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March Roars in Lake Oswego/West Linn Home Market
The Lake Oswego/West Linn real estate market continues to move in an upward direction. The March report from the Regional Multiple Listing Service shows a 15.7% increase year to date over last year for pending sales.
By: Dan Crider, Broker, Premiere Property Group
Dan Crider, broker at Lake Oswego's Premiere Property Group, is encouraged by both the volume and the price increase. Crider states that "we have a long way to go, but I think we have seen the bottom of this market." Last month the Portland Metro home inventory level was at 6.5 months and March's level has dropped to 5.0 months. As a comparison, the inventory level at the end of March, 2011 was 7.1 months. Crider explains that the inventory in months is a comparison developed by "dividing the active listings at the end of the month by the number of closed sales for that month. This is also an indication that fewer homes are coming on to the market and that buyer's are taking them off the market at a faster rate. Multiple offers on a listing is more frequent now than a year ago."
Julie Fugate, principal at Premiere Property Group, has noticed a distinct increase in her office's closings.
Fugate said that " more closing checks were received today than normal which shows that our brokers are benefitting from a healthier market."
Real estate is a very localized market and can vary from neighborhood to neighborhood. The area report from the Regional Multiple Listing Service shows this variance clearly. The RMLS tracks 15 areas within the boundaries of Portland Metro's territory. Crider states that "one of our goals is to provide accurate and timely market detail to our clients and to help them understand how this could impact their buying or selling decision."
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