Welcome to the BettyJung.com Blog

2018-04-14 16:46:32
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 likelbettyung.comy 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

Closed sales (2,371) were 4.9% cooler than the 2,494 closings recorded in March 2017 but ended
31.3% warmer than the 1,806 closings recorded last month in February 2018.

Pending Sales

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 Pricesbettyjung.com

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:

  • 2016 - we had 1.3 months of inventory in March
  • 2015 - we had 1.9 months of inventory in March
  • 2014 - we had 3.1 months of inventory in March
  • 2013 - we had 3.2 months of inventory in March

Summary

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.

 
 
Blog Archive
2019-04-20 16:52:58
Seniors And Boomers How To Cut Your Utility Bills

2019-04-18 17:13:25
Seniors, Boomers And Small Houses Blog

2019-04-16 18:27:12
Lake Oswego Real Estate This Week Stats Lake Oswego Zip Code 97035

2019-04-12 19:05:54
Lake Oswego Real Estate RMLS Market Action Report March 2019

2019-04-09 00:15:27
Lake Oswego Real Estate Refinancing Woes When Selling

2019-03-27 15:17:41
Lake Oswego Real Estate Time To Vote For Gallery Without Walls

2019-03-15 17:00:52
Lake Oswego Real Estate RMLS Market Action Report February 2019

2019-02-27 16:18:59
Oregon Rent Control Becomes Law

2019-02-27 14:03:08
Coffee Meet Up February 27, 2019

2019-02-18 17:55:36
Lake Oswego Real Estate RMLS Market Action Report January 2019

2019-02-13 18:20:35
Lake Oswego Real Estate Westridge Elementary School Sold Stats 2018 vs 2017

2019-02-03 20:31:12
Lake Oswego Real Estate Hallinan Elementary School Sold Stats 2018 vs 2017

2019-02-01 17:43:53
FIRPTA Law In Oregon

2019-01-26 17:00:03
Lake Oswego Real Estate Forest Hills Elementary School Sold Stats 2018 vs 2017

2019-01-26 16:59:55
Lake Oswego Real Estate Oak Creek Elementary School Sold Stats 2018 vs 2017

2019-01-17 23:11:32
Portland Metro Price Appreciation By Area 2018

2019-01-14 20:48:14
Lake Oswego Real Estate RMLS Market Action Report December 2018

2019-01-12 17:39:17
Lake Oswego Real Estate Market Sold Stats

2018-12-16 18:56:12
Lake Oswego Real Estate RMLS Market Action Report November 2018

2018-12-01 19:27:39
Lake Oswego Real Estate The Giving Season

2018-11-24 00:13:47
Lake Oswego Real Estate This Week Stats Zip Code 97035

2018-11-18 21:27:11
Lake Oswego Real Estate Hot Sheet

2018-11-16 23:14:22
LAKE Oswego Real Estate Coffee Meet Ups Returning

2018-11-15 19:00:21
Lake Oswego Real Estate RMLS Market Action Report October 2018

2018-11-13 21:50:00
Lake Oswego Real Estate New Condo Listing

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.