Happy Thanksgiving!

Linda and I want to wish you and yours a very Happy Thanksgiving. Even in these challenging times we have so much to be thankful for. We live in a great country that provides us with opportunities. We live in a great community that appreciates diversity and values all lives. We enjoy our family and friends, and even though we can not be close to them this year, we hold them close in our hearts.

Thanksgiving message with pumpkins on a blue background

Linda and I are giving thanks for you, our readers. We appreciate that you take the time to read the blotter and that you are as eager to learn about real estate as Linda and I are eager to share.

There will not be a market activity report this week. Next week’s report will combine two weeks: last week and this.

Enjoy the holiday!

Market Activity ~ Nov 9-15, 2020

Last week in Lake Oswego we saw 7 New properties hit the market, 21 move to Pending status, and 29 transactions Close. Here is the breakdown according to RMLS:

NEW 11/9-15, 2020 :

AddressList Price# Beds# BathsTotal SFProp Type
3812 BOTTICELLI ST$319,995321194CONDO
17297 BRYANT RD$575,000321428DETACHD
5071 TUALATA LN$595,900331540DETACHD
2349 OAKHURST LN$935,00042.13548DETACHD
17596 GREEN BLUFF DR$959,90042.13039DETACHD
3250 WESTVIEW CT$1,200,00063.13928DETACHD
5055 LAKEVIEW BLVD$1,298,00043.13607DETACHD

PENDING 11/9-15, 2020 :

AddressList Price# Beds# BathsTotal SFProp TypeCDOM
3433 MCNARY PKWY  #804$260,00022.11136CONDO103
20 CERVANTES CIR$275,00021.1912CONDO30
31 GREENRIDGE CT$425,00032.12012ATTACHD95
1402 PARRISH ST$449,00032.11863CONDO83
6270 Shakespeare ST$495,000311009DETACHD3
769 4TH ST$499,000412000DETACHD4
13 WALKING WOODS DR$515,000322130DETACHD4
14402 SHERBROOK PL$530,00032.11976DETACHD43
4362 GALEWOOD ST$558,00032.11684DETACHD25
14 INDEPENDENCE AVE$684,900533296DETACHD191
1227 ASH ST$700,000322151DETACHD4
20 Nansen Summit$749,90043.13768DETACHD2
19 WESTRIDGE DR$749,90042.13711DETACHD19
5722 SOUTHWOOD DR$765,00042.12919DETACHD3
6435 MCDUFF CT$899,90053.13424DETACHD65
17215 LOWENBERG TER$935,00042.12934DETACHD89
14144 GOODALL RD$950,000533701DETACHD157
2900 UPPER DR$995,000322272DETACHD66
6 ESSEX CT$998,000444338DETACHD4
3125 ALBER SPRING CT$1,098,00033.14308DETACHD195
18375 RIVER EDGE LN$1,185,00042.13512DETACHD51

SOLD 11/9-15, 2020:

AddressOpening PriceClosed Price# Beds# BathsTotal SFProp TypeCDOM
92 CERVANTES CIR$205,000$205,00021.1912CONDO36
4 TOUCHSTONE  #70$279,950$209,75032.11351CONDO136
320 CERVANTES CIR, #12B$209,900$209,90021832CONDO3
15938 QUARRY RD,  B4$225,000$235,00021996CONDO2
5225 JEAN RD  #505$255,000$265,000221100CONDO2
45 EAGLE CREST DR  #401$285,000$272,000321348CONDO40
15486 Brianne CT$375,000$355,00022.11246ATTACHD8
4401 THUNDER VISTA LANE LN$395,000$365,00022.11980CONDO89
4347 SILVER CT$445,000$429,00032.11844CONDO44
12 SAINT HELENS CIR$525,000$525,000321780DETACHD29
19167 LONGFELLOW AVE$525,000$544,000321782DETACHD6
4862 INDIAN CREEK CT$534,900$555,000321390DETACHD4
3595 TEMPEST DR$615,000$615,000322126DETACHD34
1427 ASPEN ST$635,000$625,000422319DETACHD15
39 TOUCHSTONE$749,900$650,000433400DETACHD39
4430 GALEWOOD ST$649,000$661,00032.12078DETACHD4
2734 SW ORCHARD HILL LN$699,000$701,000432800DETACHD5
312 4TH ST$710,000$710,00022.11731ATTACHD22
40 CONDOLEA CT  /  Main$775,000$725,000332958CONDO34
13453 STREAMSIDE DR$839,000$792,00032.12932DETACHD5
12730 ADRIAN CT$835,000$815,00042.12952DETACHD74
5682 CHARLES CIR$839,000$839,000433052DETACHD3
14527 RAINBOW DR$895,000$862,000533339DETACHD33
17641 BROOKHURST DR$989,000$995,00042.13470DETACHD5
14361 EDENBERRY DR$1,100,000$1,075,00043.13760DETACHD3
900 FAIRWAY RD$1,195,000$1,083,00053.13508DETACHD106
2701 GLEN HAVEN RD$1,085,000$1,125,000323134DETACHD3
18008 GREENBLUFF DR$1,849,000$1,550,00033.14402DETACHD179
13490 FIELDING RD$3,398,000$3,070,00056.18286DETACHD141

News & Notes ~ Oct 2020 Numbers

Here is your look at the most recent data for the entire Portland area (Oct 2020) and how Lake Oswego fits in to this picture just below.

Inventory remained at 1.1 months of supply in October. August was 1.3 and July was 1.2. The 1.1 mark is a record low according to RMLS. New Listings, Pending Sales and Appreciation are all up across the board.

Though we have an undeniable shortage of homes available, this is the time of year when Buyers can expect to find reasonable Sellers, and Sellers can expect to find serious Buyers out looking.

Rates are still very good, remaining around 2.875 as of today.

According to the RMLS Market Action Report for the Portland Metro Area, Sept 2020:

  • There were 3,515  New Listings in Oct 2020 increased 14.7%  from Oct of 2019’s 3,064, and also increased 7.7% over the previous month/Sept’s 3,264.
  • At 3,155, Oct 2020’s Closed Sales are up 21.9% from Oct 2019’s 2,588, and decreased 3.0% from the previous month/Sept 2020’s total of 3,251
  • At 3,199, Oct 2020’s Pending Sales are up 25.2% from Oct 2019’s 2,575, and also increased 1.5% over the previous month/Sept 2020’s total of 3,152.
  • The Average Sale Price in Oct 2020 of $516,000 is up $54,600 from last year/Oct 2019’s $461,400, and is up $6,000 from the previous month/Sept 2020’s $510,000.   YTD increase is 6.5%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in Oct 2020 of $460,000 rose from last year/Oct 2019’s $410,500 by $49,500, and is up by $9,000 from the previous month/Sept 2020’s $451,000. YTD increase is 6.1%.

Neighborhoods: October’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $450,300              6.5%   (Sept $476,000)
    •                                                     YTD Median: $430,000
  • NE Portland:  $531,200                   4.6%   (Sept $532,100)
    •                                                     YTD Median: $452,500
  • SE Portland:  $477,300                   6.7%   (Sept $467,700)
    •                                                     YTD Median: $405,000
  • Gresham/Troutdale:   $412,900     4.8%   (Sept $409,300)
    •                                                     YTD Median: $374,900
  • Milwaukie/Clackamas:  $512,100  6.8%   (Sept $487,300)
    •                                                     YTD Median: $449,900
  • Oregon City/Canby:   $511,300      5.8%   (Sept $469,700)
    •                                                     YTD Median: $440,000
  • Lake Oswego/West Linn:$756,600  9.9%  (Sept $782,600)
    •                                                      YTD Median: $639,500
  • West Portland:    $685,900             4.5%  (Sept $636,600)
    •                                                     YTD Median: $550,000
  • NW Wash County:  $595,600          5.2%  (Sept $600,600)
    •                                                      YTD Median: $524,900
  • Beaverton/Aloha:     $451,200       4.9%   (Sept $447,000)
    •                                                     YTD Median: $415,300
  • Tigard/Wilsonville:   $516,700        8.0%   (Sept $534,300)
    •                                                      YTD Median: $475,000
  • Hillsboro/Forest Grove: $445,600  5.6%   (Sept $438,300)
    •                                                      YTD Median: $409,900

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of October 2020 reported:

    •  213 Active Listings (Sept 250)
    •  197 New Listings     (Sept 173)
    •  193 Pending Sales   (Sept 180)
    •  173 Closed Sales       (Sept 191)
    • Average Sale Price for Oct: $756,600  (Sept $782,600)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  59 Average Days on the Market   (Sept 45)

Advice for Every Buyer

I originally found this list of advice at Realtor.com and it was directed at first-time home buyers. But I think it good advice for every buyer, first time, second, seasoned investor, this advice is great for any and all buyers.

Always always always get a house inspection. Always.

Even if the house looks perfect. It can be brand new and still have flaws. In fact, the longest repair addendum I had ever written was for a brand new home in Tigard. It was a gorgeous house, but this builder was building out an entire street. He had his crews on a production schedule that they had to be finished with a house by a specified date in order to progress to the next lot. There was just so much unfinished stuff. Insulation was missing in part the attic. Roof vents were missing screens. Caulking was missing at the back of the kitchen sink. Catching these items while the crews were still in the neighborhood made it easy to bring the workers back in and to get every last item finished correctly.

Don’t forget to also get inspections for radon, the sewer line, asbestos, in-ground tanks, or any other issue that comes along and reflects the age of the house.

Step away from the computer and get pre-approved.

With the Internet giving us easy access to information, it is super easy to do lots of house shopping on your own. It’s also easy to play with mortgage calculators and come up with what you think you can afford. But there comes a time when you need to start working with professionals. In particular, get pre-approved for any financing that you may need. Work with a real person who is local. The on-line lenders, who shall remain nameless in this post, do not have a good reputation for service. In a multiple offer situation, a buyer using a National, on-line lender may be at a disadvantage to a buyer using a local mortgage company with someone who is the point person through the process. Then find yourself a great Realtor. Experienced professionals will be able to guide you to make the process as painless and successful as possible. I also recommend starting with finding a Realtor and then they can give you contact information for great lenders that they know from experience will take good care of you. Both Linda and I have lenders we love to recommend.

Never miss a deadline.

Your Realtor will be keeping track of the deadlines that you need to meet as far as depositing earnest money and completing inspections. You need to be responsible for meeting deadlines with your lender. When they ask you for paperwork, provide it quickly. If you fail to meet the deadlines that your lender sets, you are compromising the chances of closing on time. You have an obligation to cooperate and be as timely as possible.

Choose a lender you like.

I recommend interviewing at least three. This doesn’t mean making applications with all three. It means having a conversation with them. You are going to be sharing very personal information with them about your finances. Your need to have a rapport with them. Find someone who makes it easy and who works for you. Do they return phone calls quickly? Do they answer your questions in a way that you understand?

Summon reserves of patience.

Finding the right house may take time. You may find that you are in situations with multiple offers and your offer may not be chosen. You may get an offer accepted and then have a bad inspection that forces you to end the deal. You may find that at the time of closing a situation comes up that creates a delay. Any number of issues can happen. Go into the home buying experience and pre-set your thinking with the idea that you will exercise patience and allow the process to happen. It will lower the stress and make the entire journey better.

I hope you have found this advice useful. As always, Linda and I are here to help.

Dianne

Market Activity November 2-8, 2020

Last week in Lake Oswego there were 12 properties that came onto the market, 17 that received offers that were accepted and went into pending status, and 24 sold/closed houses or condos.

See below of breakdown of the RMLS data.

New on the Market, November 2-8, 2020

AddressTypePriceBRBathsSq Ft
45 Eagle Crest Dr #100Condo$295,000321537
16250 Pacific Hwy #73Condo$325,000221305
4584 Trillium WoodsAttached$739,90032.52179
4984 Bilford LnDetached$750,000322629
2395 Greentree RdDetached$779,90052.52777
5322 Carman Grove LnDetached$899,00032.52615
14218 Kimberly CircleDetached$916,50042.53272
2934 Tolkien LnDetached$974,80053.53851
6 Essex CtDetached$998,000444338
1156 Cherry LnDetached$1,345,00053.54084
5349 Washington CtDetached$1,350,00043.53906
18277 Crestline DrDetached$3,100,00045.56892

Pending sales, November 2-8, 2020

AddressTypePriceBRBathsSq FtCDOM
47 Eagle Crest Dr #62Condo$229,00031.5102677
4636 Lower DrCondo$259,90021.511708
65 Oswego SummitCondo$274,9002211404
668 McVey Ave #85Condo$274,90021.59924
34 Wheatherstone #17Condo$379,90032.5169226
16342 Kimball StDetached$525,00031.5125036
17020 Denny CtDetached$535,000221704150
127 Greenwood RdDetached$550,00031120113
77 Greenridge CtAttached$584,90032.5219011
4380 Douglas WayDetached$599,9503213647
2290 Overlook DrDetached$725,00042.530953
18225 65th AveDetached$730,00052.5221037
4311 Orchard WayDetached$850,00032.528043
13745 Cameo CtDetached$924,50044284678
5087 Lakeview BlvdDetached$1,200,00043.529570
527 Northshore RdDetached$1,800,0003224331
4321 Southshore BlvdDetached$3,950,00054.56731118

Sold/Closed, November 2-8, 2020

AddressTypeList PriceSold PriceSq FtCDOM
72 Galen StCondo$182,500$182,5006903
16250 Pacific Hwy #80Condo$239,000$199,000841165
6930 Montauk CircleCondo$235,000$235,00092412
287 CervantesCondo$279,900$292,50011444
245 CervantesCondo$299,900$299,90012923
4340 BotticelliCondo$399,999$377,9002285160
4520 Lower Dr A-1Condo$459,900$465,00017508
668 McVey Ave #51Condo$525,000$525,0008524
200 Burnham Rd #311Condo$639,000$540,000189463
86 Greenridge CtAttached$599,000$590,0002718109
2165 Ridge Pointe DrDetached$650,000$691,75047495
4007 Brian CtDetached$689,000$705,00022821
13998 Westcott CtDetached$849,900$840,00027279
345 E AveDetached$899,000$910,00015822
5871 Ridgetop CtDetached$975,000$975,00035433
2100 Summit DrDetached$849,900$995,00023585
428 C AveAttached$1,149,888$1,175,000260782
877 9th StDetached$1,450,000$1,438,00029324
289 G AveDetached$1,499,000$1,450,0004193374
18035 Skyland CircleDetached$1,595,000$1,530,000389315
711 7th StDetached$1,829,000$1,675,000276352
18230 River Edge LnDetached$1,790,000$1,750,000460817
129 Furnace StCondo$1,995,000$1,835,0004911135
1099 Terrace DrDetached$2,495,000$2,385,000469545

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

This Week in Lake Oswego ~ Nov 9-15, 2020

Here are my picks for happenings in lake Oswego this week:

Mon, Nov 9, 2020– 12:00-1:00PM –  Lunch 2 Go!  ~ Dining Room is obviously problematic during COVID, but this service continues M/W/F with drive-up service! They love to see your faces! $4.00 over 60 and $5.00 under 60. Adult Community Center – 505 G Ave –  Info & Ordering: CLICK HERE

Tue, Nov 10, 2020 –  7:00-8:00PM – Hot Books for Cold Days~Join Lake Oswego Librarians for a preview of the best books to curl up with this winter –   Info & Registration:  CLICK HERE  

Wed, Nov 11, 2020 – 8AM Wed-5PM Fri- Veterans Day – Veterans Memorial  ~Visit this memorial to all Veterans featuring 8 Lake Oswego individuals and their stories. Foothill Park, 199 Foothills Road~ Info & Reg:  CLICK HERE     

Thu, Nov 12, 2020 10:00AM-10:00PM – Sesame Street in Communities~Visit the Kids Page of the Lake Oswego Public Library for a weekly update of information geared toward offering resources for parents and caregiver to make a difference for kids…and you! –     CLICK HERE

Fri , Nov 13, 2020:  9:30AM-10:30AM, Little Masters Art Class (Ages 2-5/in-person class w/COVID safety measures)  ~ Check in every Friday for a sensory experience with a variety of mediums creating art together! CCP, 1060 Chandler Road Info & Registration : CLICK HERE 

Sat , Nov 14 2020:  9:00AM-11:00AM, Stewardship Work Party at Springbrook Park   ~ Help restore habitat in this 50-acre natural park  Info: CLICK HERE 

Sun, Oct 18, 2020– 1:00-3:00PM –  Stewardship Work Party at Iron Mountain Park  ~ Help restore 50 acres of treasured natural habitat. Bring a shovel, pruners, gloves and a container of water. – Iron Mountain Park, Parking: Off Glen Eagles Rd –  Info & Registration: CLICK HERE

Market Activity ~ Oct 26-Nov 1, 2020

Last week we saw 5 New Properties hit the market in Lake Oswego, so New Listings are slowing a bit seasonally, as is always expected. 28 properties moved to Pending status, and 25 Closed/Sold. All in all there are currently 139 properties available in Lake Oswego right now.

NEW Oct 26-Nov 1, 2020

PENDING Oct 26-Nov 1, 2020

SOLD Oct 26-Nov 1, 2020

A Tribute

Today I want to share with you something personal, and yes, it does have to do with real estate. You see, my Mom passed away on October 16th. If you have ever worked with me, you’ve heard me talk about my Mom. So this isn’t new to you. But if you haven’t worked with me, I feel a need to tell you about the best Realtor I have ever known.

My Mom got her real estate license in 1976. She was raised in an era when she wanted to major in business at Oregon State, but as a woman she had to major in “Secretarial Sciences”. Seriously. But she had a head for business. She hung her license at Shelter Properties on Boones Ferry Rd in Lake Grove. There she got her feet on the ground and at one time, after listing an entire new subdivision, got chewed out for besting a more prominent agent, a bit of a diva, for beating her out with most new listings for the month.

She moved on to Professionals 100. In 1987, after the birth of my daughter, I was agonizing over having to put my baby into daycare 5 days a week. I had a back ground in sales. I had actually been a sales trainer for a health club organization. My Mom’s business was booming. She was the leading sales agent in the metro area for Great Western Savings and Loan. She was handling their foreclosure properties and she had just been handed about 20 properties to list and sell. She needed help. She called me up and asked if, perhaps, my husband would consider coming to work for her. My reaction? My husband, what about me? That’s when I started my real estate career. It was 33 years ago. I’ve never looked back.

At first, I was her assistant. As I gained experience, we became a team. Then, as she approached retirement, she became my assistant. It’s probably the best possible circumstance in which to be in this business. You see, real estate has a lot of moving parts. So many people are involved: the buyer, the seller, the inspector, the appraiser, the lender. This means that it’s complicated and no two transactions are the same. As Realtors, we need sounding boards, people we respect and rely on to help us navigate complex circumstances so that we can give our clients the best advice possible, for their benefit, not for out own.

About the time that my Mom retired, I met Linda. She and I have known each other for at least 15 years. She calls me, I call her, she filled that void that opened up when my Mom retired. I don’t know how anyone can be in this business without a confidant.

So yes, I’m grieving. But I’m grateful. How lucky am I to have had Mom who, along with giving me life and raising me, gave me a career?

Today I want to salute my Mom. Oh what a wonderful woman she was!

Dianne

Market Activity October 19-25, 2020

We had a burst of new listings in Lake Oswego last week with 23 properties coming onto the market. That’s about 30% more than recent previous weeks. We also had 20 properties that accepted offers and went into pending status. 20 properties became closed sales. Those numbers are very balanced. I’d call the market stable from every angle.

See below for an explanation of the RMLS data.

New listings October 19-25, 2020

AddressTypePriceBRBathsSq Ft
4000 Carman Dr #79Condo$270,00022993
16377 Kimball StDetached$389,000311200
206 Greenridge DrAttached$475,000321392
16246 Parker RdDetached$479,900321280
98 Kingsgate RdDetached$510,00032.51727
15500 Boones WayDetached$535,000321309
1705 Conifer DrDetached$539,00031.51850
127 Greenwood RdDetached$550,000311201
4362 Galewood StDetached$558,00032.51684
621 9th StDetached$649,000222214
17061 Crestview DrDetached$649,900422216
1202 Spruce StDetached$735,00022.51706
1604 Country Club RdDetached$800,00043.53878
5185 Woodcrest LnDetached$835,00032.52554
1216 Spruce StDetached$840,00032.52066
6 Yorick StDetached$849,950533116
17649 Woodhurst PlDetached$1,000,00064.55669
6441 Mission CtDetached$1,165,000433201
6155 McEwan RdDetached$1,250,000533728
312 9th StDetached$1,350,00032.52686
16234 Waluga DrDetached$1,395,00053.53130
45 Nanson SummitDetached$1,430,00044.55874
1132 Troon RdDetached$2,450,00043.54165

Pending sales October 19-25, 2020

AddressTypePriceBRBathsSq FtCDOM
4615 Lakeview BlvdCondo$242,5001175337
668 McVey Ave #65Condo$315,0001163638
5059 Foothills Dr ECondo$325,0002299127
5626 Fernbrook WayDetached$489,00031.5125059
5136 Jean RdDetached$495,00032141221
13679 Johnson TerraceDetached$515,000219176
4102 Buck Brush LnDetached$697,0004322053
4045 Melissa DrDetached$699,90042.5252940
17897 Sundown CtDetached$699,90053375599
312 4th StAttached$720,00022.5173122
12436 Orchard Hill RdDetached$725,00042.528918
7 Falstaff StDetached$729,00052.524841
5124 Rosewood StDetached$739,90043.5351639
634 Carrera LnDetached$750,00042.532824
13947 Majestic CtDetached$799,90043.528223
13453 Streamside DrDetached$839,00032.529325
14360 Trillium CtDetached$860,000533558122
6463 Mission CtDetached$1,165,00033.53547290
3131 Wembly Park RdDetached$1,344,50043.53597147
289 G AveDetached$1,499,00063.54193160

Sold/closed Sales October 19-25, 2020

AddressTypeList PriceSold PriceSq FtCDOM
126 Oswego SummitCondo$195,000$190,00076430
4000 Carmen Dr A-16Condo$264,900$257,0001,02548
4642 Lower DrCondo$275,000$260,000126033
213 Oswego SummitCondo$312,700$312,70013834
6073 Harrington AveDetached$429,900$414,000105034
16878 Canyon DrDetached$599,500$599,500229836
5885 Dove CtDetached$599,900$610,00017957
18706 Bryant RdDetached$655,000$630,000248999
2 Mozarteum CtDetached$705,000$715,00021924
5335 Westfield CtDetached$899,900$826,000312225
2146 Summit DrDetached$850,000$830,00025923
18857 Indian Springs CircleDetached$839,900$842,90025729
17931 Meadowlark LnDetached$899,900$889,900438514
3200 Upper DrDetached$900,000$900,00025424
19457 35th CtDetached$959,000$915,000353840
3343 Fir Ridge RdDetached$1,100,000$975,000343023
717 8th StDetached$1,235,000$1,133,800258454
3080 Westview CircleDetached$1,299,000$1,273,000347338
17522 Bryant RdDetached$1,399,000$1,325,000354539
13744 Knaus RdDetached$1,450,000$1,450,00036678

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

News & Notes ~ Sept 2020 Numbers

Here is your look at the most recent data for the entire Portland area (Sept 2020) and how Lake Oswego fits in to this picture just below.

Inventory is now basically lower than its ever been. That’s a big deal.  Listings have dropped substantially from August, and Pending Sales (transactions in progress) are up a whopping 36.4% over Sept 2019, which reflects how the activity locally was pushed way farther into/through the summer than is usual.

This time of year I still say “Fall is for Buyers” as Sellers are generally more willing to negotiate heading into winter, but this year it is good to be a Seller too, as there is just not much out there in terms of competition.

Rates are still very good, around 2.875 today.

According to the RMLS Market Action Report for the Portland Metro Area, Sept 2020:

  • There were 3,264  New Listings in Sept 2020 which decreased 5.9%  from Sept of 2019’s 3,470, and decreased 16.0% over the previous month/August’s 3,885.
  • At 3,251, Sept 2020’s Closed Sales are up 36.8% from Sept 2019’s 2,377, and also up 3.2% from the previous month/Aug 2020’s total of 3,149
  • At 3,152, Sept 2020’s Pending Sales are up 17.3% from Sept 2019’s 2,686, and decreased 14.7% over the previous month/July 2020’s total of 3,697.
  • The Average Sale Price in Sept 2020 of $510,000 is up $51,600 from last year/Sept 2019’s $458,400, and is about the same as the previous month/Aug 2020’s $511,000.   YTD increase is 5.7%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in Sept 2020 of $451,000 rose from last year/Sept 2019’s $410,000 by $41,000, and is up by $2,000 from the previous month/Aug 2020’s $449,000. YTD increase is 5.7%.

Neighborhoods: September’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $476,000              5.0%   (Aug $461,800)
    •                                                     YTD Median: $430,000
  • NE Portland:  $532,100                   3.3%   (Aug $527,500)
    •                                                     YTD Median: $450,000
  • SE Portland:  $467,700                   5.9%   (Aug $487,200)
    •                                                     YTD Median: $402,000
  • Gresham/Troutdale:   $409,300     4.1%   (Aug $393,900)
    •                                                     YTD Median: $370,000
  • Milwaukie/Clackamas:  $487,300  5.4%   (Aug $480,800)
    •                                                     YTD Median: $445,000
  • Oregon City/Canby:   $469,700      5.0%   (Aug $481,800)
    •                                                     YTD Median: $439,900
  • Lake Oswego/West Linn:$782,600  10.4%  (Aug $787,000)
    •                                                      YTD Median: $637,000
  • West Portland:    $636,600             3.4%  (Aug $656,500)
    •                                                     YTD Median: $545,000
  • NW Wash County:  $600,600          4.3%  (Aug $574,200)
    •                                                      YTD Median: $516,500
  • Beaverton/Aloha:     $447,000       4.1%   (Aug $442,000)
    •                                                     YTD Median: $415,000
  • Tigard/Wilsonville:   $534,300        7.7%   (Aug $537,900)
    •                                                      YTD Median: $475,000
  • Hillsboro/Forest Grove: $438,300  5.6%   (Aug $452,400)
    •                                                      YTD Median: $407,300

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of September 2020 reported:

    •  250 Active Listings (Aug 290)
    •  173 New Listings     (Aug 229)
    •  180 Pending Sales   (Aug 208)
    •  191 Closed Sales       (Aug 178)
    • Average Sale Price for Sept: $782,600  (Aug $787,000)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  45 Average Days on the Market   (Aug 71)