Lake Oswego Real Estate February 2016 RMLS™ Market Update

The latest stats for the Portland metro real estate markets from RMLS™ were published last Friday.

February Residential Highlights

February brought more strong activity across the board to the Portland metro area. Closed sales (1,813) cooled slightly (-2.5%) compared to January 2016 (1,859) but were still 10.0% ahead of the 1,648 closings posted in February 2015. It was the strongest February for closings in the area since 2007, when 1,899 were recorded for the month.

Pending Sales

Pending sales (2,786) ended 9.9% ahead of February 2015 (2,534) and 24.2% ahead of January 2016 (2,243). Again, this was the strongest February for accepted offers since 2007, when 2,834 offers were accepted for the month.

New listingshttps://lakeoswegorealestateblog.wordpress.com

We were at 2,896, rose 15.0% above January 2016 (2,519) and fared just slightly better than February 2015 (2,884), rising 0.4%.

Inventory

Inventory in the Portland metro area remained stable in February, sitting at 1.8 months. Total market time rose by three days in the same period, landing at 60 days. There are currently a total of 3,226 active residential listings in the Portland metro area.

Average and Median Sale Prices

https://lakeoswegorealestateblog.wordpress.comComparing the average price of homes in the twelve months ending February 29th of this year ($357,500) with the average price of homes sold in the twelve months ending February 2015 ($333,700) shows an increase of 7.1%. In the same comparison, the median has increased 7.8% from $287,500 to $310,000.

Inventory Available By Portland Areas

I have not posted the number months of available houses for sale in each of the Portland metro real estate markets in a while.  Since inventory is so low, I thought it might be interesting to see just how many houses are for sale:

  • N. Portland = 1.3 months of available houses for sale
  • NE Portland = 1.1 months of available houses for sale
  • SE Portland = 1.1 months of available houses for sale
  • Gresham/Troutdale = 1.9 months of available houses for sale
  • Milwaukie/Clackamas = 2 months of available houses for sale
  • Oregon City/Canby = 2.8 months of available houses for sale
  • Lake Oswego/West Linn = 2.6 months of available houses for sale
  • W. Portland = 1.8 months of available houses for sale
  • NW Washington County = 1.3 months of available houses for sale
  • Beaverton/Aloha = .83 months of available houses for sale
  • Tigard/Wilsonville = 2.2 months of available houses for sale
  • Hillsboro/Forest Grove = 1.5 months of available houses for sale

Hottest Real Estate Market in February 2016

While the close-in neighborhoods/areas have been the hottest areas since prior to the recession, it seems that Beaverton/Aloha, however, gets the winning spot for February 2016.  With less than 1 month of inventory, specifically, .86 of a month of inventory, Beaverton/Aloha appears to offer more affordable housing than some of our other real estate markets.

 

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 a violation of Federal copyright laws

Advertisements