Lake Oswego Real Estate RMLS™ Market Action Report March 2019

“Yes Virginia” there is a sellers’ market in the Portland metro area.  And, we have had a sellers’ market going back several years now. Here is what happened in our Portland metro real estate market from our RMLS™ ending the first quarter of 2019!

March Residential Highlights

March brought some gains to the Portland metro area, but all measures were cooler than last year in March 2018.

Listings

There were 3,504 new listings, a 43.4% increase over February 2019 (2,444) but new listings fell 3.9% short of the 3,648 new listings offered last year in March 2018.

Pending Sales

Pending sales (2,738) ended 5.4% below the 2,894 offers accepted last year in March 2018 but rose 24.0% over the 2,208 offers accepted last month in February 2019.

Closed Sales

Closed sales, at 2,183 in March, fared similarly, ending 7.9% below the 2,371 closings recorded in March
2018 but rising 26.5% from last month in February 2019 when 1,726 closings were recorded.

Inventory of Houses for Salebettyjung.com

Inventory decreased to 2.2 months in March, with total market time decreasing to 68 days. There were 4,808 active residential listings on the market in the Portland metro area this March.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($452,700) with the average price of homes in the twelve months ending March 2018 ($434,800) shows an increase of 4.1%. In the same comparison, the median has increased 3.9% from $385,000 to
$400,000.

Lake Oswego Real Estate Market

Our Lake Oswego Real Estate market had low appreciation this quarter and only increased slightly. The average price % change for Lake Oswego/West Linn was only 2.2%. There were other areas in our local Portland real estate market that saw similar appreciation rates and even lower, and one area in particular, had no appreciation during this First Quarter 2019.

I will write a different blog post just about the appreciation rates for our Portland metro area, first quarter 2019, at another time soon.

However, things are certainly not negative as we are STILL seeing multiple offers, prices are still increasing, and we still have low interest rates. The multiple offers are not as wide-spread as in year’s past, but please buyers, get pre approved.  Know that you will be in competition with other offers and you really, really need to come up in price considerably if you want that property.

Get Pre-Approved

After all this time, I have written about it constantly, and you see it in the media, get pre approved!!  If you saw the property of your dreams today, you could not purchase it without being pre approved and having a pre approval letter in your hand BEFORE you make an offer.  As agents, we are not presenting offers if you do not have a pre approval letter.  Sellers don’t even want us to show their homes unless you are pre approved, and rightfully so.  We are very serious when we request you go through the pre approval process.

Lake Oswego Highlights

It took 94 days to sell a home during the First Quarter 2019 in West Linn/Lake Oswego.  Much higher than for the over-all Portland metro real estate market, which was 68 days.  The West Linn/Lake Oswego had more houses on the market for sale too and the inventory level was 3 months for the end of the first quarter.  Portland as noted above has 2.2 months’ inventory.

However, even at that level of inventory, the West Linn/Lake Oswego market is still also a sellers’ real estate market. When you look at the number of homes currently for sale in West Linn/Lake Oswego, there are only 326 active listings for sale, a relatively low number for both areas.

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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