Oh boy!!! Looking at the RMLS™ Market Action Report for February 2018 tells me it will be a wild and crazy Portland metro real estate market heading into the next several months, and not unlike we have had the last couple of years. Instead of an increasing inventory of houses for sale, February saw 1.9 months,  a decrease from 2.2  months in January 2018.

So, we may be facing yet again, a Spring and Summer real estate market with multiple offers, over asking price sales plus rising prices.  Buyers can’t seem to get a break. This Portland metro real estate market continues to favor sellers.  Sellers where are you??

We could easily use at least 4-5 times the number of houses for sale than we currently have.  It isn’t even close to a balanced, or what we might consider to be, a “normal” real estate market.

Lake Oswego Real Estate RMLS Market Action Report February 2018

February Residential Highlights

Closings had a strong month this February in the Portland metro area. There were 1,806 closed sales, a 8.2% increase over February 2017 (1,669) and a 10.9% increase over January 2018 (1,628).

New Listings

New listings (2,530) saw gains in February as well, outpacing February 2017 (2,521) by 0.4% and January 2018 (2,486) by 1.8%.

Pending Sales

Pending sales, at 2,337, fell 1.4% short of the 2,369 offers accepted last year in February 2017 but inched 1.1% ahead of the 2,311 offers accepted last month in January 2018.

Days On The Market – Total Market Time

Total market time increased by nine days in February, ending at 69 days. Inventory decreased slightly to 1.9 months in the same month.

Active Listings For Sale

There were 3,441 active residential listings in the Portland metro area this February.

Average And Median Sale Prices

bettyjung.comComparing the average price of homes sold in the twelve months ending February 28th of this year ($432,200) with the average price of homes in the twelve months ending February 2017 ($402,000) shows an increase of 7.5%. In the same comparison, the median has increased 9.4% from $350,000 to $383,000.

Lake Oswego Real Estate Summary

Lake Oswego on the other hand saw an increase in the number of houses for sale.  January we had 2.9 months of inventory, while February saw an increase to 3.2 months.  However, we are also still a seller’s market in Lake Oswego too.

The Portland metro area real estate market had a 7.5% price increase year to date; whereas, Lake Oswego had a 4.8% price increase YTD.

Interest Rates

bettyjung.com

Courtesy Mike Popnoe

Interest rates are increasing and there are now loans where you can lock in a rate before you ever find a house you want to purchase.  Want more information?  Give me a call at 503-804-9685.

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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