Lake Oswego Real Estate RMLS™ Market Update April 2017

Our lates RMLS™ Market Update for April 2017 was issued several days ago.  It has been a busy Spring buying/selling season so once again I am late in posting the information.

RMLS™ Market Update April 2017

April Residential Highlights

The Portland metro area saw some mixed real estate activity this April, while the year to date still remains cooler compared to 2016.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

New listings, at 3,759, fared 4.3% better than last month in March 2017 (3,604), but fell 7.9% short of the 4,082 new listings offered last year in April 2016.

Pending Sales

Similarly, pending sales (3,088) were 10.0% cooler than in April 2016 (3,432) but showed a modest 1.5% gain over last month in March 2017 (3,043).

Closed Sales

Closed sales, at 2,219, fell 11.0% short compared to last month’s 2,494 closings and 15% short compared to the 2,611 closings recorded last year in April 2016.

Inventory

Inventory crawled upward in April, ending at 1.7 months. Total market time decreased, ending at 42 days. There were 3,753 active residential listings in the Portland metro area in April.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending April 30th of this year ($406,500) with the average price of homes in the twelve months ending April 2016 ($365,200) shows an increase of 11.3%. In the same comparison, the median has increased 11.6% from $318,500 to $355,500.

Lake Oswego Real Estate

Lake Oswego saw a 9.6% increase in price from April 2016 to April 2017.  There is currently 2.8 months of inventory compared to 2.4 months in March 2017.  I have seen an increase of new listings coming on the market in the RMLS™ area 148 for Lake Oswego/West Linn RMLS™ area. The unsold inventory is increasing and I have read a report recently that some parts of the Portland metro real estate market are edging towards a buyer’s market.

As indicated many times, a “normal” real estate market is 5-6 months of inventory (or under 7 months).  While we are still a distance (2.8 months) from being a normal market or even a buyer’s market, there are more listings for sale now in Lake Oswego than there have been, and mostly the houses are at the upper (high) end price range.

It is still a seller’s real estate market in Lake Oswego and especially for houses under the April 2017 median price range for Lake Oswego of $550,000.

 

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 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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