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2019-11-13 17:52:31
Lake Oswego Real Estate RMLS Market Action Report October 2019

Does anyone else feel like the year is almost over and it is passing by so quickly?  Here we are with yet another Market Action Report!  Some people tend to think our real estate market slows down in the 4th quarter.  While of course it is not as busy as the Spring or Summer months, it is nonetheless a busy time for me personally.  There are buyers and sellers still out there.

As noted in my last post, my latest listing received 2-3 showings daily and had 8-10 buyers through every weekend during the open houses.  And, the house was held open every weekend and both Saturdays and Sundays. The buyers are itching to buy but we have such low inventory of homes to sell.

Also, I wrote an offer a couple of days ago on a new listing that received 11 offers!  Yes, in this, what everyone is calling a slow down, 11 offers.  It sold for almost $60,000 over asking price.  Our offer came in third and we are now in a 2nd back up offer position.  Buyers are looking, they want to buy.  This is an absolutely terrific time to be selling.  Do not listen to the national naysayers.  We are still in a sellers' real estate market in our Portland metro areas.  If you are waiting to purchase because you think prices will be ping drastically, think again. Buyers will be waiting for a long time before prices .

RMLS™ Market Action Report October 2019

October Residential Highlights

Pending and closed sales saw gains this month in the Portland metro area, compared with October
2018.

Pending sales (2,575) rose 3.7% over the 2,484 offers accepted in October 2018, falling 4.1% short of
the 2,686 offers accepted last month in September 2019.

Closed sales (2,588) rose 6.1% from the 2,440 closings recorded last year in October 2018 and increased
8.9% compared with the 2,377 closings recorded last month in September 2019.

New listings, at 3,064, decreased 1.2% from October 2018 (3,100) and 11.7% from September 2019 (3,470).

Inventory decreased slightly to 2.4 months this October, while total market time rose by two days to land at 54 days.

Year to Date Summary

Activity is a bit cooler so far in 2019 compared with 2018. Pending sales (26,599) are up 0.4%, new listings (37,091) are down 1.4%, and closed sales (25,085) are down 1.8%.

Average and Median Sale Prices

Comparing 2019 to 2018 through October, the average sale price has increased 1.2% from $453,600 to
$459,000. In the same comparison, the median sale price has increased 2.5% from $400,000 to $410,000.

Lake Oswego Real Estate Market Update

Here is what I am seeing in our Lake Oswego real estate market:  Prices at the upper end, luxury homes, are reducing their prices.  Condos in the Lake Oswego school system are selling quickly.  The under $500,000 Lake Oswego real estate market is almost non-existent and when listings under that price range hit the market, be prepared for multiple offers.

Inventory in Lake Oswego is higher than what we are seeing on average for the Portland metro areas.  Lake Oswego currently has 3.3 months of available houses to sell.  However, it is still a sellers' real estate market in Lake Oswego as well.

The average market time for a home to sell in the Portland metro area for October was 54 days, for Lake Oswego, average market time slowed and took 92 days for a home to sell.

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 copyright laws.

 
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