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Lake Oswego Real Estate October 2017 RMLS™ Market Update

October Residential Highlights

The Portland metro area saw cooler numbers almost across the board this October.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

New listings made the solitary gain—the 2,981 new listings offered outpaced October 2016 by 1.8% despite a 18.2% decrease from last month in September 2017.

Closed Sales

Closed sales, at 2,565, fell 0.9% short of the 2,589 closings recorded last year in October 2016 and 3.6% short of the 2,660 closings recorded in September 2017.

Pending Sales

Pending sales (2,705) fared similarly, showing a 4.8% decrease from October 2016 (2,841) and a 0.9% decrease from last month in September 2017.

Inventory Of Houses For Sale

Inventory decreased slightly to 2.1 months in October, with total market time increasing to 44 days.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (36,614) are down 2.1%, closed sales (26,551) are down 3.0%, and pending sales (27,385) are down 7.1%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through October, the average sale price rose 9.0% from $393,900 to $429,400. In the same comparison, the median sale price rose 10.1% from $345,000 to $379,900.

Lake Oswego Real Estate Market

The Lake Oswego Real Estate market is still a seller’s market.  Last October 2016 we had fewer houses for sale than we do this October 2017. Lake Oswego had 2.8 months of houses for sale in 2016, while this October 2017, we had 3.2 months of houses for sale. And in September 2017, Lake Oswego had 3.7 months of houses for sale.

While inventory of houses for sale has increased, we are not yet at what is considered to be a “normal” real estate market – favoring both buyers and sellers. There are still multiple offers in certain sub-markets of the Portland metro real estate areas and above asking price offers occasionally as well.

If your house is still on the market since Spring or Summer and you have not lowered your asking price, now is definitely the time to do so.  Many sellers who still have the higher Summer asking prices are not seeing a sale. As we are approaching an even slower real estate market due to seasonal changes such as Winter and the holidays, if you want your home sold still in 2017, reduce your asking price now.

Getting Your Home Sold

One of my recent sales had all the bells and whistles and the home showed beautifully.  Everything inside was immaculate.  However, what I call the “bones” were not properly maintained or taken care of.  The gutters were packed full, the furnace was filthy, the roof needed maintenance, etc.  All of these things, and other items of neglect, should have been taken care of BEFORE placing that home on the market.

Required maintenance of your home doesn’t disappear when you are getting your home ready for sale.  If you haven’t taken care of those issues prior to selling, you definitely need to take care of them before an offer is received.

Not only do I blame this neglect on the owners, but I also place some responsibility on the real estate broker.  These issues are items I discuss with potential sellers before I list their home.  They appear as stumbling blocks, or items of negotiation when an offer is received.  Eliminating those issues make for much smoother negotiations and transaction.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. 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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September Residential Highlights

Lake Oswego Real Estate RMLS™ Market Action Report September 2017

Portland saw cooler activity across the board this September.

New Lihttps://lakeoswegorealestateblog.wordpress.com/stings

New listings at 3,644, fell 0.8% short of the 3,673 listings offered last year in September 2016 and 10.0% short of the 4,048 listings offered last month in August 2017.

Closed Sales

Closed sales, at 2,660, ended 5.8% below the 2,823 closings recorded in September 2016 and 12.3% below the 3,034 closings recorded in August 2017.

Pending Sales

Pending sales, at 2,730, similarly decreased 4.4% from September 2016 (2,857) and 11.1% from August 2017 (3,072).

Days On The Market

Total market time in September rose three days to end at 37 days. Inventory creeped up to 2.3 months in the same period. There were 5,998 active residential listings in the Portland metro area this September.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (33,560) are down 2.5%, closed sales (23,811) are down 3.2%, and pending sales (24,859) are down 7.2%.

Average and Median Sale Priceshttps://lakeoswegorealestateblog.wordpress.com/

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through September, the average sale price rose 9.2% from $392,600 to $428,800. In the same comparison, the median sale price rose 10.1% from $345,000 to $379,900.

Lake Oswego Real Estate Market

If you have been following my blog you will have read where I posted that I had noticed our real estate market slowing down at the beginning of May 2017.  We are edging up in inventory – now at 2.3 for the Portland metro area and the Lake Oswego/West Linn market at 3.7 months.  We are still definitely in a seller’s market but if we get closer to 5-6 months of inventory, we will be what we consider to be a “normal” market favoring both buyers and sellers.

There are still some price ranges and areas that are seeing multiple offers.  However, I am seeing more contingency sales (subject to buyer’s house selling), closing costs paid, and less than list price sales.  Year-to-date prices in Lake Oswego rose by 8.9%.

We are also approaching the time of year where typically we see a seasonal decline in sales.  Right before the holidays, there is a mad dash when buyers want to be in their homes before Christmas or move in over the New Year’s.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

If you have been following my blog, you know that I consider This Week Stats to be the most up-to-the minute information available.

Lake Oswego Real Estate Stats

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Lake Oswego Real Estate This Week Stats

This Week’s Stats did not change dramatically from the stats I posted 9/11/2017.  The median price in Lake Oswego remained the same as it was $899,000 and 54% of listed properties had a price reduction, again the same as 9/11.

What has changed slightly is the advantage favoring sellers has decreased slightly from 32.4 to 32.1. Further, 3/4 of all properties in Lake Oswego real estate market are still above a jumbo loan of over $600,000.  Only 1/4 of all Lake Oswego homes are priced under $600,000 and those usually have multiple offers.

It is typical as we head towards the Fall and Winter months to see some slowing, but does pick up again as we head closer to the holiday season.  Many buyers want to be in their new homes prior to the holidays.  It is still a seller’s market with low housing inventory. However, there is a shift happening.

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Lake Oswego Real Estate Market

What all these stats show is it is still important, no matter how hot the real estate market is, it is important to price your home correctly at the start.  Buyers looking at these stats may assume that sellers are more motivated than they were during the Summer months.

Some sellers are accepting contingency offers and, just recently, I saw several listings where sellers are back to paying buyer closing costs to help sell their homes.

Searching for Real Estate

If you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate August 2017 RMLS™ Market Update

I knew as soon as I posted the July report, the August report would follow shortly thereafter. The latest report was just issued.

AUGUST 2017 RMLS™ Market Update

August Residential Highlights

August brought mixed activity to the Portland metro area, but closed sales saw some modest gains. At 3,034, closings rose 1.1% compared to last year in August 2016 (3,001) and 8.6% compared to last month in July 2017 (2,793).

Pending Sales

Pending sales, at 3,072 for the month, edged 1.1% over July 2017 when 3,040 offers were accepted but fell 7.6% short of the 3,325 offers accepted last year in August 2016.

New Listings

New listings, at 4,048, ended 3.7% under both July 2017 when 4,202 new listings were offered, and August 2016 when 4,203 new listings were offered for the month.

Inventory of Houses For Sale and Days On The Markethttps://lakeoswegorealestateblog.wordpress.com/

Inventory decreased to 2.0 months in August. During the same period total market time increased by one day, ending at 34 days. There were 5,940 active residential listings in the Portland metro area in August.

Year To Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (29,852) are down 2.6%, closed sales (20,990) are down 2.7%, and pending sales (22,296) are down 7.6%. You can see overall, that the real estate market in Portland is not as “hot” as it was last year.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through August, the average sale price rose 9.3% from $392,600 to $429,000. In the same comparison, the median sale price rose 10.7% from $343,200 to $379,900.

Lake Oswego Real Estate August Stats

Inventory of houses for sale in Lake Oswego is now close to 3 months.  It is still a seller’s market in Lake Oswego, but if it gets to 5-6 months of inventory, we will see a shift.  Lake Oswego prices increased 8.6% compared to Portland prices that rose 9.3% within the last 12 months.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate This Week Stats 9/11/2017

It has been a little over a month since I have posted This Week stats.  As indicated in other posts, these Altos Research stats are probably the most current.  Our RMLS™ is always reporting on the previous month and the Case-Schiller Report has stats for the previous 3 months.

This Week Stats as of September 11, 2017

This week the Lake Oswego real estate market saw an increase in the median list price.  The last report I posted in August showed the median list price at $849,000 vs. this week the median list price is $899,000.  Granted this is list price and not sales price. In August 52% of all the listings had a price reduction and this week it shows that 54% of all the listings this week had a reduced price. The selling price is the most important rather than the list or asking price.

Days on the market has also increased from 101 days on the market in August increasing to 108 days on the market in this week’s report. It also shows that a seller’s advantage is decreasing.

Seller’s Market But Inventory Increasing

Listing inventory is also increasing in the Lake Oswego real estate market.  In July, Lake Oswego housing inventory was at 2.9 months.  August saw 3 months of inventory.  While not a significant increase, inventory (number of houses for sale) is increasing.  It is still a seller’s market but if we continue to edge towards 5-6 months of Lake Oswego housing inventory, it will become what is called a  “normal or average” real estate market.

As a refresher, an average market is 5-6 months favoring both buyers and sellers (or under 7 months of inventory), below 5 months is considered a seller’s market (obviously benefitting the sellers)  and from 7-10+ is considered a buyer’s market (again benefitting buyers).

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Shift In Lake Oswego Real Estate

The Fall seasion is fast approaching.  Showings of houses has increased this past week and there is usually a rush to get into a new home before the holidays.  While it was a slow Summer and we saw some significant changes in our local real estate market, hopefully, this Fall will show increases in the number of houses that have sold.

Our RMLS™ August stats should be out within the next day or so.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

As I sit in front of my computer, I see I have not posted in over a month here on my blog.  Where the heck did the time go?  In addition, I see I did not post the latest RMLS™ Market Update July 2017 (with June stats) and a new update for August (with July stats) will be out in the next day or so. So before I get too far behind, here is the latest RMLS™ Market Update.

Lake Oswego Real Estate RMLS™ Market Update July l2017

At the beginning of May, I personally noticed a slowdown in our local real estate market here in Lake Oswego.  I started posting my beliefs in my “This Week Stats’ category here on my blog.

While I had no stats to support my hunches, I knew there was a shift happening.  Our RMLS™ stats, which only reflect the previous month and are not current on a daily basis, was not providing stats to support what I was seeing.  In addition, the Case-Schiller Report also reports only on stats from the previous 3 months, and again was not indicating a slowdown.  The Altos Research stats are weekly, and there again, I was not seeing anything to support my feelings that a slowdown was happening.

It became difficult for me to inform my sellers and buyers that days on the market were increasing, there was an increase in inventory, and some areas had seen price decreases etc. because there were no stats supporting that as yet.

However, in July, the national media reported that June had seen a decrease (that would account for a slowdown in May).  Again in July, the national media again reported there was another decrease in July.  And, finally, Altos Research, which reports on neighborhoods, zip codes, cities weekly, also started to report what I was seeing. Locally nothing was being reported  about a slowdown yet.

In the many Facebook real estate groups I belong to, agents there didn’t say they saw any noticeable differences either until July while I had seen it at the beginning of May already.

This July 2017 RMLS™ Market report (which is based on June stats) also now is reporting the slowdown.  Is it seasonal?  Is it the start of a continuing trend?  What I know is that there is not as much of a frenzy as there had been.  While multiple offers still exist in certain areas and at certain price points, the multiple offers over list price as slowing down. How did I see a slowdown happening so early?

I call local real estate agents the “boots on the ground”. I was out there writing offers that were no longer in multiple offer situations, there was more inventory to show, immediate offers as soon as my listings came on the market didn’t appear, and buyer activity/showings on my listings had slowed.

Not All Bad News

While you might think this is bad news, in many ways it is not.  Buyers were exiting the market because of the frenzy and hopefully this will bring buyers back into the Lake Oswego Real Estate Market and into the Portland Metro Real Estate Market.  Interest rates are still low and sellers are experiencing an increase in equity as prices are well above the pre-recession era.  It is still a seller’s market and it is still a good time to sell or buy.

July Residential Highlights

Portland real estate activity cooled a bit this July.

Closed Sales

Closed sales, at 2,793, cooled 12.4% from June when 3,187 closings were recorded, although these sales pushed 0.6% past the 2,776 closings recorded last year in July 2016.

Pending Sales

Pending sales, at 3,040, fell 7.9% short of the 3,302 offers accepted last year in July 2016 and 6.6% short of the 3,254 offers accepted last month in June 2017.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

Similarly, new listings (4,202) showed a 3.9% decrease compared to July 2016 (4,372) and a 11.3% decrease compared to June 2017 (4,739).

Days On The Market

Total market time decreased by five days in July, ending at 33 days. In the same period, inventory crawled up to 2.1 months.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (25,723) are down 2.4%, closed sales (17,807) are down 3.3%, and pending sales (19,390) are down 7.6%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through July, the average sale price rose 9.3% from $391,600 to $428,000. In the same comparison, the median sale price rose 11.2% from $340,000 to $378,000.

This Week Stats

I will continue to report on the most up-to-date information I have in my This Week Stats category here on my blog for Lake Oswego. However, if you want specific information as to your street or neighborhood, please let me know as I can also provide that for you anywhere in the Portland metro area.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Lake Oswego Real Estate This Week Stats

I have been reporting since the beginning of May that I had noticed a slow down and a decrease in prices in Lake Oswego, although our RMLS™ had not reported that as of yet.  Our RMLS™ stats are one month behind, and it is still not reporting a slow-down in pricing.  However, the July report will be out in the next few days and I will post that information here.

What the  RMLS™ has been reporting, however, is a slow-down in lockboxes being opened – i.e. a decrease in showings each week.  My Facebook Real Estate Group real estate brokers are also still noting the slow-down. Once the RMLS™ stats are published, I will look at the stats closer to see if I can notice a trend or not.

Lake Oswego This Week Stats

If you check back in my “This Week Stats” blog posts you will see I had noted that 34%, then 37%, then 41% of properties each week had reduced their asking prices.

This week you can see that has now jumped to 52%.  In other words, 52% of the listings currently on the market for sale reduced their list prices.

You can also see that the median list price has dropped below $850,000 and now stands at $849,000. Three quarters of all listings are still in the jumbo loan category – above $600,000 (asking prices above $750,000 now for sale).  Only 1/4 of all listings in Lake Oswego are under $550,000.  Affordability still high in Lake Oswego.

In addition, This Week’s Stats show that the seller’s advantage has been dropping.  In other words, it is slowly falling to either a “normal” market range or edging ever so slowly towards a buyers’ market.  I will keep watching this.

Lake Oswego This Week Stats As Of Monday, August 7, 2017

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Lake Oswego Real Estate This Week Stats

In the last several weeks, 34% then 37% and now 41% of Lake Oswego real estate listings saw a price reduction. In addition, the median list priced dropped from $897,000 to this week’s $850,000.

I have written several posts indicating I was seeing prices dropping in the Lake Oswego Real Estate market.  Whether this is an on-going trend will need to be determined after several months.  But for now, the prices seem to be dropping in Lake Oswego.

Three quarters of all properties listed in Lake Oswego are still above the jumbo loan limit of $600,000.  Only 1/4 of the listings in Lake Oswego are under $549,925.

If you are a seller, and your home has not sold, it is time to reduce your asking price.  If you are a buyer for Lake Oswego real estate, keep watching my posts to see if this is an on-going trend in our market.

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How To Interpret Characteristics Per Quartile: With the quartiles we take all the active listings and list them from most expensive to least expensive.  We then divide that by 4 so that each segment has the same amount of inventory (combine the inventory for each quartile and it will equal total inventory for said area).  The “New” is any new listings over the last week.  The “Absorbed” is anything that is no longer 100% active (i.e. pending, sold, expired, removed and etc.).

Source:  Altos Research and Tico Title

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate RMLS™ Market Action Report June 2017

June Residential Highlights

It was another good month for new listings this June in the Portland metro area real estate market. There were 4,739 new listings recorded, a 5.3% increase over the 4,501 new listings offered last year in June 2016 and a 8.0% increase over the 4,388 new listings posted last month in May 2017. It was the strongest June for new listings since 2008, when 5,213 were offered for the month.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales, at 3,187, fared 0.9% better than last year in June 2016 (3,158) and 10.0% better than last month in May 2017 (2,896).

Pending Sales

Pending sales, at 3,254, decreased 4.0% compared to June 2016 (3,390) and 5.3% compared to May 2017 (3,435).

Inventory

Inventory snuck up to 1.6 months in June, with total market time decreasing by one day, to end at 38 days.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (21,505) are down 1.8%, closed sales (14,866) are down 3.9%, and pending sales (16,572) are down 7.2%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through June, the average sale price rose 9.8% from $388,800 to $427,000. In the same comparison, the median sale price rose 10.3% from $339,900 to $375,000.

Lake Oswego Real Estate Stats

It seems everyone knows or talks about real estate.  I have clients tell me all the time that their friends told them this or that about the real estate market.  However, what holds true for one neighborhood or area, may or may not be true for another Portland real estate market.

Stats are local.  In other words, what may be happening in Beaverton, most likely is not happening in Lake Oswego for example.  Stats vary street by street, neighborhood by neighborhood.  It is important to know what is happening specifically in your neck of the woods.

I have been reporting on this blog in posts under the category “This Week Stats”, that we had seen a slow down in our Lake Oswego real estate market. I had started noticing it in early May.  Other real estate agents said they had seen it start last November during the elections.  I had been waiting for the RMLS™ Market Update for June to see whether what I thought was true or not.  In fact it is.

Lake Oswego Real Estate

May 2017 had Lake Oswego homes selling in 54 days, June days on the market increased to 71 days.  In addition, the average sales price dropped from May’s $630,400 to June’s $627,600.  Pending sales are also down to -6.9% for Lake Oswego.  May also had 2.3 months of inventory, while in June, Lake Oswego had 2.4 months of inventory.  Compare that to Portland’s 1.6 months of available houses for sale.

Will this be a recurring trend?  I will be keeping an eye on it for sure.

Have questions about your neighborhood?  I can give you the current and correct information!

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

Lake Oswego Real Estate This Week Stats as of Monday July 3, 2017

I have been trying to post the report for This Week Stats often because the information is much more current than even some of the RMLS™ information I post here.  Our RMLS™ Market Action Report is always one month behind the market, while This Week Stats reporting is weekly.

There are a few other key things to be aware of that makes this data a bit different than direct from our RMLS™.  It is focused on a 100% active market. Absorbed is commonly referred to as “Sold”. In this report “absorbed” refers to anything that differs from that 100% active state (i.e. pending, expired, removed). Things like DOM (days on the market), are active to “absorbed” (absorbed in the report’s terms). Also this report provides both a 90-day average (trend) and 7-day average that may differ from what a single source provides.

This Week Stats

On June 23, I posted This Week Stats and it showed  Lake Oswego’s Median List Price was $985,000.  This week, the median list price dropped to $897,000.

Also, in that June 23 report, it showed that 36% of properties had a price reduction that week; whereas, this week it shows 37% of listings had reduced their price.

The report this week also shows that days on the market dropped – good for sellers. This week listings were on the market 91 days before they sold (closed) and my last report it took 97 days for a home to sell in Lake Oswego.

https://lakeoswegorealestateblog.wordpress.com/ https://lakeoswegorealestateblog.wordpress.com/ https://lakeoswegorealestateblog.wordpress.com/

How’s The Lake Oswego Real Estate Market?

In this report “How’s the market?” is measured by  the current rate of sale verses the amount of inventory. With 30 being the base, neither buyers market nor sellers market, when the index goes above 30 it implies a sellers market.  Below 30, conditions favor the buyer. It’s supply and demand using a variety of statistics including # of new listings and # of absorbed listings.

However, my June 23 post shows that the index was at 35.3 in June and this week it is 34.6 which means it is slowly trending downwards towards either a balanced market or if it continues to drop below the 30 market, it will be leaning towards a buyer’s market.

Lake Oswego Real Estate Market

I had also reported that as a result of conversations in many of my real estate Facebook groups, agents have been noting a slow down in the market.  I had also stated that I didn’t know if this was just a summer blip or the beginning of a downward trend.  Again, it is way too early to determine whether it is an ongoing trend of just a short-time slowdown.  As the summer continues, I will be watching that and reporting on it here.

Source: Altos Research and Ticor Title

Your Neighborhood – Your Street

If you want to know the value of your home, comparables and value are determined by what is sold in your neighborhood and more specifically, on your street.  Want that information, give me a call.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

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.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I 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 2008-2017. 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

Summa Pacific Cascade
4949 Meadows Rd. #100
Lake Oswego, Oregon 97035

Licensed in the State of Oregon

503-804-9685 Cell

or email:betty@bettyjung.com

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

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