Lake Oswego Real Estate RMLS™ Market Action Report June 2017

June Residential Highlights

It was another good month for new listings this June in the Portland metro area real estate market. There were 4,739 new listings recorded, a 5.3% increase over the 4,501 new listings offered last year in June 2016 and a 8.0% increase over the 4,388 new listings posted last month in May 2017. It was the strongest June for new listings since 2008, when 5,213 were offered for the month.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales, at 3,187, fared 0.9% better than last year in June 2016 (3,158) and 10.0% better than last month in May 2017 (2,896).

Pending Sales

Pending sales, at 3,254, decreased 4.0% compared to June 2016 (3,390) and 5.3% compared to May 2017 (3,435).

Inventory

Inventory snuck up to 1.6 months in June, with total market time decreasing by one day, to end at 38 days.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (21,505) are down 1.8%, closed sales (14,866) are down 3.9%, and pending sales (16,572) are down 7.2%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through June, the average sale price rose 9.8% from $388,800 to $427,000. In the same comparison, the median sale price rose 10.3% from $339,900 to $375,000.

Lake Oswego Real Estate Stats

It seems everyone knows or talks about real estate.  I have clients tell me all the time that their friends told them this or that about the real estate market.  However, what holds true for one neighborhood or area, may or may not be true for another Portland real estate market.

Stats are local.  In other words, what may be happening in Beaverton, most likely is not happening in Lake Oswego for example.  Stats vary street by street, neighborhood by neighborhood.  It is important to know what is happening specifically in your neck of the woods.

I have been reporting on this blog in posts under the category “This Week Stats”, that we had seen a slow down in our Lake Oswego real estate market. I had started noticing it in early May.  Other real estate agents said they had seen it start last November during the elections.  I had been waiting for the RMLS™ Market Update for June to see whether what I thought was true or not.  In fact it is.

Lake Oswego Real Estate

May 2017 had Lake Oswego homes selling in 54 days, June days on the market increased to 71 days.  In addition, the average sales price dropped from May’s $630,400 to June’s $627,600.  Pending sales are also down to -6.9% for Lake Oswego.  May also had 2.3 months of inventory, while in June, Lake Oswego had 2.4 months of inventory.  Compare that to Portland’s 1.6 months of available houses for sale.

Will this be a recurring trend?  I will be keeping an eye on it for sure.

Have questions about your neighborhood?  I can give you the current and correct information!

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing 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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. 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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