Lake Oswego Real Estate August 2017 RMLS™ Market Update

I knew as soon as I posted the July report, the August report would follow shortly thereafter. The latest report was just issued.

AUGUST 2017 RMLS™ Market Update

August Residential Highlights

August brought mixed activity to the Portland metro area, but closed sales saw some modest gains. At 3,034, closings rose 1.1% compared to last year in August 2016 (3,001) and 8.6% compared to last month in July 2017 (2,793).

Pending Sales

Pending sales, at 3,072 for the month, edged 1.1% over July 2017 when 3,040 offers were accepted but fell 7.6% short of the 3,325 offers accepted last year in August 2016.

New Listings

New listings, at 4,048, ended 3.7% under both July 2017 when 4,202 new listings were offered, and August 2016 when 4,203 new listings were offered for the month.

Inventory of Houses For Sale and Days On The Market

Inventory decreased to 2.0 months in August. During the same period total market time increased by one day, ending at 34 days. There were 5,940 active residential listings in the Portland metro area in August.

Year To Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (29,852) are down 2.6%, closed sales (20,990) are down 2.7%, and pending sales (22,296) are down 7.6%. You can see overall, that the real estate market in Portland is not as “hot” as it was last year.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through August, the average sale price rose 9.3% from $392,600 to $429,000. In the same comparison, the median sale price rose 10.7% from $343,200 to $379,900.

Lake Oswego Real Estate August Stats

Inventory of houses for sale in Lake Oswego is now close to 3 months.  It is still a seller’s market in Lake Oswego, but if it gets to 5-6 months of inventory, we will see a shift.  Lake Oswego prices increased 8.6% compared to Portland prices that rose 9.3% within the last 12 months.

Searching for Real Estate

My phone app, 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 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.