Lake Oswego Real Estate RMLS Market Action Report October 2016

Here is the latest Portland Real Estate Stats Market Action Report RMLS October 2016:

October brought a bit more seasonal cooling to the Portland metro area.  Around the middle of December, the latest RMLS™ stats will be posted here showing the start of what affect the elections have had, if any, on our local Portland real estate markets during the month of November 2016.

Our housing inventory remains low which continues to increase our local real estate prices.  We are approaching a seasonal slow-down when many sellers don’t want their houses to remain on the market for sale.  However, we still have a back log of buyers and many companies transfer their employees from Fall to early Winter.  They too will be out looking for a new place to live and will be added to the already large demand of motivated buyers.

New Listings

New listings, at 2,929 for the month, fell 4.4% short of the 3,063 new listings offered a year prior in October 2015 and were 20.3% under the 3,673 new listings offered last month in September 2016.

Closed Sales

Closed sales (2,589) similarly decreased 4.7% when compared to October 2015 (2,717) and 8.3% compared to September 2016.

Pending Sales

Pending sales, at 2,841, only fell 0.6% short of the 2,857 offers accepted last month in September 2016, but ended 5.2% under the 2,996 offers accepted last year in October 2015.
Total market time in the Portland metro area increased by six days in October to end at 41 days. In the same period, inventory stayed put at 2.0 months. There were 5,169 active residential listings in the region in October.

Year to Date Summary

Activity has been mixed in 2016 compared to 2015. New listings (37,412) are up 1.2%. Closed sales (27,359) are down 2.6% and pending sales (29,464) are down 3.2% for the year thus far.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through October, the average sale price rose 11.5% from $353,400 to $393,900. In the same comparison, the median sale price rose 13.1% from $305,000 to $345,000.

Now Is A Great Time To Sell your Portland Home

Now is still a great time to sell. We are still in a Portland real estate market that favors sellers. When there is 5-6 months of inventory, or under 7 months, it is a sellers market. We currently have 2 months of inventory (houses) to sell.  As you enter the Winter months, a Portland seller will have less competition with fewer houses on the market for sale in our Portland real estate market, prices have increased by 10.9% within the last 12 months, there are more qualified buyers that are serious about purchasing and interest rates are still low.

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 have slowed since July in Lake Oswego and you may want to know the value of your home in today’s Lake Oswego real estate market. Interest rates are still low and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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. 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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