Lake Oswego Real Estate RMLS Market Action Report March 2018
Hot Off The Press! The March 2018 RMLS™ Market Action Report was just published.
Lake Oswego Real Estate March 2018 RMLS™ Market Action Report
We are heading into another wild and crazy real estate market in the Portland and Lake Oswego real estate markets this Spring and most likely Summer as well.
Inventory is ping when it should be increasing. The Portland metro real estate market decreased from 1.9 months of inventory to 1.6 months in March 2018. We have way too few houses for sale to meet buyer demand!!! It will, however, be interesting to watch if rising interest rates put a damper on sales. I personally don't think they will - at not least in the immediate future.
Lake Oswego Real Estate Market
The Lake Oswego real estate market had inventory decrease as well. In January, Lake Oswego had 2.9 months, February had 3.2 months and now our latest stats show that March had 2.6 months of inventory in Lake Oswego.
There is still high buyer demand. We are still seeing multiple offers in most, not all, areas. Unless inventory increases significantly, which it most likely won't increase to the levels we need, this frenzy we have been seeing will only continue.
March Residential Highlights
New listings in the Portland metro area saw a slight gain compared to last year this March. At 3,648 for the month, new listings edged 1.2% over the 3,604 new listings offered last year in March 2017 and were 44.2% warmer than last month in February 2018 (2,530). This was the best March for new listings in the area since 2010, when 4,987 new listings were offered.
Closed sales (2,371) were 4.9% cooler than the 2,494 closings recorded in March 2017 but ended
Pending sales fared similarly, cooling 4.9% from March 2017 (3,043) despite a 23.8% increase over the 2,337 offers accepted last month in February 2018.
Inventory of Houses For Sale
Inventory in the Portland metro area decreased slightly to 1.6 months in March, with total market time decreasing to 55 days. There were 3,844 active residential listings in the metro area in March.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending March 31st of this year ($435,000) with the average price of homes in the twelve months ending March 2017 ($404,200) shows an increase of 7.6%.
In the same comparison, the median has increased 8.8% from $353,800 to $385,000.
Inventory Levels Past Several Years
To put some of this into perspective, here is how our Portland metro real estate markets' inventory levels were:
The last two years our real estate market was on steroids. I certainly envision the same this Spring and Summer. Frankly, I feel for the buyers who will be buying homes in our highly competitive real estate markets. It is still a sellers' real estate market. Many homeowners now have reached equity levels beyond what they saw prior to the recession and it may be a good time for more sellers to 'cash in'.
Thinking of Selling Your Lake Oswego Home?
Prices are increasing at a fast pace in Lake Oswego. Interest rates 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.
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