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Does anyone else feel like the year is almost over and it is passing by so quickly?  Here we are with yet another Market Action Report!  Some people tend to think our real estate market slows down in the 4th quarter.  While of course it is not as busy as the Spring or Summer months, it is nonetheless a busy time for me personally.  There are buyers and sellers still out there.

As noted in my last post, my latest listing received 2-3 showings daily and had 8-10 buyers through every weekend during the open houses.  And, the house was held open every weekend and both Saturdays and Sundays. The buyers are itching to buy but we have such low inventory of homes to sell.

Also, I wrote an offer a couple of days ago on a new listing that received 11 offers!  Yes, in this, what everyone is calling a slow down, 11 offers.  It sold for almost $60,000 over asking price.  Our offer came in third and we are now in a 2nd back up offer position.  Buyers are looking, they want to buy.  This is an absolutely terrific time to be selling.  Do not listen to the national naysayers.  We are still in a sellers’ real estate market in our Portland metro areas.  If you are waiting to purchase because you think prices will be dropping drastically, think again. Buyers will be waiting for a long time before prices drop.

RMLS™ Market Action Report October 2019

October Residential Highlights

Pending and closed sales saw gains this month in the Portland metro area, compared with October
2018.

Pending sales (2,575) rose 3.7% over the 2,484 offers accepted in October 2018, falling 4.1% short of
the 2,686 offers accepted last month in September 2019.

Closed sales (2,588) rose 6.1% from the 2,440 closings recorded last year in October 2018 and increased
8.9% compared with the 2,377 closings recorded last month in September 2019.

New listings, at 3,064, decreased 1.2% from October 2018 (3,100) and 11.7% from September 2019 (3,470).

Inventory decreased slightly to 2.4 months this October, while total market time rose by two days to land at 54 days.

Year to Date Summary

Activity is a bit cooler so far in 2019 compared with 2018. Pending sales (26,599) are up 0.4%, new listings (37,091) are down 1.4%, and closed sales (25,085) are down 1.8%.

Average and Median Sale Prices

Comparing 2019 to 2018 through October, the average sale price has increased 1.2% from $453,600 to
$459,000. In the same comparison, the median sale price has increased 2.5% from $400,000 to $410,000.

Lake Oswego Real Estate Market Update

Here is what I am seeing in our Lake Oswego real estate market:  Prices at the upper end, luxury homes, are reducing their prices.  Condos in the Lake Oswego school system are selling quickly.  The under $500,000 Lake Oswego real estate market is almost non-existent and when listings under that price range hit the market, be prepared for multiple offers.

Inventory in Lake Oswego is higher than what we are seeing on average for the Portland metro areas.  Lake Oswego currently has 3.3 months of available houses to sell.  However, it is still a sellers’ real estate market in Lake Oswego as well.

The average market time for a home to sell in the Portland metro area for October was 54 days, for Lake Oswego, average market time slowed and took 92 days for a home to sell.

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.  Check out my website where you can search. My website provides 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.

I know I say it all the time, but it is amazing just how quickly time passes.  I meant to post the latest RMLS™ Market Action report as soon as it was published, and of course, never got around to it.  My goal in 2020, is to be more “present” and post more regularly.

RMLS™ Market Action Report September 2019

Before mid-November, when the October stats are published, I thought I had better post the latest stats we have right now.

Market Update For September 2019

September Residential Highlights

Pending and Closed Sales

Pending and closed sales saw gains this month in the Portland metro area, compared with September 2018.

Pending sales (2,686) rose 8.7% over the 2,471 offers accepted in September 2018, falling 8.3% short of the 2,929 offers accepted last month in August 2019.

Closed sales (2,377) fared similarly, rising 4.6% from the 2,272 closings recorded last year in September 2018 but showing cooling of 18.1% compared with the 2,901 closings recorded last month in August 2019 .

New listings, at 3,470, decreased 3.8% from September 2018 (3,606) and 7.6% from August 2019 (3,757).

Inventory increased slightly to 2.8 months this September, while total market time rose by four days to land at 52 days.

Year to Date Summary

Activity is a bit cooler so far in 2019 compared with 2018. Pending sales (24,126) are down 0.1%, new listings (33,981) are down 1.3%, and closed sales (22,398) are down 2.5%.

Average and Median Sale Prices

Comparing 2019 to 2018 through September, the average sale price has increased 1.1% from $453,800 to $458,900. In the same comparison, the median sale price has increased 2.5% from $400,000 to $410,000.

Market Activity Snapshot

Sellers are having a difficult time adjusting to our “new” reality that houses are taking longer to sell.  They are voicing their concerns, think the market is somewhat strange and are getting very impatient.  Real estate ALWAYS has its ups and downs.  No matter what, every year is different.  The reality is houses are taking longer to sell.  No longer are houses selling before the ink dries on a listing agreement. I remind myself constantly, that during the 1986 recession, it took me 3 years to sell a listing of mine – but it did sell!

Inventory is increasing but it is still a sellers’ real estate market no matter what you are hearing on TV or in the news.  Watch this space….once inventory gets to 6 months or at 7 months, then the market will switch to a buyers’ market.  However, prices are still increasing, albeit at a slower appreciation rate, and we are still a very long way until we have reached even a balanced market.  Whatever happens in Illinois, Texas, etc. is not happening here.  Everything, especially in real estate, is local.  While there are still multiple offer situations, they are slowly becoming few and far between.

Stay tuned here, in January, I will post appreciation rates, stats and inventory levels for 2019.

Lake Oswego Market Activity

There are definitely still buyers out in the market.  My most recent Lake Oswego listing had 2-3 buyers a day looking, and a minimum of 8-10 buyers through every open house every weekend before it went pending.  However, sale prices are not holding or are as high as they have been.  If you are thinking of selling your home, now might be the best time.  Serious buyers are looking and since I have no crystal ball, I have no real idea of what will happen in our marketplace next year.

Lake Oswego had only a 0.8% price increase YTD.  However, there are some markets in the Portland metro real estate areas that have had negative values.  As noted above, I will be posting many stats in the upcoming months.

There is a 3.3 month supply currently of homes for sale in the Lake Oswego/West Linn markets as the latest September stats indicate. Again, it is still a sellers’ real estate market.  If you are buyer holding out to purchase, it might be a while, if ever, until it will lean towards a buyers’ Lake Oswego real estate market.

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.  Check out my website where you can search. My website provides 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.

Here are some local Halloween events you might be interested in:

Halloween Events In Lake Oswego

Throughout October

Luscher Farm Scarecrows – Lake Oswego Garden Club have Scarecrows on display.

October 24 – 1 p.m.

Paint a pumpkin at the Lake Oswego Library. Bring a pumpkin if you can, but there will be plenty to share.  All ages welcome and this event is free.

October 25 – 5-7 p.m.

Pumpkin Carving Contest and Scary Night Movie Night at Christ Church Parish. 1060 Chandler Road, Free and to those in grades 9-12.

October 31 – 3-6 p.m.

Join the City of Lake Oswego Parks & Recreation department for an afternoon of frightful fun. Dress up in your favorite spooktacular Halloween costume and enjoy this family friendly event. Stroll down the indoor trick-or-treat streets and collect sweets, toys and trinkets This cobweb filled celebration includes ghoulish games, activities and creep crafts too! Children delight in special appearances from the Fire Engine and Police Department! Monster Mash is a free event, ages 0-12 welcome. 

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.  Check out my website where you can search. My website provides 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.

 

5 Reasons To Sell Your Home In The Fall

Below are 5 compelling reasons listing your home for sale this fall makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers. Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move. Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell. 3. The Process Will Be Quicker Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days. 4. There Will Never Be a Better Time to Move Up If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market. According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait. 5. It’s Time to Move on with Your Life Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. That is what is truly important.

On this first day of Fall, are you considering making a move?

Below are 5 compelling reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of REALTORS® (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing is at 2.3 months in Portland, which is well under the 6 months that is needed for a normal market. This means in our Portland real estate market, there are not enough homes for sale to satisfy the number of buyers.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market.

According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Source: Simplifying The Market – Keeping Current

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.  Check out my website where you can search. My website provides 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.

Yesterday I read there are 66 days until Thanksgiving and 99 days until Christmas.

Yikes! Are you wanting to do some remodeling or changes to your home before then?  Did you know that small changes to your home can make a BIG difference?bettyjung.com

Several years ago, I did just that.  Instead of remodeling everything, I made small changes to my house.  Some of those changes were replacing faucets, light fixtures, etc.  I hope to make even more changes in the coming year.

Street of Dreams PDX

This year I went to the Street of Dreams.  I say that because I don’t normally go to the show every year.  My clients look at me puzzled questioning why I don’t always go.  I see houses every day, and if I wanted to see a house that is/was on a Street, I have access to those. However, this year one of my clients really loved a particular house so I felt I owed it to them to take a look.

As real estate agents we have a “free” day when we can all go take a look. I missed that day and decided to go with a friend on another day. Typically it is very hot when the show runs, this year it wasn’t.  We also went during the dinner hour mid-week, and it was not crowded, to my delight.

However, I too needed and wanted some decorating inspiration and wanted to see what the new trends were.  There was lots of decorating I liked and a whole lot more I didn’t.  But I did see some trends and since I want to remodel my kitchen this year, I wanted to get ideas.

SMALL CHANGES

One of the many things I noticed at the show were all the contemporary light fixtures.

Copyright bettyjung.com Copyright bettyjung.com Copyright bettyjung.com Copyright bettyjung.com Copyright bettyjung.com

Just changing out your old light fixtures can make a big impact and will not cost as much as you might think.

Home Decorating

Need some help or heavy lifting to complete your decorating goals?  Call on me, I can recommend licensed and bonded contractors, decorators, etc. that can help you. Let me know if you need that information. Just yesterday I recommended one of my preferred contractors to a client.

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.

It is getting close to that time of year when property tax statements will be sent to homeowners.  Oregon has a confusing tax schedule and I was recently asked about our property taxes and pro-rates, something you should know if you will be selling your home soon.

Real Property Taxes

Property taxes in Oregon are based on a fiscal year of July 1st through June 30th. Real property taxes are a lien as of July 1st, but are not payable until the County has certified its tax rolls.  Taxes are usually certified in October.

Taxes are considered current if paid in increments of 1/3 as follows:

  • DUE AND PAYABLE ON NOVEMBER 15: for the months of July, August, September and October
  • DUE AND PAYABLE ON FEBRUARY 15: for the months of November, December, January, and February
  • DUE AND PAYABLE ON MAY 15: for the months of March, April, May and June

The Title Company/Escrow will handle the pro rates as to what is owed back to the seller and what a buyer will owe in real property taxes.

PRORATES

Proration is a method of making an equitable adjustment between two or more parties on any items, such as property taxes, which have been prepaid by one of the parties.

If a seller pays his taxes in full on November 15 and sells his property on March 1st, the seller is entitled to a reimbursement from March 1st through June 30th, the last day of the fiscal year.

If however, prorating between July 1st and the date taxes are certified, the only figure available is the prior year’s taxes.

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.

It has been awhile since I have shared what the price appreciation has been in each of the Portland metro real estate markets.  Since our latest stats were just published, I felt now would be a good time, especially since not all areas saw appreciation.

Price Appreciation by Portland Metro Real Estate Markets

  • North Portland = 1.2%
  • NE Portland = 1.8%
  • SE Portland = 1.7%
  • Gresham/Troutdale = 5.1%
  • Milwaukie/Clackamas = 3.4%
  • Oregon City/Canby = 4.0%
  • Lake Oswego/West Linn = -0.7%
  • W Portland = -0.7%
  • NW Washington County = -2.5%
  • Beaverton/Aloha = 5.7%
  • Tigard/Wilsonville = 2.2%
  • Hillsboro/Forest Grove = 4.1%
  • Mt. Hood = -4.1%
  • Columbia County = 4.2%
  • Yamhill County = 5.7%

How To Use This Information?

If you are a buyer for any of these areas, and are considering a “super low” offer, just know a seller, who is experiencing good appreciation in their area, may not accept your offer based on the current market conditions.

If you are currently a seller and thinking of putting your home on the market, this information will assist in properly pricing your home.  Likewise, if you currently have your house on the market for sale, keep in mind what direction the prices in your neighborhood are heading.

SELLERS’ MARKET

We are STILL in a sellers’ real estate market and have a long way to go before we even reach a normal market.  With 2.3 months of inventory currently for sale, we are far from the 5-6 months of inventory considered to be a “normal” real estate market, let alone a buyers’ real estate market.  Our lack of inventory is pushing prices higher.

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.

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.

Lake Oswego Real Estate RMLS Market Action Report July 2019

These summer months are just flying bye.  I went to Cannon Beach yesterday and the downtown area was just packed.  Every pub, restaurant and cafe had waiting lines.  The beach itself had more sunbathers than I have ever seen. The weather was absolutely gorgeous. I think our buyers in our Portland metro real estate market are still on vacation and enjoying the last days of Summer.

July Residential Highlights

Closed sales had the strongest numbers this July in the Portland metro area. At 2,994, closing outpaced July 2018 (2,736) by 7.6% and June 2019 (2,756) by 6.8%. This was the strongest July for closings
in the area since 2015, when 3,452 closings were recorded. Buyers seem to be purchasing what little inventory we have had in July.  The number of houses for sale is decreasing as we head into Fall.  Not a good outlook for buyers who want to purchase while rates are low.

Pending Sales

Pending sales, at 2,998, fell 2.4% short of July 2018 (3,071) and 2.8%short of June 2019 (3,083). Similarly, new listings (3,966)ended 8.0% under the 4,312 offered last year in July 2018 and 7.4% under the 4,281 offered last month in June 2019.

Houses For Sale – Inventorybettyjung.com

We have such low inventory and need houses to sell.  Everything that was written about boomers selling their large homes has not come true. Aging in place is becoming the norm and they are not downsizing in the large numbers predicted. In addition, we need more new construction. I have so many buyers looking to purchase and the kind of houses they are looking for just is not out there.  I look 24/7 pretty much as soon as something comes up on our Hot Sheet for sale.  We have had no luck. Heading into Fall I worry there will be even fewer houses for sale.

Inventory decreased slightly in July to end at 2.3 months. During the same period, total market time
rose by one day to 43 days. There were 6,797 active residential listings in the Portland metro area this July.

Year to Date Summary

Activity is mixed so far in 2019 compared with 2018. New listings (26,629) are up 0.7%, while pending sales (18,778) are down 2.3% and closed sales (16,903) are down 3.1%.

Average and Median Sale Prices

There is still appreciation but that level of appreciation has slowed from previous years. Comparing 2019 to 2018 through July, the average sale price has increased 1.0% from $453,600 to $458,300. In the same comparison, the median sale price has increased 2.0% from $400,000 to $408,000.

Buyers – I have Buyers!!! 

I am serious when I say I have buyers looking for different properties in different parts of the Portland metro areas.  Several urgent buyers I have are looking in Tigard, West Linn, Lake Oswego x2, and Beaverton.  Let me know if you are interested in selling and I will try to match your home with my clients who are now looking.

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.

In 1978, when I first started selling real estate in the Portland metro real estate market, my first sale was $14,000 for a house and I sold a $3,000 vacant lot.  I remember that the word $1M was never even in our vocabulary.  It was unheard of that there was a property listed for sale at $1M.  However, sometime later, and I think in the mid 1980s, a colleague of mine sold a $1M property at the coast – it was a golf course.  We had a big party to celebrate her success.  I still remember which golf course and when I drive by it I think of her. After that it took a VERY long time to see another $1M property for sale. For anyone who does not believe that real estate is a good investment, remember this!

Lake Oswego Luxury Housing Market

Recently, I have watching all the properties for sale in the luxury home market in Lake Oswego.  We have a 24/7 “hot sheet” in our RMLS™ as properties get listed/pending/sold they show up immediately on that search.  There continuously seem to be homes coming on the market for $1M++ in Lake Oswego.  I decided to do a search to see exactly how many are currently for sale, how many are pending and how many have sold in 2018 vs. 2019 YTD.

2018 Luxury Homes Sold In Lake Oswego $1M+

bettyjung.com

There were 118 houses sold from January 1, 2018 to August 9, 2018.

Houses sold for 96.42% of the original list price and took an average 101 days on the market to sell. The average sold price in 2018 YTD was $1,509.342.

2019 Luxury Homes Sold In Lake Oswego $1M+

bettyjung.comThere have been 108 sold so far this year from January 1, 2019 to August 9, 2019 YTD.

Houses sold for 94.212% of the original list price and took an average 154 days on the market to sell. The average sold price in 2019 YTD is $1,407,500.

Luxury Home Market Lake Oswego

There has been a softening in prices and a slow-down in this segment of the Lake Oswego real estate market.  It is still a sellers’ market even in this price range with only 1.3 months’ inventory.  However, houses $1M+ are taking slightly longer to sell, and selling for less than asking price compared to 2018.  I will keep watch on this and will try to remember to do an end-of-year post on these stats.

Frankly I am not surprised.  There currently is The highest price for a home in Lake Oswego is currently $6,888,000. I remember when there were houses listed for even higher than the current max on the market today.

Want a home in the $1M+ price range.  You can view the active listings here.

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.

 

 

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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