Lake Oswego Housing Market Update

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 kevin.costello@cascadehassonsir.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!

About lovelakeoswego

I feel pretty lucky—I live where I work and I love where I live. As a Realtor in Lake Oswego, I get to share that enthusiasm with clients every day. Through this blog, with the help of my freelance writer wife, Genita, I’d like to share that enthusiasm with you. The quality of life you’ll find in Lake Oswego belies its size—there is so much to experience here from a fireworks show over the lake on the 4th of July to the Festival of the Arts--one of the premier arts events in the region. So please check in each week for another reason why I love Lake Oswego and who knows—maybe you’ll fall in love too! If you’re interested in experiencing Lake Oswego personally, please feel free to contact me either on my cell at (503) 939-9801, via email at kevin.costello@cascadehassonsir.com or check my website by clicking the link in the "Contact me" section in the right-hand column. I would love to show you around.
This entry was posted in buying a home in Lake Oswego Oregon, Lake Oswego housing market and tagged , , , , . Bookmark the permalink.

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