Due to several snow events and holidays, this posting was delayed.  Here is our most recent Market Action Update from our RMLS™ for the month of November.

In mid-January, we will receive our December 2016 report which will have lots of year-end stats, and I will be posting some of those statistics for many of our Lake Oswego neighborhoods.

RMLS™ Market Action Report November 2016

November Residential Highlights

Portland metro saw cooler activity this November, both compared to last month and November 2015.

Closed Sales

Closed sales (2,434) ended 13.1% ahead of November 2015 despite a 6.0% decrease from last month in October 2016. This was the strongest November for closings in the area since 2005, when 2,623 closings were recorded for the month.

Pending Sales

(2,266) decreased 9.5% from November 2015 (2,504) and 20.2% from October 2016 (2,841). These pending sales still number higher than in November of prior years.

New Listings

Similarly, new listings (2,080) fell 3.2% short of the 2,148 new listings offered last year in November 2015 and 29.0% short of the 2,929 new listings offered last month in October 2016.

Portland metro inventory decreased slightly in November to 1.8 months. During the same time, total inventorymarket time gained a few days, landing at 45 days. There were 4,354 active residential listings in the region in November.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through November, the average sale price rose 11.7% from $353,400 to $394,800. In the same comparison, the median sale price_increaseprice rose 13.4% from $306,000 to $347,000.

Year to Date Summary

Activity has been mixed in 2016 compared to 2015. New listings (39,590) are up 1.0%. Closed sales (29,985) are down 1.4% and pending sales (31,586) are down 3.7% for the year thus far. It took  52 days for a house to sell in October 2016 vs. only 45 days in November 2016. It is still a seller’s market with only 1.8 months of inventory.

This most likely is seasonal, however going all the way back to February 2014, there has been a steady decline of inventory.  However, there were many more buyers than houses for sale. With an already low inventory of houses for sale, buyers were depleting the inventory rapidly.

On January 1, 2017, there were hundreds of homes that came off the market and I am going to do a comparison of years in upcoming posts as to how many homes did not sell going back a few years. I was surprised at the large number of houses not selling when there are so many buyers looking for homes.  Granted, many most likely were overpriced or did not sell for a variety of other reasons.

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 but are increasing, and there is still 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 2008-2018. 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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