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

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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