In an effort to see if in fact there has been a slowdown, as many of us have been reporting, I checked stats for sold listings over the last six months for Lake Oswego zip codes 97034 and 97035.

Sold Stats Last Six Months – Lake Oswego

# of Sold Listings In Lake Oswego

According to RMLS™ stats, sales in Lake Oswego dropped last month by over 50% from the previous month and have been consistently decreasing since February 2018.bettyjung.com

Sold Prices In Lake Oswego

The final sold prices of homes, however, is a different matter.  Lake Oswego prices continue to increase even while inventory increases as well.  Typically, when inventory increases, prices drop, however that has not been the case according to the stats for the last 6 months.  In fact, prices have been somewhat erratic.

Inventory in Lake Oswego

Lake Oswego currently has 3.2 months of inventory.  Some have argued that 3 months’ inventory is approaching a normal real estate market while the National Association of REALTORS® says 5-6 months is considered a normal market, favoring both buyers and sellers.

Sold Stats For Lake Oswego (Stats are for single family homes only in 97034 and 97035 all stats from RMLS™)

  • July 2018 = 75 houses sold = average sold price $941,400
  • June 2018 = 153 houses sold = average sold price $894,311
  • May 2018 = 261 houses sold = average sold price $922,314
  • April 2018  = 322 houses sold = average sold price $900,108
  • March 2018 = 385 houses sold = average sold price $879,346
  • February 2018 = 438 houses sold = average sold price $884,779

You can see from the above that for the last 6 months, the number of sales in fact have decreased significantly in the Lake Oswego real estate market. If we continue to have an increase in inventory, we will most likely be close to a buyers’ real estate market here in Lake Oswego soon.  We are not there yet, however. Typically there is a slow-down going into Fall, but we are still in the peak Summer buying season.

Also, different dates trigger a rush to buy such as before the school year – which we are currently in but as you can see up to July 31, there was no “rush” as the total number of sales dropped by 50%. The next big rush will be the holidays. Although, we have yet to see if that will play out this year.

Reasons for the Slow Down

I have read lots of posts/news reports, etc. as to the reasons for the slow down such as increased interest rates, buyer fatigue, lack of inventory, boomers not downsizing, millennials still living with parents, fewer people moving to our area, etc.  While I am not an economist nor do I have that crystal ball, I can’t pinpoint any one specific reason and would most likely say “all of the above”.

If you are interested in what is happening in your neck of the woods, please let me know and I can run the stats for your neighborhood as well.

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.

 

Advertisements