Lake Oswego Real Estate October 2017 RMLS™ Market Update

October Residential Highlights

The Portland metro area saw cooler numbers almost across the board this October.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

New listings made the solitary gain—the 2,981 new listings offered outpaced October 2016 by 1.8% despite a 18.2% decrease from last month in September 2017.

Closed Sales

Closed sales, at 2,565, fell 0.9% short of the 2,589 closings recorded last year in October 2016 and 3.6% short of the 2,660 closings recorded in September 2017.

Pending Sales

Pending sales (2,705) fared similarly, showing a 4.8% decrease from October 2016 (2,841) and a 0.9% decrease from last month in September 2017.

Inventory Of Houses For Sale

Inventory decreased slightly to 2.1 months in October, with total market time increasing to 44 days.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (36,614) are down 2.1%, closed sales (26,551) are down 3.0%, and pending sales (27,385) are down 7.1%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through October, the average sale price rose 9.0% from $393,900 to $429,400. In the same comparison, the median sale price rose 10.1% from $345,000 to $379,900.

Lake Oswego Real Estate Market

The Lake Oswego Real Estate market is still a seller’s market.  Last October 2016 we had fewer houses for sale than we do this October 2017. Lake Oswego had 2.8 months of houses for sale in 2016, while this October 2017, we had 3.2 months of houses for sale. And in September 2017, Lake Oswego had 3.7 months of houses for sale.

While inventory of houses for sale has increased, we are not yet at what is considered to be a “normal” real estate market – favoring both buyers and sellers. There are still multiple offers in certain sub-markets of the Portland metro real estate areas and above asking price offers occasionally as well.

If your house is still on the market since Spring or Summer and you have not lowered your asking price, now is definitely the time to do so.  Many sellers who still have the higher Summer asking prices are not seeing a sale. As we are approaching an even slower real estate market due to seasonal changes such as Winter and the holidays, if you want your home sold still in 2017, reduce your asking price now.

Getting Your Home Sold

One of my recent sales had all the bells and whistles and the home showed beautifully.  Everything inside was immaculate.  However, what I call the “bones” were not properly maintained or taken care of.  The gutters were packed full, the furnace was filthy, the roof needed maintenance, etc.  All of these things, and other items of neglect, should have been taken care of BEFORE placing that home on the market.

Required maintenance of your home doesn’t disappear when you are getting your home ready for sale.  If you haven’t taken care of those issues prior to selling, you definitely need to take care of them before an offer is received.

Not only do I blame this neglect on the owners, but I also place some responsibility on the real estate broker.  These issues are items I discuss with potential sellers before I list their home.  They appear as stumbling blocks, or items of negotiation when an offer is received.  Eliminating those issues make for much smoother negotiations and transaction.

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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