Market Action Report August 2019

August Residential Highlights

Once again, the latest stats for the Portland metro real estate market were published yesterday.  Looks like we are in a holding pattern as far as inventory is concerned.  While this is not surprising, and relatively consistent with past years, we are still in a sellers’ market, despite what the national media is saying.

Again, everything is local.  What you hear on the news, may not be what is happening in your neighborhood, or on your street.  It is always important to know what those stats are as they relate to you.

Pending Sales

Pending sales saw the sole gain this August in the Portland metro area. There were 2,929 pending sales, a 6.1% increase over the 2,760 offers accepted last year in August 2018, but falling 2.3% short of the 2,998 offers accepted last month in July 2019.

Closed Sales

Closed sales, at 2,901, decreased 2.2% from the 2,967 closings recorded in August 2018 and fell 1.5% short of the 2,944 closings from July 2019.

New Listing

New listings (3,757) fared similarly, ending 10.8% lower than in August 2018 (4,214) and 5.3%
lower than last month in July 2019 (3,966).

Total Market Time – Days on the Market

Total market time rose by five days in August to end at 48 days. Although it is taking longer to sell, and varies by area, the increased number of days – 5 days – is pretty indicative of an end-of-year time frame when the real estate market slows down a big.  Usually, but not always, the Fall weather, rains, start of school, school activities, takes attention away from buyers who are looking to purchase a home.  However, the buyers are still out there.

Inventory

Inventory held steady at 2.3 months. Just look at the stats for the end of the year 2018 and the beginning of 2019.  Inventory increased significantly at the start of 2019.  Will we see that at the end of this year and start of 2020?  If so, it will be a very robust real estate season.  With interest rates so low, we could be in for an even better buying season soon.

Year to Date Summary

Activity is a bit cooler so far in 2019 compared with 2018. New listings (30,458) are down 0.9%, pending sales (21,585) are down 1.1% and closed sales (19,902) are down 3.3%.

Average and Median Sale Prices

Comparing 2019 to 2018 through August, the average sale price has increased 1.0% from $454,500 to $458,900. In the same comparison, the median sale price has increased 2.2% from $401,000 to $410,000.

Lake Oswego Real Estate Stats

While the Portland market currently has 2.3 months of inventory, Lake Oswego has slightly more inventory than Portland metro.  Last month Lake Oswego had 2.4 month of inventory.  Appreciation has slowed down in the Lake Oswego/West Linn real estate market.  Year to date, the LO/WL market and was in the negative column with -0.7% appreciation.  Will watch this more closely as we continue into Fall.  What that says is, if you are seller, you might want to reduce your asking price to get your home sold as values have softened.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are 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.