Lake Oswego Real Estate RMLS™ Market Action Report June 2016

Our latest Portland metro RMLS™ Market Action report for June 2016, was issued earlier today.

Here is the latest information and the stats:

June Residential Highlights

The Portland metro area saw an uptick in new listings this June. The 4,501 new listings were a 5.2% increase over June 2015 and a 8.6% increase over last month in May 2016. It was the strongest June for new listings since June 2008, when 5,213 were offered for the month.

Closed Saleshttps://lakeoswegorealestateblog.wordpress.com

Closed sales (3,158) outpaced May 2016 (2,896) by 9.0%, but showed a 4.4% decrease compared to last year in June 2015 (3,302).

Pending Sales

Pending sales (3,390) were cooler in June, falling 6.0% short of June 2015 (3,605) and 4.9% short of May 2016 (3,563).Pending_Sales

Inventory of Houses for SaleActive_Residential_Listings

Inventory edged higher in June to 1.5 months. Total market time decreased to 33 days. There were 4,762 active residential listings in the Portland metro area this June.

Year to Date Summary

Activity has been mixed in 2016 compared to 2015. Closed sales (15,468) are up 2.2%. New listings (21,903) are down 0.3% and pending sales (17,857) are down 2.2% for the year thus far.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through June, the average sale price rose 11.8% from $347,900 to $388,800. In the same comparison, the median sale price rose 13.3% from $300,000 to $339,900.

Summary

Real Estate agents in our Portland metro area are finding there has been a shift in our Portland/Lake Oswego real estate market within the past 30 days.

Buyers in my most recent pending sale had no multiple offers to contend with, inspectors (there were 3) all responded and completed their inspections within 3 days, and the appraisal was scheduled within a week of the offer being accepted.  Although due to the appraisal process being slow with a backlog of appraisals and a shortage of appraisers, the appraisal won’t take place for another couple of weeks.  However, I believe I was one of the lucky ones as I have read on Facebook where a colleague of mine posted she is having to wait until November for an appraisal on her most recent sale – yikes! And, many of the VA appraisals are experiencing long delays too.

Recently I wrote a blog post specifically about those appraisal delays. Buyers and all involved in a transaction should plan for delays, at least for the immediate time period. Closings, to be safe, should be scheduled 45 to 60 days out.

Since June, I am seeing more withdrawn, cancelled and expired listings along with price reductions.  Houses are also taking a bit longer to sell and many don’t go pending within the first day. Interest rates have dropped which is good for buyers. And, our inventory, even though it crept up slightly to 1.5 months from 1.4, we are still in a sellers’ real estate market with low inventory.

 

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 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.

Advertisements