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This morning the December 2018 RMLS™ Market Action report was issued which reflects year-end stats.  In the coming days, I will break down those stats focusing on the different schools and neighborhoods within Lake Oswego and posts for the Portland metro area neighborhoods as well.

Year-End Stats 2018

The report shows a cooling in 2018 which actually started early in the year, and as I have been reporting here on my blog for many months now.  This is not a bad thing, as I have previously stated.  Our wild and crazy real estate market of the past several years could not continue and a cool-down has been welcomed.

Prices are still increasing, albeit not as quickly, because we are still in a sellers’ real estate market in the Portland metro area ending the year with 2.5 months of inventory. A “normal” market has 5-6 months of houses for sale, or under 7 months as per the National Association of REALTORS® (NAR)®.  Others in the real estate industry feel after 3 months’ inventory it becomes a normal market.  However, in either case, we are still a long way from a normal market let alone a buyers’ real estate market.

December Residential Highlights

December brought cooling across the board to the Portland metro area.

Pending Sales

Pending sales, at 1,599, fell 9.0% short of the 1,757 offers accepted last year in December 2017 and 16.0% short of the 1,904 offers accepted last month in November 2018.

Closed Sales

Closed sales (1,846) fared similarly, ending 21.4% lower than in December 2017 (2,350) and 13.9%
lower than in November 2018 (2,144). This is the coolest December for closings in Portland metro since
2013, when 1,821 were recorded.

New Listings

New listings, at 1,255, cooled 22.4% from December 2017 (1,617) and 45.7% from November 2018 (2,310).

Days On The Marketbettyjung.com

Total market time rose to 64 days in December, with inventory decreasing slightly to land at 2.5 months.

Year to Date Summary

Activity in 2018 was mixed compared to 2017. New listings (41,287) increased 1.2%. Pending sales (29,809) decreased 4.9% and closed sales (29,771) decreased 5.9%
this year.

Average and Median Sale Prices

Comparing 2018 to 2017 through December, the average sale price rose 5.5% from $428,700 to $452,400. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

Selling Your Home In 2019

Sellers need at this point to re-educate themselves as to the market conditions since they may be used to houses selling instantly.  Now, with 64 days’ market time, and a slower market, sellers will need to adjust their expectations.  It still comes down to price, condition and location.  Those tenents have not changed as long as I have been selling real estate, now going into my 41st year. Regardless of the market, good, or bad, it always comes down to those three. It used to also be dependent upon terms.  However, now with all the various financing programs, that no longer enters into the picture as often.

Recession?

I have written about this topic on several occasions and have also included a long article in my January 2019 real estate newsletter – Jung’s Journal.  Whether there is or isn’t another recession on the horizon, there are always reasons to buy and/or sell.  Having been through 6 or 7+ recessions now, I can guarantee you that houses still sell and buyers still purchase a home.

Apprecition

The areas that had the highest appreciation rate in 2018 were Yamhill County #1, Beaverton/Aloha #2 and Gresham/Troutdale #3. The over-all Portland metro area had a 5.6% appreciation rate.  I will break down the appreciation rates for all the areas in another post.

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.  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! 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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bettyjung.comI wrote a post regarding sold stats for Lake Oswego real estate zip codes 97034 and 97035 for February to July 2018.  Here is the link to that post. It is time to update that post now. 

Lake Oswego Real Estate Year-End Sold Stats

In the post referenced above, it showed there was a slow-down in our Lake Oswego real estate market starting in July 2018.  That actually continued throughout the balance of 2018 as noted below:

  • August 2018 – 74 houses sold = average sold price $934,038
  • September 2018 – 68 houses sold = average sold price $869,819
  • October 2018- 61 houses sold = average sold price $960,121
  • November 2018 – 39 houses sold = average sold price $871,622
  • December 2018 – 52 houses sold = average sold price $794,069

While sales did slow down in Lake Oswego, it is still a sellers’ market.  For those of you waiting for prices to drop, just know that as interest rates increase it will cost you more.  However, we started the New Year with interest rates decreasing.  It is a good time to buy.  As soon as it might become a buyer’s market, you may also see higher rates, so you really have gained nothing by waiting.

2019 LAKE OSWEGO REAL ESTATE STATS

As soon as our RMLS™ Market Action Update is issued for December 2018, I will be able to post year-end stats.  That should be most likely this next week.

If you are thinking of selling, now rather than later may be a good time to put your home on the market for sale.

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.  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! 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.

 

 

 

Our latest stats were posted during this past week and I, as always, seem to be late in posting them.

These stats are for November and represent the latest from RMLS™.  They are not the year-end stats.  Those will come out mid-January and will be interesting compared to other years.

You don’t have to be an economist to know that our Portland metro real estate markets started to slow down in June 2018. So many reports in the media seem to think this is a bad thing.  It is not.  Our crazy market over the last few years could not sustain itself and continue.bettyjung.com

We are heading to a more normal market, as I have been reporting for quite a while now.  Days on the market have increased, inventory has increased, and prices still continue to increase, although not at the rapid rate or at the double digits they had been.

We had snow over the beginning of 2018, and as you can see from the chart, we also had more inventory than usual in January 2018.

Buyers seem to be hanging tough and waiting for prices to drop.  I frankly don’t see that happening in the near future, although the days of houses selling before the ink is dry or sign gets in the yard, seem to be slowing; as well as multiple offers, although they are still happening in some areas.

Market Action Report November 2018 

November Residential Highlight

Portland saw some cooler activity this November.

New Listings

New listings, at 2,310, fell 4.4% short of the 2,416 new listings offered last year in
November 2017 and 25.5% short of the 3,100 new listings offered last month in October 2018.

Closed Sales

Closed sales (2,144) fared similarly, cooling 10.2% from November 2017 (2,387) and 12.1% from October 2018 (2,440).

Pending Sales

Pending sales (1,904) ended 19.7% under the 2,371 offers accepted last year in November 2017 and 23.3% under the 2,484 offers accepted last month in October 2018. The last November with fewer pending listings was in 2013, when 1,827 offers were accepted.

Days On The Market

Total market time rose to 57 days in November, with inventory increasing slightly to 2.8 months.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (39,974) are up 2.2%. Pending sales (28,290) and closed sales (27,786) are down 4.5% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through November of each year, the average sale price rose 5.6%from$429,000 to $453,100. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 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.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 in violation of Federal copyright law.

Lake Oswego, OR 97035

For Fri Nov 23 2018 

This week the median list price for Lake Oswego, OR 97035 is $727,000 with the market action index hovering around 33. This is less than last month’s market action index of 34. Inventory has held steady at or around 106.

Market Action Index

The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.

Slight Seller’s Advantage

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again

REAL MARKET PROFILE

Currently it is still a seller’s market in Lake Oswego’s zip code 97035.  However, it is edging towards a more normal real estate market.  Below you can see that days on the market are increasing and 59% of all the listings on the market had a price adjustment this past week.  The number of homes, listings currently for sale, is still low and holding steady, with not a lot of new inventory coming on the market  for sale. As long as we have low inventory, prices will continue to increase and it will remain a seller’s market.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 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.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 in violation of Federal copyright law.

As a REALTOR® and a paid subscriber to our local RMLS™, there is lots of information and many reports we have access to.  One is a daily Hot Sheet.

REAL ESTATE HOT SHEET

Every day in our RMLS™ we have access to up-to-the minute information on real estate in any of our local real estate markets.  As agents, we generally, set up our own hot sheet for those areas we are interested in receiving information about.

The minute something comes on the market as a “coming soon” listing, a new listing, price changes, a pending sale, a sold, a property that has come off the market (expired, cancelled or withdrawn), sold and not listed, we are notified almost instantly as to when that happens.

LAKE OSWEGO REAL ESTATE HOT SHEET

For example, here’s a recap of this week’s hot sheet for Lake Oswego Real Estate: Monday, November 12 to Friday, November 16, 2018:

Monday – 2 new listings, 3 price changes, 3 pending sales

Tuesday – 3 new listings, 5 pending sales, 1 expired off the market, 1 sold

Wednesday – 1 coming soon listing, 3 listings back on the market, 4 price changes, 3 pending sales, 1                            expired off the market, 4 sold

Thursday – 5 new listings, 1 back on the market, 3 price changes, 3 pending sales, 1 sold

Friday – 1 coming soon, 6 new listings, 3 price changes, 2 pending sales, 4 expired off the market, 2 sold

Who knows what the weekend will bring?

The hot sheet also gives me a clue about current trends.  Are we seeing a lot of price reductions?  Are a lot of houses coming off the market via either expired or cancelled listings?  The daily hot sheet gives me a daily look at where we are heading.  Looking at the daily Hot Sheet gives me an overall view of the current state of our market.

PROPERTY ALERTS

While the public does not have access to the above information, you can receive property alerts from me.  As soon as a new listing comes on the market for properties you are searching, or real estate activity in your neighborhood or street, or an area you are interested in, I can arrange for you to receive instant property alerts.

Just send me an email to betty@bettyjung(dot)com and I will be happy to arrange that you receive this information.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 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.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 in violation of Federal copyright law.

bettyjung.comOur monthly RMLS™ Market Action report was issued with the latest stats for October 2018. We are still in a sellers’ real estate market in the Portland metro areas. We still have a very low inventory of houses for sale.

While many sellers are feeling a slow down, which is typical for this time of year, we are still in a market favoring sellers. Also, some sellers are getting anxious, but our Real Estate market is not “dead” as some have recently said to me.

Our real estate market locally is just edging towards a more normal time.  We had been facing a crazy and hot market with houses selling even before the ink dried on listing agreements and with multiple offers. That was not a normal market and it could not continue. There are lots of factors in play causing the slow down but like anything, in a blink of an eye, everything could change again.

I recently read that one economist said we most likely won’t even reach a “normal” real estate market (favoring both buyers and sellers) until mid-2019.  That will be a normal market and not a market favoring buyers. But, again, no one knows for sure.

As I have always said in this blog, I feel that as long as our inventory remains low, prices will continue to increase.

October Residential Highlights

Portland metro saw some mixed numbers this October, but new listings showed a gain compared with last year.

NEW LISTINGS

At 3,100, new listings rose 4.0% above the 2,981 new listings offered last year in October 2017, despite ending 14.0% under the 3,606 new listings offered last month in September 2018. This was the strongest October for new listings in the area since 2010 when 3,119 were offered.

CLOSED SALES

Closed sales (2,440) fell 4.9% short of October 2017 when 2,565 closings were recorded but improved 7.4% over last month in September 2018, when 2,272 closings were recorded.

PENDING SALES

Pending sales, at 2,484, fared similarly, decreasing 8.2% from October 2017 (2,705) but pushing 0.5% past the 2,471 offers accepted last month in September 2018.

INVENTORY

Inventory decreased to 2.7 months in October, with total market time creeping up to 53 days. There were 6,550 active residential listings in the Portland metro area this October.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (37,620) are up 2.7%. Pending sales (26,484) are down 3.3% and closed sales (25,551) are down 3.8% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through October of each year, the average sale price rose 5.6% from $429,400 to $453,600. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

LAKE OSWEGO REAL ESTATE MARKET STATS

Unfortunately, for our monthly stats, our RMLS™ Market Action Report does not break down the stats for Lake Oswego only.  West Linn is included in these numbers:

OCTOBER 2018

# Months Inventory – 3.7

Total Active Listings for the month – 454

New Listings This Month – 153

Closed Sales for the Month – 121

Days on the Market – 75 days

Average Sales Price – $714,500

YTD Price Change – +2.6%

# of Houses Coming Off the Market (Either Expired or Cancelled) – 102

Pending Sales for the month – 101

# of Pending Sales – -17.2%

SEPTEMBER 2018

# Months Inventory – 3.5

Total Active Listings for the month – 507

New Listings This Month – 183

Closed Sales for the Month – 141

Days on the Market – 61 days

Average Sales Price – $627,000

YTD Price Change – +3.4%

# of Houses Coming Off the Market (Either Expired or Cancelled) – 80

Pending Sales for the month – 122

# of Pending Sales – -9.6%

There were big changes just from September to October 2018 in the Lake Oswego/West Linn real estate markets.  You can definitely see the slow down although prices still increased.

All these statistics are in the rear view mirror, last month.  It is hard to predict the future, but going forward towards Winter and the Holidays, I am sure these stats will once again change significantly. If your property is still listed from the Summer months, and haven’t lowered your price, you are “behind” the market and not “ahead” of the market conditions.  You need to lower your price!

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 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.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 in violation of Federal copyright law.

The latest market action report was issued this past week for September 2018.  As I have been posting here for the last few months, there has been a slowdown or lull, if you will, in our Portland metro real estate markets.  Sometimes this is typical for this time of year yet it seems there are other forces in place this time around. In addition, I have repeatedly said, as long as inventory remains low, housing prices will continue to appreciate.

SEPTEMBER 2018 RMLS MARKET ACTION REPORT

All that has changed in a mere few months. The months’ inventory has increased, days on the market to sell are longer, we are seeing more price reductions and interest rates have climbed.  All this has impacted our market.  In addition, we are seeing fewer people moving to Oregon. There is also buyer reluctance in play.

September Residential Highlights

Cooler numbers came to the Portland metro area this September.

New Listings

New listings (3,606) fell 1.0% short of the 3,644 new listings offered last year in September 2017 and 14.4% short of the 4,214 new listings offered last month in August 2018.bettyjung.com

Pending Sales

Similarly, pending sales (2,471) decreased 9.5% from September 2017 (2,730) and 10.5% from August 2018 (2,760).

Closed Sales

There were 2,272 closings in September, a 14.6% decrease from September 2017 (2,660) and a 23.4% decrease from August 2018 when 2,967 closings were recorded.

Inventory

September saw inventory rise to 3.1 months, with total market time rising by five days to 45 days.

There were 7,082 active residential listings on the market in the Portland metro area in September.

We haven’t hit 3.1 months of inventory since April 2013. An old rule of thumb was 5-6 months of inventory to be a “normal” market, however, recent market changes since the recession seem to indicate that 4 months of inventory seems to be a more balanced (or accurate) level of homes for sale and to now label it as a normal real estate market. In any case, the number of house for sale is increasing and there is more competition for your house if it is for sale. Buyers are now seeing more homes to choose from.  As this level continues to increase, multiple offers will most likely not be as much a part of our market as it has been.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (34,440) are up 2.6%. Pending sales (24,161) are down 2.8% and closed sales (22,983) are down 3.5% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through September of each year, the average sale price rose 5.8% from $428,800 to $453,800. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.  Prices are leveling off and not increasing at such a quick pace.

Pricing

If your home has been on the market since Spring or even since Summer, it is definitely time to review your pricing.  If you had an “anything goes price” on your home, you most likely should be questioning what price you should reduce your home to if you want it sold.  In fact, a new price should have been on your radar long before today.

Buyers are holding back making offers based on having looked at many homes and comparing them to yours.  They are knowledgeable as to what a home is worth in today’s changing real estate market and it is important your home is priced to sell from the very beginning. In addition, increased interest rates are causing them to review their purchasing power.

Lake Oswego Real Estate

The Lake Oswego/West Linn real estate market currently has 3.6 months of inventory.  Inventory has increased since last month and we are heading to a more balanced market (favoring both buyers and sellers).

Past real estate experience has taught me we won’t linger in that “balanced” market mode for long.  Once we reach a balanced market, it will most likely quickly shift to a buyer’s market. We are not at a buyer’s market yet.  But as inventory increases, if interest rates climb, and the Winter real estate market takes hold, we could very likely be looking at a buyer’s market towards the end of this year.

There is never a “perfect” time to buy.  Either prices go up, or interest rates go up.  Whether you are renting or buying, there is a mortgage to be paid.  You are either paying off your landlord’s mortgage and helping him get rich, or you are purchasing and increasing your equity and/or financial pocket.

The only time I have ever seen a perfect market was during this last recession, when both prices and rates were low. If you purchased during those years, your equity has grown. If you are “waiting” you may be waiting a long time again, if ever, to see that perfect storm.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 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.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong 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 law.

Our latest report was published this afternoon for August 2018. Here are our most recent stats.

The Portland metro area saw more mixed activity in August, but new listings were up compared with August 2017. At 4,214 new listings outpaced August 2017 (4,048) by 4.1%, despite cooling 2.3% from the 4,312 new listings offered last month in July 2018.

Closed sales (2,967) increased 8.4% from last month in July 2018 (2,736) but ended 2.2% under the 3,034 closings recorded last year in August 2017.

Pending sales, at 2,760, were 10.2% cooler than August 2017 (3,072) and 10.1% cooler than July 2018 (3,071).

Inventory decreased slightly to 2.3 months in August. Total market time increased to 40 days in the same period.bettyjung.com

There were 6,929 active residential listings on the market in the Portland metro region this August.

Year to Date Summary
Activity so far in 2018 is mixed compared to 2017. New listings (30,721) are up 2.9%. Closed sales (20,572) are down 2.0% and pending sales (21,836) are down 2.1%.

Average and Median Sale Prices
Comparing 2018 to 2017 through August of each year, the average sale price rose 5.9% from $429,000 to $454,500. In the same comparison, the median sale price rose 5.6% from $379,900 to $401,000.

Summary: I have been noticing a lot more houses coming on the market, especially in Lake Oswego lately.  It is still a sellers’ real estate market and will be until we see inventory levels reach above 5 months worth of houses for sale.  Also, prices will continue to increase due to the still low inventory of houses to sell.  Rates are still historically low.  However, we are still seeing the slow-down of buyers.

I have written posts here on my blog, at my Facebook blog and in my Jung’s Journal, my real estate newsletter, as to the possible reasons for the slow-down.  The number of sales has slowed and the real estate market is not as frantic as it had been.

Buyers aren’t always in a multiple offer situation now, although they still exist, and there are now more homes for sale.  Still an excellent time for sellers to sell as well as their equity continues to increase.

Lake Oswego still has 3.2 months of inventory, the same as last month.  I have seen lots of listings come on the market in Lake Oswego this September, so when the October report is published with the September stats, I won’t be surprised if the inventory in Lake Oswego has increased.

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 law.

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.

 

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.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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