February 2022 highlights
An early spike in the average sale-to-list-price ratio means Portland is likely entering a period of tougher competition closer to the beginning of the year than in previous years. Many of the other measurements of a competitive market rose in February, too, including list price, sale price, and the number of homes sold. Portland is in for a more expensive and more competitive springtime than in the previous year.
- Sale-to-list-price ratio spiked in both Portland and Beaverton Compared to February 2021, the sale-to-list-price ratio in both Beaverton and Portland experienced an uncharacteristically large increase for this time of year. Homes in both areas sold for an average of 103% of their list price, a ratio that surpasses the previous month of this year and the same month last year by at least 1%.
- Competition for condos in Portland continues to increase At the close of 2021, it took condos an average of nearly a month to sell but, by February, buyers were offering at the list price and closing on condos in an average of 10 days in Portland.
- The gap in home prices in Portland and Beaverton increased At over $566,000, Beaverton homes sold for an average of $11,000 more than their counterparts in Portland. That gap increased by $8,000 from the previous month when homes in Portland and Beaverton were selling for nearly the same amount.
- Condo prices in Portland dipped slightly Condominium prices in Portland hit a peak in January but seem to be leveling off in February at $371,000, which still represents a higher price than any month in the final quarter of 2021.
Our research team analyzed the competition in select local areas.
Sale price compared to list price
Days on market
Number of properties listed
Number of properties pending sale
Portland data includes the city of Portland.
Hillsboro & Beaverton data includes the cities of Hillsboro and Beaverton.