Lake Oswego Real Estate January 2016 RMLS™ Market Action Report

Our RMLS™ posted the most recent action report for the Portland metro real estate market today. We are in desperate need of houses for sale.  Prices for the last 12 months in the Portland metro area increased by 6.7%.  If you have been thinking of selling this Spring, now might be the best time to sell.  Why?

  • The real estate market here in Lake Oswego and the Portland metro area is strong and in high demand.
  • Portland has been ranked the #1 state for in-migration year-after-year.
  • Oregon is enjoying the best economy in the nation, according to a recent Bloomberg report. In fact, Oregon, the nation’s 27th-largest state, had the best performing economy in the nation based on employment, home prices, personal income, tax revenue, mortgage delinquency and publicly traded equity of its companies, according to Bloomberg.
  • As you can see from the statistics, there are very few houses on the market for sale.  If everything that is currently listed for sale would sell and nothing else would come on the market, we only have 1.8 months of houses to purchase.  Fewer listings = higher prices = multiple offers = high buyer demand.
  • A buyer’s loan can be closed quickly.  Even with the new mortgage guidelines, loans are still being processed and you can have a seamless sale and transition. Buyers are also offering to let sellers stay in their houses after closing, for a short period of time, to help make the move easier. We are in a sellers’ market and you might be surprised at your home’s value in our current real estate market.
  • Prices in the Portland metro area are increasing.  However, compared to other cities on the West Coast, Portland is still considered a “steal” or good value by many and a great area to purchase that home whether to down-size, just starting or to purchase that larger family home.
  • People suffered losses during the recession, and they held off making any changes in their lives.  Now either their financial situations have improved, their current house values have increased, or they are ready to move on with their lives.

January Residential Highlights

January brought some relief in the form of new listings to the Portland metro area. At 2,519, new listings increased 63.8% over the 1,538 new listings offered last month in December 2015, although 8.8% under the 2,762 new listings offered in January 2015.

Pending Sales

Pending sales, at 2,243, ended 2.2% under the 2,294 offers accepted in January 2015 but 15.9% over the 1,936 offers accepted last month in December 2015.

Closed Sales

Closed sales, at 1,859, ended 25.9% higher than in January 2015 (1,477) but 31.4% lower than last month in December 2015 (2,710). It was still the strongest January for closed sales since at least 1992—edging even over the 1,843 closings posted for Portland in January 2005.

Inventory of Houses for Sale In Portland Metrohttps://lakeoswegorealestateblog.wordpress.com/LakeOswegoRealEstateJanuary2016RMLSMarketActionReport

Inventory in the Portland metro area increased slightly in January to 1.8 months. Total market time rose by one day in the same period, landing at 57 days. There are currently a total of 3,305 active residential listings in the Portland metro area.

Average and Median Sale Prices

http://wp.me/p1k78b-2fxComparing the average price of homes in the twelve months ending January 31st of this year ($355,700) with the average price of homes sold in the twelve months ending January 2015 ($333,400) shows an increase of 6.7%. In the same comparison, the median has increased 8.1% from $286,800 to $310,000.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

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 1978 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 in violation of federal copyright laws

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