What do last month’s numbers regarding sales trends in the Lake Oswego housing market tell us?
They reinforce what we’ve been hearing—that the number of homes being sold is down compared to last year with 40 homes sold in Lake Oswego this April compared to 66 in April of 2022. Year-to-date sales are also down by 42% with 118 sold so far in 2023 as opposed to 204 during the same time in 2022. Sales volume is down too by 21% with $59,436,700 worth of real estate being sold in April of this year compared to $75,087,190 a year ago.
But when you look at the comparisons to the month before, you see the opposite trend. Twenty-five percent more homes were sold in Lake Oswego in April than in March, and the sales volume was 62% higher.
AND the median sales price has gone up 25% this year from $959,628 in April of 2022 compared to $1,201,750 in April of 2023. The increase is even greater when you look back just one month to March with an increase of 40% over the median sale price of $858,568.
So, despite the lower inventory and higher interest rates, it appears that the spring homebuying season is beginning to bloom in Lake Oswego and the greater Portland metro area. Tighter inventory is keeping houses appreciating and the sale-to-list price ratio is still high at 98%.
Something we are seeing that we haven’t seen in a while which is good news for buyers is a buyer’s market in the $1.5M to $2M price range and a balanced market in the $2.5M to $3M and $3.5M to $4M price range. That determination is made based on months of inventory, which refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
On the ground, we are seeing activity pick up. Just in the last week, we’ve had two California buyers reach out considering a move to Lake Oswego, in addition to local residents looking to move for a variety of reasons. And we are not alone in that as we see that happening with our colleagues as well.
So, no matter what side of the buy/sell decision you may be on, Lake Oswego continues to be a smart move. Prices are holding and so is demand. But making that decision to go or stay is a very personal one, based on your unique circumstances. If we can help in that decision-making process by providing you with the information you need regarding the market value of your current home, homebuying options in Lake Oswego, lenders to talk to, home remodelers to meet with, please reach out. My daughter, Riley, and I take pride in providing the best level of service designed to do what’s best for our clients. Feel free to give us a call at 503.939.9801, email at email@example.com or firstname.lastname@example.org and or check out our website. We’d love to make your next move your best one.