Portland Metro Area real estate market activity is picking up.
Of course, that follows some bad news.
Home showings dropped by 50% between the beginning of March and the first week of April. And pending sales in April of this year in Lake Oswego/West Linn were down 50% from the year before.
So, we have some climbing out to do, but the good news is that the climb has begun.
Showings in Oregon are up 85% from the low back at the end of March when sheltering in place was in full effect.
Here are some other numbers from the Portland Metro Area that show home sales are on the rise. (Comparisons are for the weeks April 5-May 2 and May 3 through May 30)
- Pending sales up to $499,000 were up 28%*
- Pending sales between $500,000 to $999,000 were up 45%
- Pending sales between $1M and $1.199M were up 120%
- Pending sales between $1.2M and $1.300M were up 189%
- Pending sales between 1.4M and $1.599M were up 57%
- Pending sales between $1.6M and $1.999M were up 67%
- Pending sales between $2M and $3M were up 100%
And, despite the drop in pending sales during the month of April, the average sales price in Lake Oswego has still managed to increase by 3.4% year-to-date.
New listings are also starting to creep up. Active sellers are one of the keys to a healthy market as they reflect confidence in pricing and value and contribute to a good housing supply.
What’s the takeaway from this?
When it comes to buying a home, Lake Oswego is still a good investment. It has shown value can continue to rise even in challenging times like we’ve just faced.
If you date back to 1997, home values have increased by 8.2% on average. The cumulative increase since then is a whopping 296.3% with the average home value in 1997 at $310,787, compared to today’s average value of $920,720.
And while a good financial investment is one factor that goes into your decision or where to buy a home, as I’ve tried to point out in this blog, it is not the only reason for moving to or living in Lake Oswego. Check out my archives for the 52 Reasons a year I find for living here.
Those aside, the other takeaway is that it always pays to work with a local Realtor who specializes in your area to understand the nuances of that particular market.
For example, I recently listed and sold a house for $1.65 million that Zillow had only estimated at $1.3M. To appreciate true value, you need to work with someone who has his or her foot on the ground and is well versed in good neighborhoods, amenities, and the “hidden” things that can affect a home’s value. I always advise clients considering waterfront property to consider sun exposure for one thing. Some neighborhoods might be better for young families with small children and others for empty nesters. Only a hyperlocal Realtor like myself can offer that kind of information that affects value pertinent to a particular buyer.
If you are considering putting your home on the market or thinking of moving to Lake Oswego, please give me a call at 503.939.9801, check out my website, and/or complete the contact form below. I’d be happy to put my 30+ years as a Realtor to work for you!