Lake Oswego Real Estate RMLS Market Action Report September 2019
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. 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
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