Typically the holiday season is a slow one in the housing market and this one has been no exception. However, as you can see by the chart below which highlights key market indicators for Lake Oswego, the slowdown has been exacerbated by the higher interest rates (the 30-year fixed was @3.3% in November of last year compared to 6.3%) and reduced inventory. Many sellers, some distracted by the holidays, are choosing to sit things out for a variety of reasons like not having someplace else to go and/or not wanting to trade their low-interest rate for a higher one.
In this next chart you can see that market conditions can vary by price point and houses selling under $1.6 million are still in a seller’s market, meaning there are less than six months of inventory; whereas homes in the $2.1 to $2.6 million and $3.4 to $4.3 million reflect a buyer’s market and homes in the $1.6 to $2.1 million price range and over $4.3 million have between 6-7 months inventory which is considered a balanced market. Even though you may be hearing through the rumor mill that homes aren’t selling, 41% of the homes that sold in Lake Oswego in November sold for over the original asking price.
The takeaway from all this is that the Lake Oswego housing market is not one-size-fits-all. What your neighbor or friend may be experiencing is not necessarily what you would experience. Given that this is a typically slow time, it’s also the perfect time to find out what your home is worth in today’s market conditions. Wouldn’t you like to know, even if you’re not planning on moving?
I am more than happy to meet with you and prepare a market report for your particular home that takes into consideration its location, age, condition, size, amenities and current market conditions. I’ve been living and selling real estate in Lake Oswego for over 30 years and have ridden the waves. I can provide a perspective that’s based on hard data and seasoned experience. Once the holiday tempo has slowed, give me a call at 503.939.9801 and/or email me at email@example.com. Start your new year with the peace of mind that comes with knowing what your home is worth. And if you’re looking to move here, I can discuss that strategy as well.
In the meantime, have a wonderful holiday!