Friends and Clients,
In this report we seek to understand the recovery of the high-end residential market place for the SW Portland. This analysis focuses on Yamhill County’s neighbors to the east, a harbinger of what is to come for our area. What we call Area 151 contains data from Tigard down to North Marian County (including Aurora) and from Tualatin east of I-5 to the threshold of Newberg. It incorporates all of the Wilsonville and Sherwood zip codes which contain many expensive rural properties as well.
Sold Properties for the past 12 months; over $1 million:
- Total sales- 35 properties; 3 per month average.
- 22 properties sold for less than $1.5 million; 13 of these are above that mark.
- There are only 3 sales above $2m
- 1 is at $5.8m
- 7 properties are over 10 acres; all of those are under 56 acres except one is 173 acres
- The most expensive properties are equestrian properties and 2 include dividable residential development land
- On most properties, the negotiated price was significantly lower than the original price (< 8-10%)
- Average days on the market is over 200 days (and up to almost 900 days)
- Average square footage of these homes was 5,189sf
- Sales by town: Sherwood-10; Wilsonville-8; Tualatin 7; Tigard-5; Newberg-3; Aurora-2
- Download PDF Luxury Home Research Pt 1- Solds- 12 months
Pending Sales– currently under contract- we do not know what the price the parties agreed to:
- There are currently 7 pending sales using the same search parameters as above.
- There is one property above $2 million- a Tualatin estate home on 6+ acres for $2.4m
- 4 of the 7 homes are under $1.5m; 2 are between $1.5m and $2m one of them on 34 acres
- Download PDF Luxury Home Research Part 1 – Pending sales
Active Listings– competition for buyers- at this time:
- Total listings- 33 properties. THIS IS ESSENTIALLY ONE YEAR OF INVENTORY AT THE RATE OF SALES LAST YEAR
- 17 properties are for sale under $1.5 million; 7 are between $1.5m and $2m.
- There are 12 listings above $2m including 4 above $3m
- The highest price property is pushing the $4m mark
- 12 properties are over 10 acres; all of these are under 62 acres except one is 145 acres
- The most expensive properties are mostly impressive estate homes; a few are equestrian properties
- Average days on the market is over 212 days
- Average square footage of these homes was 5,222sf
- Listings by town: Sherwood-19; Wilsonville-7; Tualatin 2; Tigard-5; Newberg-0; Aurora-0
- Download PDF Luxury Home Research Part 1 – Active Listings
The PDF reports contain all the raw data – lists for all the properties sold, pending, actively being marketed. I included some select detailed listings. This is all the data there is at this time. The lists are sorted 4 or 5 ways to allow one to focus on the price, or the acreage, or the location, etc.
What do we learn?
Each year since 2013, the volume and price point for sales and listings has risen significantly. Always the solds (reality) are more modest than the active listings- that documents direction. Early in the recovery we had wild speculation that the prices would ‘correct’ quickly and dramatically and in some cases they truly did. However, after a surge for the good deals, the market subsided and we have seen something more like a rising tide coming in and raising all boats.
Portland proper and some suburbs of Portland (e.g. Dunthorpe, Lake Oswego, West Linn) are experiencing a robust luxury market. As one moves out towards the southwest and beginning to include rural areas, the markets are good and promising for 2016. The tide continues to rise. In the next analysis, we will focus on Yamhill County, Oregon’s wine country.
We are glad to provide more detailed information for you and discuss this information in greater detail. If you are considering selling in the luxury market, we provide exceptional and extensive marketing for these properties; we are glad to show you what we can do for you.
Best regards,
Randy McCreith, Principal Broker
Direct: 503-310-9147
Bella Casa Real Estate Group
[email protected]
