Home prices in Portland have been relatively flat lately, and the market is generally showing signs of what may either be seasonal slowing or possibly home values settling. Surrounding areas like Gresham, Oregon are also seeing a decrease in home purchases punctuated by dramatic increases in days on market. For Beaverton, Oregon the story is much the same with days on market steeply increasing while market action seems to be in a slow slump. Close-in, desirable areas like Lake Oswego are seeing very mixed signals like dramatic increases in days on market, sharply declining inventory, and a decrease in buyer activity via the market action index. Below we’ll examine the city of Portland along with select surrounding areas including Gresham, Beaverton and Lake Oswego in greater depth.
Portland, OR Housing Update
Median home price for Portland, Oregon is coming in at $357,500 with an average of 105 days on the market. Average days on market is on an uptrend and market action as defined by purchases from well-qualified buyers may be flagging, or experiencing seasonal slowing. Inventory is remaining relatively stable although more buying activity is being seen in the affordable housing categories as opposed to more high end options.
Portland, Oregon Quartile Housing Data
- Top Housing Quartile for Portland: Homes in the top market quartile have a median price of $775,000. With 47 newly listed homes in this category as compared to 39 sold the balance may shift in favor of buyers in coming weeks. Top tier homes average 34 years old, 4-bed/3-bath, with 3706 square feet of living space and 0.25-0.50 acre lot sizes. This pricing tier is averaging 126 days on market.
- Upper/Second Portland Real Estate Quartile: At a median asking price of $439,000 these second tier homes featuring an average 2448 square feet are a relative value. Lot sizes are much more modest than top tier, with an average of 4,501-6,500 and an average age of 57 years old. With 63 MLS listings sold as compared to only 57 newly listed homes for sale, the upper second quartile seems fairly balanced. Days on market for this tier is the lowest of all the quartiles at only 77 days currently.
- Lower/Third Portland Residential Property Quartile: Homes in this category have a current median asking price of $289,900 for homes averaging 1898 square feet. These 3 bedroom, 2 bathroom homes average 58 years old and are currently perfectly balanced at 77 new listings and 77 sold listings. With 95 average days on market this category isn’t selling quite as briskly as the upper/second quartile, however there’s still definite market activity.
- Bottom/Fourth Quartile Portland MLS Listings: Homes in the bottom price quartile have a current median list price of $199,900 while averaging a very modest 1330 square feet of living space and feature 3 bedrooms and one bathroom on average. At an average of 121 days on market, these entry-level real estate listings are staying on the market longer than the second and third quartiles. Average age for these properties is 60 years old. With 57 new listings compared to 66 sold there’s definitely still a market for these affordable houses.
Lake Oswego, Oregon Real Estate Market Report
The median price for residential RMLS listings in Lake Oswego, Oregon for this week is currently $699,950 with the 251 available homes for sale spending an average of 127 days on the market. Days on market is steeply increasing while the number of available listings is sharply declining. This reduced inventory may help buoy prices despite the reduced purchasing activity, although only time will tell. It may be that buyers experiencing the full benefit of the economic recovery are able to purchase, whereas working-class families are now often unable to even afford a home at all. A large percentage of the buying activity in Lake Oswego is in the bottom quartile, although there has been decent activity all across the second to fourth quartiles.
Quartile Housing Data For Lake Oswego, Oregon
- Top/First Lake Oswego Residential Property Quartile: Lake Oswego real estate in the top quartile is currently listed at a $1,872,500 median asking price; for which you get a home featuring around 4,800 square feet with 4 bedrooms and 4 bathrooms. Average age for the category is 16. These most expensive homes for sale in Lake Oswego have an average of 170 days on market. With 4 new listings compared to 2 sold listings we may see price reductions if this pattern continues unabated.
- Upper/Second Quartile Lake Oswego Properties: Sales have been strong in this category with an average listing price of $889,850 and 8 sold listings compared to only 5 new listings in this quartile. These Lake Oswego homes for sale feature around 4,000 square feet, 4 bedrooms and 3 bathrooms and are taking an average of 133 days on market to sell.
- Lower/Third Residential Housing Quartile for Lake Oswego: Properties in the lower/third quartile of the Lake Oswego housing market have a median price of $579,000. These properties average 2,940 square feet and feature 4 bedrooms and 2 bathrooms. With 132 days on market and 4 new listings versus 7 sold listings, this quartile of Lake Oswego appears very robust.
- Bottom/Fourth Quartile Lake Oswego Real Estate: Entry level homes in Lake Oswego have a median list price of $407,500 with an average of 1,860 square feet of living space and 3 bedrooms, 2 bathrooms. These affordable Lake Oswego real estate listings are selling fast with 2 homes newly listed, 9 homes sold, and an average of only 72 days on market. This high ratio of listed versus sold may cause upward pricing pressure in the bottom/fourth Lake Oswego housing quartile.
Beaverton Housing Market Update
For this week, residential real estate listings in Beaverton, OR have a median list price of $329,990. There are 455 total active Beaverton homes for sale and these properties have been on the market an average of 95 days. Days on market is climbing and market action as defined by buyer activity has been slowing down somewhat. It’s still a seller’s market though, especially for entry level housing, where sales have outpaced new listings by a margin of two to one. In contrast, higher priced homes in some categories may see some downward pricing pressure if current trends continue.
Beaverton, Oregon Housing Data By Quartile
- Top/First Quartile Homes In Beaverton, OR: Top tier properties in Beaverton have a current median list price of $519,000 with averaged features at 3030 square feet of living space, an 8,001-10,000 square foot lot, 4 bedrooms / 3 bathrooms, and an average built 18 years ago. With 11 new listings balanced against 9 homes sold in this pricing tier the market is moving; albeit with an average of 138 days on market somewhat slowly.
- Upper/Second Quartile Residential Real Estate in Beaverton: For this price category the median asking price at $374,250 with a low 74 days on market. Homes in this category features averaged as follows: 2264 living space square feet, 4 bedrooms / 2 bathrooms, and year built 20 years ago. With 7 new listings and 14 sold this price category is seeing robust activity.
- Lower/Third Quartile for Beaverton, OR: Active MLS listings in this category have a median list offered price of $298,250 with averaged features as follows: living space of 1784 square feet, lot size of 8,001-10,000 square feet, and 3 bedrooms / 2 bathrooms. These properties have a year built averaging 33 years ago. Current market time is a very-low 65 days and the 20 newly listed homes balance out with the 20 properties sold in this category.
- Bottom/Fourth Beaverton Real Estate Quartile Data: Entry level homes in Beaverton, OR have a median list asking price of $234,900. These homes’ features average at: 1,416 square feet of living space, lot size of 8,001-10,000 square foot lot sizes, and 3 bedrooms / 2 bathrooms. There have been 10 new listings in this category as compared to 21 homes sold with an average of 103 days on market.
Gresham, Oregon Real Estate Market
Homes for sale in Gresham, Oregon have been experiencing a decrease in buyer activity in recent weeks while at the same time the average days on market is increasing. Perhaps bucking this downward trend somewhat, inventory of available Gresham real estate has been dropping as well, which may bolster sagging prices via the principle of supply and demand. Outlying areas like Gresham, Oregon have seen more short sale activity in recent weeks due to the fact that increased prices are not always enough to lift some of these mortgages out of the red and back into the black. If you’re behind on your mortgage, call us now to speak with a Gresham, Oregon short sale specialist. Similar to other local markets within the Greater Portland area, buyers interested in entry-level housing are experiencing the most competition from other buyers.
Gresham, Oregon Housing Quartile Data
- Top/First Gresham Real Estate Quartile: These top quartile properties in Gresham, Oregon have a median offered price of $469,995, ~109 days on market, and an average year built at 20 years ago. Average living square footage for Gresham listings in this category is 3,162 while average lot size is at 0.25-0.50 acres. The mean bed/bath count for these top tier properties is 4 bedrooms and 3 bathrooms. There were 4 new listings and 3 sold listings in this top quartile for Gresham real estate.
- Upper/Second Quartile Gresham Residential Properties: These upper/second tier properties for sale in Gresham are averaging a low 89 days on market with a median asking price of $292,450. The mean statistics for this category are as follows: 2260 square feet of living space, 4 bedrooms / 2 bathrooms, and building age 27 years. With 7 new listings and 6 sold listings, this category seems failry well balanced for the moment.
- Lower/Third Price Quartile For Gresham, Oregon: Gresham real estate listings in the third tier have a current median asking price of $240,974 for a home averaging 1,794 square feet of living space and 3 bedrooms / 2 bathrooms. Average age for the category is 28 years. Average time on market is 113 days. With 0 sold and 5 newly listed properties in this category, this may be a sign that the housing market in this price range is losing steam.
- Bottom/Fourth Gresham Real Estate Quartile: The entry level housing quartile for Gresham, Oregon is at a median list price of $193,950 for a home averaging 1,510 square feet of living space, 3 bedrooms / 2 bathrooms, and an 8,001-10,000 square foot lot size. Average year built for these entry level Gresham, OR properties is 38 years old. With 3 new listings and 6 listings sold this category is showing some activity. Although, the average of 177 days on market shows that there’s some properties that may yet fall into short sale if they don’t get offers soon.
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