With temperatures in the triple digits recently, Lake Oswego has certainly been heating up. And as I’ve pointed out here before, so has the housing market.
As of July, 2021, the average sales price in Lake Oswego for detached dwellings is up 23% in comparison to the 2020 average sales price—$1,213,316 vs. $963,217 respectively.*
The same holds true for condos and attached dwellings where the average sales price in Lake Oswego is up 20.3% at $442,661.
Other indicators that show the market is still a robust one include:
•Months of inventory: 1 month compared to 3.2. in 2020, 4.5 in 2019. This refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales conditions. MOI for condos is also 1 month.
•Days on the Market: 14 compared to 38 in 2020, 49 in 2019. This refers to the number of days from the date a property is listed in the multiple-listing service to the date when a contract is signed on the property by the buyer and seller. DOM for condos is 15 days.
That is the story the numbers tell you. Let me add to that with the perspective I have being on the ground as a Lake Oswego Realtor.
The market is still hot; however, I do see things flattening out a bit as the market tries to catch its breath. Here are the things I’m seeing that suggest that:
•Occasional price drops on homes
•Sales taking a little bit longer
•Fewer buyers per listing are writing offers
•People are sitting on the sidelines waiting
•There is more wriggle room for negotiation when it comes to closing the deal
If you’d like to sit down and talk about how the Lake Oswego housing market affects you either as a buyer or seller, I’d love to take the time to meet with you and do just that. Feel free to call me at 503.939.9801, email me at firstname.lastname@example.org and/or check out my website.
*These figures come from data provided by the RMLS.