As I sit in front of my computer, I see I have not posted in over a month here on my blog.  Where the heck did the time go?  In addition, I see I did not post the latest RMLS™ Market Update July 2017 (with June stats) and a new update for August (with July stats) will be out in the next day or so. So before I get too far behind, here is the latest RMLS™ Market Update.

Lake Oswego Real Estate RMLS™ Market Update July l2017

At the beginning of May, I personally noticed a slowdown in our local real estate market here in Lake Oswego.  I started posting my beliefs in my “This Week Stats’ category here on my blog.

While I had no stats to support my hunches, I knew there was a shift happening.  Our RMLS™ stats, which only reflect the previous month and are not current on a daily basis, was not providing stats to support what I was seeing.  In addition, the Case-Schiller Report also reports only on stats from the previous 3 months, and again was not indicating a slowdown.  The Altos Research stats are weekly, and there again, I was not seeing anything to support my feelings that a slowdown was happening.

It became difficult for me to inform my sellers and buyers that days on the market were increasing, there was an increase in inventory, and some areas had seen price decreases etc. because there were no stats supporting that as yet.

However, in July, the national media reported that June had seen a decrease (that would account for a slowdown in May).  Again in July, the national media again reported there was another decrease in July.  And, finally, Altos Research, which reports on neighborhoods, zip codes, cities weekly, also started to report what I was seeing. Locally nothing was being reported  about a slowdown yet.

In the many Facebook real estate groups I belong to, agents there didn’t say they saw any noticeable differences either until July while I had seen it at the beginning of May already.

This July 2017 RMLS™ Market report (which is based on June stats) also now is reporting the slowdown.  Is it seasonal?  Is it the start of a continuing trend?  What I know is that there is not as much of a frenzy as there had been.  While multiple offers still exist in certain areas and at certain price points, the multiple offers over list price as slowing down. How did I see a slowdown happening so early?

I call local real estate agents the “boots on the ground”. I was out there writing offers that were no longer in multiple offer situations, there was more inventory to show, immediate offers as soon as my listings came on the market didn’t appear, and buyer activity/showings on my listings had slowed.

Not All Bad News

While you might think this is bad news, in many ways it is not.  Buyers were exiting the market because of the frenzy and hopefully this will bring buyers back into the Lake Oswego Real Estate Market and into the Portland Metro Real Estate Market.  Interest rates are still low and sellers are experiencing an increase in equity as prices are well above the pre-recession era.  It is still a seller’s market and it is still a good time to sell or buy.

July Residential Highlights

Portland real estate activity cooled a bit this July.

Closed Sales

Closed sales, at 2,793, cooled 12.4% from June when 3,187 closings were recorded, although these sales pushed 0.6% past the 2,776 closings recorded last year in July 2016.

Pending Sales

Pending sales, at 3,040, fell 7.9% short of the 3,302 offers accepted last year in July 2016 and 6.6% short of the 3,254 offers accepted last month in June 2017.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

Similarly, new listings (4,202) showed a 3.9% decrease compared to July 2016 (4,372) and a 11.3% decrease compared to June 2017 (4,739).

Days On The Market

Total market time decreased by five days in July, ending at 33 days. In the same period, inventory crawled up to 2.1 months.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (25,723) are down 2.4%, closed sales (17,807) are down 3.3%, and pending sales (19,390) are down 7.6%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through July, the average sale price rose 9.3% from $391,600 to $428,000. In the same comparison, the median sale price rose 11.2% from $340,000 to $378,000.

This Week Stats

I will continue to report on the most up-to-date information I have in my This Week Stats category here on my blog for Lake Oswego. However, if you want specific information as to your street or neighborhood, please let me know as I can also provide that for you anywhere in the Portland metro area.

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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