Our latest stats were published by RMLS™ today.  Inventory has increased and the market is slowing

What we are seeing are contingency offers being accepted by sellers, some areas seeing longer days on the market, not as many multiple offers (although this is still occurring in some areas and in certain price ranges), not selling at full price and sellers much more willing to do repairs. The total number of pending and sold properties are down and have slowed.

When the market was “hotter” and sellers had received multiple offers, sellers were in a better position to stand firm in their desire to do absolutely no repairs.  My last 2 sales had sellers adamant they were not going to do any repairs, causing my buyers to decide whether it was worth it to them to move forward.  In one case it was not, and in another case it was.

The number of listings increased this month which means buyers have more inventory to choose from and although we are still in a sellers’ market, we are edging towards a more normal real estate market. As long as we still have low inventory, prices will continue to increase.  However, as we move into Fall, or as inventory increases, prices will start getting reduced.  A good buyers market seems to be heading our way.

There is a lot of talk about a crash or a bubble bursting.  I don’t think this will happen.  We have been in an extremely increasing market now for 10 years, and I just think prices are leveling off, which is a good thing for buyers.  Prices are still increasing just not at as fast a rate.  Sellers are still seeing an increase in their equity and many sellers have now recovered, and then some, from the recession.

July 2018 RMLS™ Market Update

July Residential Highlights

Pending Sales

Pending sales saw gains this July in the Portland metro area. At 3,071, pending sales outpaced July 2017 (3,040) by 1.0% and June 2018 (3,059) by 0.4%.

New Listingsrmlsweb.com/bettyjung.com

New listings, at 4,312, outpaced July 2017 (4,202) by 2.6%, but cooled 4.5% when compared with June 2018, when 4,515 new listings were  offered.

Closed Sales

Closed sales (2,736) cooled 2.0% from July 2017 (2,793) and 7.1% from June 2018 (2,946).

Days On The Market

Total market time decreased by one day in July, ending at 36 days.

Inventory of Houses For Sale

During the same period, inventory increased slightly to 2.4 months. July saw 6,549 active residential listings on the market. The closest we had to 2.4 months of inventory was in September 2017 when we had 2.6 months.

Year To Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (26,455) are up 2.8%. Pending sales (19,221) are down 0.9% and closed sales (17,445) are down 2.0%.

Average and Median Sale Prices

Comparing 2018 to 2017 through July of each year, the average sale price rose 6.0% from $428,000 to
$453,600. In the same comparison, the median sale price rose 5.8% from $378,000 to $400,000.

Lake Oswego Stats

This month Lake Oswego/West Linn’s inventory also increased.  Last month Lake Oswego/West Linn had 2.3 months of available houses for sale, and this month it edged up to 3.2 months of houses for sale.  In addition, sales have dropped in area 147 as well (Lake Oswego/West Linn).  Last month there were 178 sales in all of Lake Oswego/West Linn and this month that volume dropped to 153 sales.

Again, there isn’t a lot to be alarmed about as we are heading into Fall and typically the real estate market slows down, although it seems it started slowing down somewhat earlier this year.  As always, it is easier to look backward than forwards.  Will this continue or not?

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is 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.

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.

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 a violation of Federal copyright laws.

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