2018 should continue trend of strong Lake Oswego home sales
With another year of strong growth behind us, what's in store for the real estate market in 2018?
It's common in December to see the real estate market slow as sellers take their homes off the market for the holiday season. January typically isn't the month when we see a lot of new inventory, but we tend to begin to hear the rumblings from the market as it starts to get ready for the spring "selling season."
The market remained strong throughout 2017 despite some predictions of a slump. Looking at the upcoming season, the housing market remains robust.
The high growth phase of expansion is beginning to level off, and the rate of rising home prices in Oregon has slowed in recent months. However, Oregon continues to grow at a rate faster than the national economy.
Housing demand in the metro area is up 24% with economic growth driving population growth. As long as demand keeps growing, housing prices will continue to go up. Oregon home prices will continue to rise by about 7% over the next year, according to the Federal Housing Finance Agency house price index.
Locally, Lake Oswego continues to be a top destination for buyers looking for strong schools, civic leadership and continued urban growth. We are looking forward to what this year has to offer, and excited to sell what we love most - our own backyard!
201 B Avenue, Suite 101
Downtown Lake Oswego