The following analysis of the Oregon and Southwest Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. I hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.
- The average home price in the region rose by 9.4% year-over-year to $334,299. This is down from 10.9% in the fourth quarter of 2016.
- Jefferson County took over as the market with the strongest annual price growth, with homes selling for 30.7% above the level seen a year ago.
- All but three counties experienced rising prices when compared to the first quarter of 2016, and most of these saw significant, double-digit increases.
- Despite rising interest rates, the lack of inventory continues to drive home prices higher.
DAYS ON MARKET
- The average number of days it takes to sell a home in the region dropped by five days when compared to the first quarter of 2016, but it took 17 days longer to sell a home than in the fourth quarter of 2016.
- The average time it took to sell a home in the region was 98 days.
- In several counties, days on market rose when compared to the same period a year ago. This is not too surprising given that the counties where sales slowed are small, which often leads to erratic demand.
- Counties where homes sold the fastest were Washington and Multnomah Counties, where it took an average of 33 and 42 days respectively for homes to sell.
The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. Economic growth in Oregon State remains impressive, and the region’s housing market clearly continues to benefit from such robust growth.
Home sales have slowed, which has taken a little steam out of the strong appreciation rates we’ve seen over the past several months. That said, the market remains remarkably tight and unlikely to shift dramatically for the duration of 2017. As such, I have moved the needle slightly more toward sellers for the first quarter.