Q2 2023
PUGET SOUND • SW WASHINGTON • OREGON
ABOUT THIS REPORT
The Berkshire Hathaway HomeServices Quarterly Market Report features the latest MLS data and local market statistics. Through year-over-year comparisons of key performance indicators and market summaries, this report delivers a comprehensive overview of residential real estate activity for the regions we service across the Pacific Northwest, including:
• Greater Seattle Metro Area (King, Pierce, Snohomish, and Thurston)
• Southwest Washington (Vancouver Metro Area)
• Greater Portland Metro Area
• Mid-Willamette Valley (Marion, Polk, Linn, and Benton)
• Eugene, Coastal, and Southern Oregon (Lane, Tillamook, and Douglas)
• Central Oregon
Learn about trends affecting sales activity and price, read decisive takeaways for each market, and empower yourself with Northwest Knowledge.
ABOUT US
Since 1942, we’ve been helping people buy and sell homes in Oregon and Washington. With 33 offices and a growing regional network of nearly 1,000 real estate professionals, we lead the Northwest in delivering exceptional service backed by data-driven market intelligence, just like you’ll find throughout this report.
For more information and assistance to help successfully navigate today’s real estate market, contact your local Berkshire Hathaway HomeServices broker. We are All statistics are based upon MLS data for the period of 04/01/23 - 06/31/23.
BERKSHIRE HATHAWAY HOMESERVICES
PACIFIC NORTHWEST 2023 MARKET REPORT Q2
LETTER FROM THE EDITOR
We’re more than halfway through the year and while the U.S. real estate market has surprised in many ways with its resiliency, it has not defied reason or logic. Economics 101 teaches us price is an interaction of supply and demand and as long as supply is low there will be a demand and prices will be stable or rise. The housing market continues to be fueled by the lack of existing homes available for sale, resulting in a return of home price growth month-over-month throughout the majority of the first two quarters of 2023. Removing the unicorn years of 2020 –2022, on average, active inventory nationally has reached levels 50% below the pre-pandemic years of 2017 – 2019.
Couple an inventory-starved market with the Federal Reserve’s ongoing efforts to tame inflation through raising the benchmark interest rate ten (10) consecutive times in the last fifteen (15) months causing significant mortgage interest rate volatility during that period and you have a recipe for a complicated and misunderstood market. This is where hiring a skilled Berkshire Hathaway HomeServices real estate professional can benefit you because they know the optimal pricing and marketing strategies for your home to ensure you realize maximum value. It’s why we’re … Good To Know!
As our quarterly report shows, year-over-year comparisons of the Q2 2022 and Q2 2023 Pacific Northwest market portray a significant decline in sales, yet the month-over-month narrative of the first half of 2023 paints a different reality – one of plateauing and modest growth in price and sales in many submarkets throughout the region. It’s why a Berkshire Hathaway HomeServices sales professional is the key to a successful home buying or selling experience and why the critical information in this report will empower you with the knowledge you need when making one of the biggest decisions of your lifetime.
Jason Waugh, President & CEO
BERKSHIRE HATHAWAY HOMESERVICES LETTER FROM THE EDITOR PACIFIC NORTHWEST 2023 MARKET REPORT Q2
Greater Seattle Metro Area
(King, Pierce, Snohomish, and Thurston)
Tight inventory, higher interest rates, and strong buyer demand are creating competition for listings in the Greater Seattle Metro area. Despite less activity than in the same period the prior year, the market is moving, and a well-priced and show-ready listing in the Greater Seattle Metro area is still selling fast and often in a multiple-offer situation.
DAYS ON MARKET
Average days on market in the Greater Seattle Metro area increased 117% year-over-year to 26 days. Across the region, average days on market jumped by double- and triple-digit percentage points, rising the most in Bellevue –a 200% year-over-year jump and an average of 24 days this quarter. At 18 days, Redmond/Carnation and West Seattle tied for the swiftest-moving markets in the region, though this number represented a 125% and 80% year-over-year increase, respectively.
CLOSED TRANSACTIONS
Closed transactions (13,873) fell 33% from year-ago figures throughout the Greater Seattle Metro area. King County recorded a total of 7,111 closed units, a 32% decrease from this time last year. On a percentage basis, closed units decreased the most in Burien/Normandy Park, where 113 units closed this quarter was a 74% drop from year-ago figures.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales (14,783) were down 23% from year-ago figures; new listings decreased 38% year-over-year to end Q2 2023 at 17,438; and active listings (22,462) declined 27% from year-ago figures.
AVERAGE SALES PRICE
Average sales price inched down 6% from year-ago figures to end the quarter at $848,485. Mercer Island posted the highest average sales price in the region – $2,346,674 –but the average sales price there still fell 10% compared to the same time last year. Only Central Seattle went against the trend; average sales price ($1,076,649) in Central Seattle increased year-over-year by 4%.
BERKSHIRE HATHAWAY HOMESERVICES GREATER SEATTLE METRO AREA 10 22 10 18 17 29 10 20 15 29 9 19 8 18 12 21 8 24 2022 2023 15 25 10 19 9 21 11 26 10 24 $1.1M 11 $375K $0K $1.5M 19 $750K $1.8M $2.2M 14 31 8 26 10 22 $ 694,505 $ 615,104 $ 1,507,072 $ 1,474,280 $ 2,346,674 $ 1,438,951 $ 855,593 $ 657,276 $ 564,417 $ 527,671 $ 566,092 $ 846,558 $ 883,639 $ 1,530,206 $ 1,076,649 $ 1,114,964 $ 625,480 $ 611,343 $ 588,795 $ 1,455,869 $ 1,242,736 $ 2,606,744 $ 1,633,758 11 24 10 23 15 31 12 30 $ 546,323 $ 631,155 $ 591,843 $ 1,100,110 $ 1,030,246 $ 780,192 $ 848,134 $ 562,582 $ 942,206 $ 717,866 $ 603,701 $ 573,060 $ 592,244 $ 904,368 $ 944,659 $ 1,784,921 $ 1,039,203 $ 1,174,793 $ 692,042 $ 510,120 $ 551,393 $2.6M KING COUNTY KENT MERCER ISLAND PIERCE COUNTY BELLEVUE REDMOND/ CARNATION SNOHOMISH COUNTY FEDERAL WAY/ DASH POINT KIRKLAND/BRIDLE TRAILS THURSTON COUNTY GIG HARBOR/KEY PENINSULA JUANITA/ WOODINVILLE WEST SEATTLE TACOMA/ UNIVERSITY PLACE OLYMPIA CENTRAL SEATTLE PUYALLUP LACEY/ DUPONT NORTH SEATTLE LYNNWOOD/ EDMONDS BURIEN/ NORMANDY PARK EVERETT
AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET
GREATER SEATTLE METRO AREA
PACIFIC NORTHWEST 2023 MARKET REPORT Q2
BERKSHIRE HATHAWAY HOMESERVICES GREATER SEATTLE METRO AREA 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 10,392 7,111 4,686 3,039 4,206 2,699 1,468 1,055 900 800 700 600 500 400 300 200 100 CENTRAL SEATTLE WEST SEATTLE NORTH SEATTLE BURIEN/ NORMANDY PARK BELLEVUE KENT FEDERAL WAY/ DASH POINT GIG HARBOR/ KEY PENINSULA 620 440 539 419 551 396 437 113 530 337 559 408 396 284 349 272
102 87 435 260 538 381 178 124 REDMOND/ CARNATION MERCER ISLAND KIRKLAND/ BRIDLE TRAILS JUANITA/ WOODINVILLE 700 600 500 400 300 200 100 1,750 1,500 1,250 1,000 750 500 250 PUYALLUP LYNNWOOD/ EDMONDS EVERETT TACOMA/ UNIVERSITY PLACE 1,530 1,008 848 505 706 497 712 452 615 439 316 440 OLYMPIA LACEY/DUPONT PACIFIC NORTHWEST 2023 MARKET REPORT Q2 KING COUNTY PIERCE COUNTY SNOHOMISH COUNTY THURSTON COUNTY NUMBER OF CLOSED UNITS 2022 2023
GREATER SEATTLE METRO AREA
Southwest Washington
(Vancouver Metro Area)
While inventory in Southwest Washington increased to 1.8 months in June, an imbalance of supply to demand persists, resulting is stable average prices.
DAYS ON MARKET
Average days on market jumped 107% from year-ago figures to 31 days this quarter. In La Center, average days on market was up 455% from Q2 last year to end this quarter at 61 days, which was the highest average dayson-market recorded for the region. At 25 days, Camas posted the lowest average days-on-market, though days on market still increased 39% from the previous year.
AVERAGE SALES PRICE
Average sales price remained relatively unchanged, falling a modest 1% compared with Q2 2022 to end the quarter at $595,361. In Southwest Washington, average sales price was down in all but two sub-markets surveyed for this report – Longview/Kelso and Vancouver. Camas posted the highest average at $810,061, which is a drop of 6% from year-ago figures.
CLOSED TRANSACTIONS & PENDING SALES
In Southwest Washington, closed transactions declined 35% from the same time last year, ending Q2 2023 at 1,627. Closed units were down across the region, though fell the least on a year-over-year percentage basis in Woodland, where 41 units closed represented an 18% drop from yearago figures. Pending sales (1,778) declined 21% from this time last year.
NEW LISTINGS & ACTIVE LISTINGS
New listings (2,339) missed the mark by 30% compared with year-ago figures; active listings in Southwest Washington (3,128) decreased 18% from this time last year.
SW WASHINGTON METRO AREA
$200K $300K $400K $500K $600K $700K $800K $900K CAMAS LONGVIEW/ KELSO VANCOUVER WASHOUGAL BATTLE GROUND WOODLAND RIDGEFIELD LA CENTER 1,252 1,263 12 27 21 41 22 47 11 61 21 34 18 25 17 36 18 53 $536,588 $685,712 $623,691 $688,054 $865,490 $379,410 $616,192 $717,040 1,623 1,039 134 84 214 127 50 41 41 208 160 203 128 218 161 BERKSHIRE HATHAWAY HOMESERVICES SW WASHINGTON METRO AREA $ 539,426 $ 652,075 $ 578,851 $ 661,886 $ 810,061 $ 384,851 $ 600,860 $ 713,199 AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET NUMBER OF CLOSED UNITS 2022 2023 2000 1800 1600 1400 1200 1000 800 600 400 200 325 300 250 225 200 175 150 125 100 75 50 VANCOUVER WASHOUGAL BATTLE GROUND WOODLAND LA CENTER RIDGEFIELD CAMAS LONGVIEW/ KELSO 54 PACIFIC NORTHWEST 2023 MARKET REPORT Q2
Greater Portland Metro Area
Despite inventory increasing to 2.0 months in June, supply remains constrained throughout the Greater Portland Metro area as the usual uptick of inventory in the spring did not mature this year. It is believed that absent a need to sell, homeowners are sheltering in place thanks to their low interest rate – 72% of borrowers have a mortgage rate at or below 4%.
DAYS ON MARKET
Average days on market climbed 107% from year-ago figures to 31 days throughout the Greater Portland Metro area. On a percentage basis, days on market increased the least in West Linn, where a 6% year-overyear rise landed average days on market at 18 days this quarter, also the shortest average for the region.
NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES
New listings in the Greater Portland Metro area (9,184) missed the mark by 24%, active listings (12,511) fell 11% from year-ago figures and pending sales (6,605) were down 22% from this time last year.
AVERAGE SALES PRICE
Average sales price ($619,427) fell a modest 3% compared to the same quarter last year. On a percentage basis, average sales price fell the most in Yamhill, where a 12% year-over-year decrease saw average sales price at $534,569 this quarter. Average sales price in Lake Oswego was up 14% to $1,221,032, the highest average sales price for the region.
CLOSED TRANSACTIONS
Closed transactions (6,103) declined 33% compared to the same time last year. At 790 units, Southeast Portland recorded the most closed units this quarter, which presented a 28% decrease from this time last year.
GREATER PORTLAND METRO AREA
BERKSHIRE HATHAWAY HOMESERVICES GREATER PORTLAND METRO AREA 2022 2023 20 37 15 35 10 27 10 24 28 73 15 24 18 31 12 38 17 18 11 29 19 42 14 23 16 31 12 31 12 46 12 52 14 27 15 65 22 32 15 29 10 33 $551,650 $ 503,450 $630,602 $ 610,336 $582,947 $ 538,078 $818,275 $ 797,182 $1,072,710 $ 1,221,032 $915,368 $ 896,786 $499,485 $ 463,883 $558,304 $ 518,735 $469,097 $ 438,839 $586,530 $ 581,524 $607,435 $ 534,569 $488,011 $ 500,332 $743,488 $ 819,550 $ 755,204 $663,940 $649,210 $ 640,336 $586,679 $ 552,485 $669,276 $ 626,073 $556,793 $578,928 $620,530 $ 589,360 $ 546,229 $ 578,883 $794,382 $ 724,006 AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET PORTLAND - W OREGON CITY PORTLAND - N CANBY PORTLAND - NE BEAVERTON/ ALOHA PORTLAND - SE TIGARD/ TUALATIN NW WASHINGTON COUNTY MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY WILSONVILLE LAKE OSWEGO HILLSBORO/ FOREST GROVE WEST LINN NEWBERG SHERWOOD SANDY COLUMBIA COUNTY GRESHAM/ TROUTDALE YAMHILL/ CARLTON MCMINNVILLE $250K $625K $375K $750K $500K $875K $1M $1.25 M $1.5 M PACIFIC NORTHWEST 2023 MARKET REPORT Q2
313 146 141 598 396 120 99 112 101 66 256 165 174 120 21 162 135 700 600 500 400 300 200 100 BERKSHIRE HATHAWAY HOMESERVICES GREATER PORTLAND METRO AREA 441 243 895 640 1,098 790 942 641 397 289 258 185 170 120 405 272 573 344 230 136 80 89 762 520 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100
2022 2023 25 NUMBER OF CLOSED UNITS PORTLANDW OREGON CITY PORTLANDN CANBY PORTLANDNE BEAVERTON/ ALOHA PORTLANDSE TIGARD/ TUALATIN NW WASHINGTON COUNTY MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY WILSONVILLE LAKE OSWEGO HILLSBORO/ FOREST GROVE WEST LINN NEWBERG SHERWOOD SANDY COLUMBIA COUNTY GRESHAM/ TROUTDALE YAMHILL/ CARLTON MCMINNVILLE PACIFIC NORTHWEST 2023 MARKET REPORT Q2
GREATER PORTLAND METRO AREA
Mid-Willamette Valley
(Marion, Polk, Linn, and Benton)
Consistent market dynamics with other regions throughout the Pacific Northwest, the Mid-Willamette Valley experienced declines in units, longer market time, and low inventory compared to Q2 2022. The typical spring surge did not come to fruition as it is believed by many economists that homeowners remain in place due to the historically low interest rate the majority of borrowers enjoy.
DAYS ON MARKET
Average days on market increased 104% to 51 days from an average of 25 days this time last year in Marion and Polk Counties. In Linn and Benton Counties, time on market averaged 52 and 49 days, respectively, up 79% in Linn and 48% in Benton. Against the trend, average days on market fell 36% in Monmouth, ending the quarter at an average of 44 days.
AVERAGE SALES PRICE
In the Mid-Willamette Valley this quarter, average sales price declined 4% to $447,475. Average sales price in Monmouth ($460,019) dropped 17% from year-ago figures while average sales price in Philomath took the opposite trajectory, increasing 6% to end Q2 2023 at $503,709. In Benton County – where average sales price was highest in the region – sales price increased 5% year-over-year to an average of $572,266 this quarter.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales in the Mid-Willamette Valley (1,296) fell 15% from year-ago figures; new listings declined 25% to end the quarter at 1,581; and active listings dropped 9% to 2,442 this quarter.
CLOSED UNITS
Closed transactions missed the mark by 27%, ending Q2 2023 at 1,182 compared with 1,625 this time last year. Closed units in Independence (44 units) were up 7% year-over-year, though everywhere else in the region recorded double-digit year-over-year percentage declines.
MID-WILLAMETTE VALLEY
$452,840 $489,515 $553,651 $477,008 $350,925 $453,914 $467,103 $425,509 $403,490 $ 437,903 $ 445,177 $ 460,019 $ 503,709 $ 553,931 $ 336,649 $ 449,574 $ 477,562 $ 448,292 $ 402,636 20 45 24 43 69 44 41 53 31 42 31 89 32 88 36 79 26 43 31 43 BERKSHIRE HATHAWAY HOMESERVICES MID-WILLAMETTE VALLEY 2022 2023 AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SALEM/ KEIZER STAYTON DALLAS MONMOUTH INDEPENDENCE PHILOMATH ALBANY LEBANON CORVALLIS SWEET HOME $0K $300K $100K $400K $200K $500K $600K PACIFIC NORTHWEST 2023 MARKET REPORT Q2 $ 552,958
MID-WILLAMETTE VALLEY
BERKSHIRE HATHAWAY HOMESERVICES MID-WILLAMETTE VALLEY STAYTON DALLAS INDEPENDENCE MONMOUTH PHILOMATH ALBANY CORVALLIS LEBANON SWEET HOME 36 132 48 41 29 220 137 79 31 98 34 44 20 191 145 90 80 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20
1,072 793 SALEM/ KEIZER 2022 2023 NUMBER OF CLOSED UNITS 1200 1000 800 600 400 200 289 PACIFIC NORTHWEST 2023 MARKET REPORT Q2
Eugene, Coastal,& Southern Oregon
(Lane, Tillamook, and Douglas)
While most markets followed nationwide residential real estate trends – decline in sales, longer average days on market, tight inventory – Eugene, the Coast, and Southern Oregon went slightly against the grain. In some cities, prices increased from year-ago figures and market activity hastened, with more closed units this quarter than at the same time the prior year.
DAYS ON MARKET
In Eugene, the Coast, and Southern Oregon, average days on market increased 100% year-over-year to 42 days this quarter. In Netarts/Oceanside, days on market jumped 663% year-over-year to 61 days. At 29 days –a 93% increase from year-ago figures – Eugene posted the fastest average in the region.
CLOSED UNITS
Closed transactions missed the mark by 27%, ending the quarter at 1,441. With a 1% year-over-year rise to 80 closed units this quarter, Sweet Home was the only city in the region that recorded an increase in closed units from this time last year.
NEW LISTINGS, ACTIVE LISTINGS, AND PENDING SALES
New listings in Lane and Douglas Counties (2,048) were down 22% from year-ago figures; active listings dropped 8% to end Q2 2023 at 2,936; and pending sales (1,550) fell 19% compared with this time last year.
AVERAGE SALES PRICE
Average sales price in Eugene, the Coast, and Southern Oregon ($448,008) declined 2% overall compared with Q2 2022. In a city-by-city analysis, results varied. Notably outside the trend, average sales price in Garibaldi increased 105% from year-ago figures to $538,333 this quarter.
EUGENE, COASTAL, & SOUTHERN OREGON
BERKSHIRE HATHAWAY HOMESERVICES EUGENE, COASTAL, & SOUTHERN OREGON 2022
2023
PACIFIC NORTHWEST 2023 MARKET REPORT Q2 AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET $0K $150K $300K $450K $600K $750K $900K $455,442 $ 512,205 $ 505,926 $376,557 $ 394,671 $262,430 $538,333 $412,347 $ 376,834 $643,291 $ 684,099 $ 448,574 15 29 26 59 33 121 30 55 8 61 19 59 EUGENE FLORENCE ROSEBURG GARIBALDI TILLAMOOK NETARTS/ OCEANSIDE
EUGENE, COASTAL, & SOUTHERN OREGON
3 3 BERKSHIRE HATHAWAY HOMESERVICES EUGENE, COASTAL, & SOUTHERN OREGON 2022 2023 NUMBER OF CLOSED UNITS
EUGENE ROSEBURG 14 41 10 23 NETARTS/ OCEANSIDE GARIBALDI TILLAMOOK 779 554 225 141 FLORENCE 102 85 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 130 120 110 100 90 80 70 60 50 40 30 20 10 PACIFIC NORTHWEST 2023 MARKET REPORT Q2
Central Oregon
Lack of inventory continues to create limited options for prospective Central Oregon buyers, reflected in a 24% drop in year-over-year closed transactions. It is believed that this is due in large part to homeowners’ unwillingness to give up their current low interest rates. Sellers in the region remain hesitant to put their homes on the market, as new listings declined 25% from year-ago figures.
AVERAGE SALES PRICE
In Central Oregon, average sales price declined 5% from year-ago figures to end Q2 2023 at $748,127. Year-over-year, average sales price declined the least in Sunriver, which experienced a 1% drop from yearago figures and an average sales price of $730,281 this quarter.
CLOSED TRANSACTIONS & PENDING SALES
Closed transactions (1,082) missed the mark by 24% this quarter compared with Q2 2022 and closed transactions fell in each Central Oregon city analyzed for this report. Bend had the highest number of closed units – 662 – but the figure still represented a 23% drop from year-ago figures. Pending sales in the region declined 16% year-over-year to end Q2 2023 at 1,145.
NEW LISTINGS & ACTIVE LISTINGS
Throughout Central Oregon, new listings this quarter (1,606) dropped 25% and active listings were also down, falling 7% from year-ago figures to end the quarter at 2,442.
DAYS ON MARKET
Average days on market jumped 159% year-over-year to an average of 44 days this quarter. Throughout Central Oregon, average days on market was up by triple-percentage points in all but Sunriver, where an average of 33 days represented a 22% increase from this time last year.
$909,000 $561,359 $736,135 $ 862,271 $ 512,959 $ 730,281 14 38 17 49 27 33 BEND REDMOND/ TERREBONNE SUNRIVER 860 662 308 54 37 243 BERKSHIRE HATHAWAY HOMESERVICES CENTRAL OREGON 2022 2023 NUMBER OF CLOSED UNITS AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET $0K $450K $150K $600K $300K $750K $900K
450 400 350 300 250 200 150 100 50 1,200 1,050 900 750 600 450 300 150 BEND REDMOND/ TERREBONNE SUNRIVER PACIFIC NORTHWEST 2023 MARKET REPORT Q2
CENTRAL OREGON
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