The following analysis of the Oregon and Southwest Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We 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 State of Oregon has added 43,700 new jobs over the past 12 months, representing a robust annual growth rate of 2.3%. Job growth picked up in the first quarter of 2018, with significant annual gains in Education & Health Services (+26,000), Leisure & Hospitality (+9,700), and Construction (+7,400). Oregon’s unemployment rate was 4.1%, matching the number seen a year ago and remaining in record low territory.
HOME SALES ACTIVITY
Sales rose the most in Tillamook County, which saw a 33% increase compared to the first quarter of 2017. There were also noticeable increases in Wasco, Hood River, Jefferson, and Crook Counties. Home sales fell the most in Columbia, Klickitat, Marion, and Yamhill Counties.
DAYS ON MARKET
The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. Housing markets throughout Oregon and Southwest Washington continue to benefit greatly from the healthy regional economy. Home sales remain very strong and, given that inventory levels are unlikely to increase substantially in the near term, sellers remain firmly in the driver’s seat. Even with rising interest rates, demand continues to outstrip supply, so I have moved the needle a little more in favor of sellers.
Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics and has more than 30 years of professional experience both in the U.S. and U.K.