The latest stats were published yesterday from RMLS™ for February 2019.  We had some crazy weather this past month, and I don’t know how much that affected our Portland metro real estate market, but it usually does.

Instead of inventory increasing going into the busy Spring buying/selling real estate season, it is once again trending downward.  Inventory dropped, prices increased and days on the market is hovering around 75 days to sell a home.  The 75 days on the market is a clear sign that real estate continues its slow-down. Last year, the days on the market were 69 days as a comparison to this year.

Houses in some areas are still selling quickly and once again there are still multiple offers being seen.  This is not the trend throughout the entire Portland metro area, however. We are still in a sellers’ real estate market and nowhere near a balanced market, favoring both buyers and sellers.  If you are still waiting for a drop in prices, you may be waiting for quite a while, and they may never drop to levels where you hope they will.  Rates are historically low, and now is still a great time to purchase a home.

If you are wanting to sell, you most likely have seen a lot of equity in your home by now and this is a great opportunity for you to purchase a new home.

February Residential Highlights

Activity in Portland was mixed this February, but some gains were seen compared with last month.bettyjung.com

Closed Sales

Closed sales, at 1,726, rose 19.0% ahead of the 1,451 closings recorded last month in January 2019, but fell 4.4% short of the 1,806 closings recorded last year in February 2018.

Pending Sales

Pending sales (2,208) fared similarly, ending 5.5% under the 2,337 offers accepted in February 2018 but rising 8.0% over the 2,045 pending sales from January 2019.

New Listingsbettyjung.com

New listings, at 2,444, fell 3.4% short of February 2018 (2,530) and 19.8% short of January 2019 (3,048).
This was the coolest February for new listings in the Portland metro area since 2014, when 2,354 were put on the market.

Days on the Market

Total market time decreased by one day in February to end at 75 days. During the same period, inventory decreased to 2.7 months. There were 4,579 active residential listings in the Portland metro area
in February.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending February 28th of this year ($452,100) with the average price of homes in the twelve months ending February 2018 ($432,200) shows an increase of 4.6%. In the same comparison, the median has increased 4.4% from $383,000 to
$400,000.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. 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.  Or check out my 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! 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 2008-2019. 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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