RMLS Market Action Report December 2020
If you thought our inventory (houses for sale) would be increasing, I am sorry to say it hasn't. In fact, our inventory level is at an all time, historic low.
Here in the Portland metro area we have had a sellers' market since April 2012 when we had 4.7 months of inventory. Inventory has consistently ped since then. Sellers have had a long run in their favor for almost 9 years now.
The last real estate market we had favoring buyers was February 2011, when we had 10.9 months of inventory. Compare that to today where we are at .08 months of inventory.
The trend will shift, but since I don't have that crystal ball, I can't tell you when it will. It, however, always depends on inventory. If you watch the monthly stats, and the inventory starts creeping up, you will see a shift. As long as inventory is low, things will remain the way they are now - multiple offers and price increases.
If you were a buyer in 2012, the average sale price was $276,900 and in 2020 the average sale price was $494,000. Had you purchased in 2012, you would have had a huge amount of equity in 2020.
You most likely have heard that quote "Don't wait to buy real estate. Buy real estate and wait." - Will Rogers.
December Residential Highlights
New Listing (1,740) increased 37.0% from the 1,270 listed in December 2019, and decreased 22.3% from the 2,238 listed in November 2020.
Pending sales (2,003) increased 13.0% from the 1,772 offers accepted in December 2019, and decreased 21.7% from the 2,557 offers accepted in November 2020.
Closed sales (2,789) increased 26.0% from the 2,213 closings in December 2019, and increased 1.6% from the 2,745 closings in November 2020.
Inventory & Market Time
Inventory decreased to 0.8 months in December, the lowest on RMLS™ record. Total market time decreased to 40 days.
Comparing the twelve months of 2020 to the same period in 2019, new listings (38,442) decreased 5.3%, pending sales (32,849) increased 7.9%, and closed sales (32,031) increased 7.8%.
Average & Median Sale Prices
Comparing 2020 to 2019 through December, the average sale price has increased 7.6% from $459,200 to $494,000. In the same comparison, the median sale price has increased
7.3% from $410,000 to $440,000.
Lake Oswego December 2020 Stats
The average sales price at the end of the year for the West Linn/Lake Oswego area was $845,700 and represents a 11.4% increase YTD. It took, on average 60 days on the market to sell a home. The inventory level for the West Linn/Lake Oswego area, once again, match the Portland market at 0.8 months of houses to sell.
We urgently need listings to come on the market. If between now and Spring, the inventory levels do not increase, many buyers will be out of luck finding a home to purchase.
THINKING OF SELLING YOUR LAKE OSWEGO HOME. Prices are still increasing in Lake Oswego. Interest rates are at historic lows. There is still buyer demand and we are still seeing multiple offers. 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
Check out my website where you can search for properties at www.bettyjung.com. 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.”
Copyright 2021. Betty Jung. Lake Oswego Life.
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