Lake Oswego Real Estate RMLS™ Market Update July 2016

Our most recent stats were posted last week for July 2016 from RMLS™.  As I have posted previously here, we have been seeing a slow down since June and, in fact, the number of houses for sale (inventory) has increased to 1.9 months from 1.5 the previous month.  While that isn’t a huge increase, hopefully we will continue to see new properties for sale here in our real estate market.  It would be great if we could get back to a a somewhat “normal” Portland metro real estate market with 5-6 months of inventory (or under 7 months) which favors both buyers and sellers.

Will There Be A Real Estate Meltdown?

None of us have that crystal ball but there have been some people who have posted on social media that they worry about a “melt down” in our Lake Oswego/Portland metro area real estate markets.  I personally don’t think so, but here is a synopsis of a post from Matthew Gardner, Chief Economist for Windermere Real Estate:

“All real estate is local and the likelihood of a meltdown similar to that seen in 2008/2009 is extremely remote. And this is from a person who predicted the market crash when it was not a popular position to take.

“Homeowners are in a very fortunate position right now. As a nation, we have not added to our mortgage debt. In fact, outstanding mortgage debt is currently $355 billion less than it was five years ago. At the same time, owner equity is $6 trillion higher.This provides the U.S. housing market with a pretty major cushion against unforeseen shocks should they appear.”

…..and from Richard Mario, Real Estate Attorney:

The supply of buyers v. The supply of houses make the difference. For six years, more people lost their home than bought homes. So the number of buyers is high and growing. This is a simple view of it. We are not building enough houses to fill the needs of those who delayed buying and those who are new to the market. This is a simple approach but indicates that a crash is not likely. Variations in how fast we are going are natural. Slow does not mean stop or back up.”

Getting back to a somewhat normalized market, while interest rates are still low, would be good for first-time homebuyers who are finding themselves priced out of the Lake Oswego and Portland metro real estate markets due to multiple offers and escalating prices.

RMLS™ Market Action Report July 2016

July Residential Highlights

Real estate activity in the Portland metro area cooled slightly in July.

New Listings

New listings (4,372) rose 2.3% from July 2015 (4,273), but cooled 2.9% from new listings offered last month in June 2016 (4,501). Even so, this was the strongest July for new listings in Portland since 2008, when 5,237 new listings were offered for the month.https://lakeoswegorealestateblog.wordpress.com

Pending Sales

Pending sales, at 3,302 for July, came up 5.5% cooler than in July 2015 (3,494) and 2.6% cooler than last month in June 2016 (3,390).

Closed Sales

Closed sales (2,776) fell 19.6% short of July 2015 (3,452) and were 12.1% cooler than the 3,158 closings recorded last month in June 2016.

Inventory

Inventory in the Portland metro area increased again in July, crawling to 1.9 months. Total market time fell by one day, landing at 32 days. The Portland metro area recorded 5,360 active residential listings in July.

Year to Date Summary

Activity has been mixed in 2016 compared to 2015. New listings (26,358) are up 0.1%. Closed sales (18,406) are down 1.9% and pending sales (20,974) are down 2.8% for the year thus far.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through July, the average sale price rose 11.4% from $351,600 to $391,600. In the same comparison, the median sale price rose 11.5% from $304,900 to $340,000.

 

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 a violation of Federal copyright laws.

 

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