Lake Oswego Real Estate RMLS Market Action Report March 2017

Once again our RMLS™ Market Action Report for March 2017 looks like a repeat of last year’s inventory numbers.  We are at 1.3 months of houses for sale same as March 2016.  Which means if nothing else came on the market for sale today, it would take only 33 days to sell every single house currently for sale. This also means it continues to be a sellers’ market and where buyers will be faced with multiple offers and over list price sales.

https://lakeoswegorealestateblog.wordpress.comCurrently, the Lake Oswego/West Linn real estate market however has 2.4 months of inventory compared to 1.3 for the Portland metro real estate market.  Still a sellers’ real estate market in Lake Oswego/West Linn as well.  The average price for a home in Lake Oswego/West Linn is now $578, 400 and the total days on market is 89 before a Lake Oswego/West Linn house is sold.

March Residential Highlights

The Portland metro area had a sunny month for new listings this March. At 3,604, new listings outpaced March 2016 (3,409) by 5.7% and February 2017 (2,521) by 43.0%. This was the strongest March for new listings in the area since 2010, when 4,987 were offered for the month.

Pending Sales

Pending sales (3,043) warmed 28.5% over last month in February 2017 (2,369) but fell 1.1% short of the 3,076 offers accepted during this month last year in March 2016.

Closed Sales

Closed sales, at 2,494, similarly outpaced February 2017 (1,669) by 49.4% but still ended 2.8% cooler than in March 2016 when 2,565 closings were recorded for the month.

Days On The Market

Total market time decreased by four days this March, ending at 58 days. Inventory decreased as well, ending at 1.3 months. There were 3,313 active residential listings in the Portland metro area this March.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($404,300) with the average price of homes in the twelve months ending March 2016 ($361,100) shows an increase of 12.0%. In the same comparison, the median has increased 12.2% from $315,000 to $353,500.

Percent Increase Year To Date in Sales Price

Every corner of our Portland real estate market has seen annual appreciation.  Here are the year-to-date increases in price by area:

  • North Portland 11.7%
  • NE Portland 11.6%
  • SE Portland 11.2%
  • Gresham/Troutdale 12.1%
  • Lake Oswego/West Linn 13.3%
  • West Portland 14.4%
  • NW Washington County 10.3%
  • Beaverton/Aloha 11.2%
  • Tigard/Wilsonville 8.5%
  • Hillsboro/Forest Grove 14.4%

 

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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