Lake Oswego Real Estate RMLS Market Action Report June 2019
Here are the latest stats we have - June 2019, from our RMLS™:
June Residential Highlights
Pending sales saw the sole gain this June in the Portland metro area.At 3,083, pending sales rose 0.8% compared with June 2018 (3,059) despite decreasing 6.3% from last month in May 2019 (3,292).
New listings, at 4,281, fell 5.2% short of the 4,515 new listings offered last year in June 2018 and
Closed sales performed similarly, ending 6.4% under the 2,946 closings recorded in June 2018 and 7.2% below the 2,969 closings from May
Inventory rose slightly to 2.4 months in June. Total market time decreased to 42 days in the same period. There were 6,735 active residential listings in the Portland metro area this June.
Year to Date Summary
Activity is mixed so far in 2019 compared with 2018. New listings (22,599) are up 2.4%, while pending sales (15,956) are down 2.1% and closed sales (13,842) are down 4.8%.
Average and Median Sale Prices% of Price Change 2017 vs. 2018
Comparing 2019 to 2018 through June, the average sale price has increased 0.7% from $453,400 to $456,700. In the same comparison, the median sale price has increased 1.8% from $400,000 to $407,000.
% of Price Change 2018 vs. 2019
Change & Yearly Comparisons
You can see by these two images that the % of price appreciation in 2018 increased by 7.1%. There has been a lot of talk about a slow-down and again, see the % of price change in 2019 and it was only 2.6% for an average sale price.
While prices continued to increase, due to low inventory, there has been a slow down in appreciation. Yet, some prices (mostly under $600,000, and houses in certain neighborhoods) we are still seeing multiple offers. Those multiple offers that had been for only the eastside and close-in areas, still exist on the westside as well.
We are still facing low inventory levels throughout the Portland metro area. However, we are close to what the inventory level was in 2018. In other words, houses for sale have not increased significantly and because of that, prices will continue to rise.
Everything Is Local
The national news media would have you believe the real estate market is shifting towards buyers. Here in our Portland metro real estate market, we are NOT seeing that. Everything is local! Before you make an offer, make sure you know what the area and neighborhood sales have been. A balanced market is 5-6 months or under 7 months of inventory. At 2.4 months' current inventory, we are not even close to a balanced market, let alone a buyer's market.
I have had several buyers lately thinking they could make low-ball offers to obtain the house of their dreams. Guess what - that's not going to work in our current market. If you want that house, or property, you need to 'step up to the plate' and offer at least full price or above. Otherwise, I will guarantee, you will lose out!
Lake Oswego Inventory of Houses For Sale
Currently, the Lake Oswgeo/West Linn area has 2.8 months' inventory. Still low but higher than the over-all Portland metro area. I have several clients looking in the Lake Oswego and West Linn areas and cannot find them what they are looking for. Want to sell? I have buyers.
Rates are super low and there are rumors of a cut in the interest rate soon. Don't put off buying any longer and stop paying your landlord's mortgage payment!
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.
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