016.  This fact is perhaps not bringing in refugees from other states at an alarming rate, but it surely looks good for those seeking to relocate and get more home for the price.  That amount of demand, no matter how small or large, is putting pressure on those in-state who are also competing for the rare low number of home in inventory for the Portland Metropolitan area—1.2 months!


S&P Case Shiller Numbers


  • 6% up from last year
  • 2% up from last month

20 city—(Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, LasVegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco,  Seattle, Tampa, Washington.)

  • 3% up from last year
  • 2% up from last month

10 city—(Boston, Chicago, Denver, Vegas, LA, Florida, N.Y., San Diego, Miami, San Francisco)

  • 5% up from last year
  • 2% up from last month



10.1% up from last year

0.2% up from last month


Case-Shiller Report case-shiller-january-31-2017



My hike in the snow last spring

Dustin Miller

Broker/Portland Metro Market Analyst

Realty Trust Group