April saw a marked downturn in residential real estate activity, with pending sales and listings down more than 30 percent from 12 months previous, as the coronavirus pandemic took its toll.

Closed sales fared somewhat better, but were still 16.4 percent lower than a year ago. The data came from RMLS, a regional listing service.

Leading indicators were worst off as activity declined amid Oregon Gov. Kate Brown’s stay-at-home executive order. Transactions appeared to dry up as many buyers and sellers decided to wait out the coronavirus crisis. Pending sales dropped 34.2 percent compared to April 2019, and 13 percent compared to a month ago.

New listings also dropped precipitously as many homeowners pulled back. New listings fell 32.4 percent compared to April 2019, and 17.9 percent from March 2020.

Real estate agents are preparing for a delay to the usually busy spring season of March and April.

“The unfortunate part is those are two peak months of sales, but it feels like that’s going to pop back really fast,” said Eric Hagstette, principal broker and owner of Inhabit Real Estate in Portland.

Sale prices slipped by 0.2 percent from March, suggesting the upward climb in home values might be on pause. The median sale price dropped to $424,000, from $425,000. Prices remained 4.7 percent above levels from 12 months previous.

Inventory grew to 2.4 months, up from 1.8 months in March.

Lake Oswego-West Linn remained the priciest area, with homes there selling for a median price of $652,500.

Hagstette said there will be some distressed sellers in the market. He’s also watching for the expansion of institutional buyers – essentially real estate investment trusts for residential properties – to increase their presence in the Portland market.

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Portland home prices were unchanged in April compared to a year ago, pointing to a residential real-estate market where the sharp run-up of prices in recent years is over.

The median price of a sold home was $405,000 in April, according to RMLS, a regional listing service. That was the same as in April 2018, but up 1.5 percent from $399,000 in March.

Time on market was 53 days on average, up from 42 days in April 2018, but down from 68 days in March. There was 2.2 months of inventory on the market, unchanged from March and up from 1.8 months in April 2018.

Buyers’ appetite remains strong for homes that are priced in tune with the market, said Eric Hagstette, owner and principal broker of Inhabit Real Estate in Southeast Portland.

“Proper pricing for all real estate units is imperative,” he said. “Well-priced real estate is selling predictably, in a short amount of time.”

The condo market has been somewhat slower.

“There is less demand for attached and condominium inventory, and that’s influenced by the overbuilt apartment market,” Hagstette said.

Active residential listings have been trending higher. There were 5,400 active residential listings in April, up 20.8 percent from 4,469 a year ago.

Pending sales grew 3.1 percent compared to April 2018.

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