Lake Oswego Real Estate April 2016 RMLS Market Action Report
April Residential Highlights
Our latest RMLS™ Market action report was issued on Friday. The Portland metro area continued seeing seasonal gains this April, although numbers are cooler than in April 2015.
The short story is there are more new listings this year compared to 2015, however the number of sales decreased from the same time last year, but the number of days it takes on the market to sell, has also dropped compared to 2015, but prices continue to increase.
New listings (4,082) gained some traction this month, rising 3.4% above the 3,949 new listings offered in April 2015, and 19.7% above the 3,409 new listings offered last month in March 2016. The last April there were more new listings was in 2010, when 4,713 were offered.
We are still far, far away from a normal real estate market. As a result, and until the coffers get filled with more inventory, we will continue to see prices increase, multiple offers and over list price. The Portland metro real estate market still favors sellers and the number of listings did increase, but just by a hair, to 1.4 months compared to 1.3 months in March.
Closed sales (2,611) ended 4.5% below the 2,734 closings posted last year in April 2015, but edged 1.8% ahead of the 2,565 closings recorded last month in March 2016.
Pending sales (3,432) rose 11.6% above the 3,076 accepted offers from March 2016 but were 5.0% lower than the 3,613 offers accepted last year in April 2015.
Total Market Time
Total market time in the Portland metro area decreased to 43 days this April, with inventory increasing very slightly to 1.4 months. There are currently a total of 3,721 active residential listings in the Portland metro area.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending April 30th of this year ($365,100) with the average price of homes sold in the twelve months ending April 2015 ($336,000) shows an increase of 8.7%. In the same comparison, the median has increased 9.8% from $290,000 to $318,500.
For many of you, your home may no longer be in a negative equity position, or you may no longer be “short” due to price increases and a very favorable sellers’ market. You could instead possibly be looking at some good gains on your real estate investment. I know you hear this a lot, but now is a great time to sell if you are wanting to finally make that move.
Are prices going to continue to increase? Unfortunately, I do not have a crystal ball; but most likely, and until our inventory levels increase, you will continue to see gains. How long that will last, however, is anyone’s guess! Real Estate markets are cyclical and not static, so no one knows when prices will either level off or drop. If you have been holding off since our recession to make changes in your life, now is a good time to make a move.
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Thinking of Selling Your Lake Oswego Home?
Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.
Moving to Lake Oswego?
Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.
I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”
ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.