Our most recent market action report was issued yesterday.

January 2018 RMLS™ Market Action Report

January Residential Highlights

The Portland metro area saw plenty of pending sales and new listings this January.

Pending Sales

Pending sales at 2,311, outpaced January 2017 (1,990) by 16.1% and December 2017 (1,757) by 31.5%. It was the strongest January for pending listings in the metro area since 2007, when 2,544 offers were accepted in January.

New Listingshttp://bettyjung.com

New listings, at 2,486, outpaced January 2017 (2,212) by 12.4% and December 2017 (1,617) by 53.7%. I am not surprised that there was an uptick of listings in December and January.

Weather plays a big part in our real estate activity here in our area.  December saw only a dash of snow Christmas eve, compared to none in January.

Closed Sales

Closed sales, at 1,628, cooled 11.9% from the 1,847 closings recorded last year in January 2017 and 30.7% from the 2,350 closings recorded last month in December 2017.

Inventory

Inventory rose a bit in January, ending at 2.2 months. During the same period, total market time increased by five days to end at 60 days. There were 3,518 active residential listings in the Portland metro area in January.

Average and Median Sale Priceshttp://bettyjung.com

Comparing the average price of homes sold in the twelve months ending January 31st of this year ($430,100) with the average price of homes in the twelve months ending January 2017 ($399,600) shows an increase of 7.6%. In the same comparison, the median has increased 8.6% from $350,000 to $380,000.

Lake Oswego Real Estate Inventory

Here in Lake Oswego, we have a 3 month supply of houses for sale, up from 2.9  months in December.

Summary

http://bettyjung.com

Courtesy Mike Popnoe, Mortgage Trust

Prices continue to increase and we are still in a seller’s market. Although interest increases have started, I won’t know until next month how that impacted our February 2018 real estate activity.

I am seeing more and more houses come on the market for sale, while not as much activity in the pending or sold categories.  But we are heading into prime selling season, and I know many sellers are getting their homes ready for sale, and with interest rates increasing, buyers are also ready to act.http://bettyjung.com

 Interest Rates as of February 14, 2018

http://bettyjung.com

Courtesy Mike Popnoe, Mortgage Trust

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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