A Guide to Lake Oswego Real Estate and Community
Dianne and Linda

Brought to you by Dianne Gregoire and Linda Rossi, brokers with Oregon First, a professional real estate company licensed with the Oregon Real Estate Agency.

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Inspections- The Basics

I always have a conversation with my clients before we begin their home-buying or -selling adventure regarding the basic markers, or hurdles we will clear as we move through the process. One of the most crucial is the Inspection Period.

After mutual acceptance, Buyer and Seller enter the Inspection Period. The Residential Sale Agreement specifies 10 business days unless the Buyer’s Agent shortens or lengthens that when writing, but 10 days is pretty typical. During this time Buyers may hire professionals to perform inspections on the home and will specify any “invasive inspections” which can include sewer scopes, mold, underground tank locates, and believe it or not, the collection of radon gasses to gauge safety of the air in the home.

I find this is one of the most misunderstood portions of the process, and/but it is pretty straightforward. I’m including an excerpt from the Residential Sale Agreement language below as, with most things, an actual reading of the language in the contract clears things up pretty quickly when clarity is needed.

Your time clock starts ticking on the first day following mutual acceptance.  Sometimes when submitting an Offer as a Buyer, you might want to take into consideration that if your Offer is accepted on a weekend, your first business day will be a Monday, which will give you one weekend as part of your timeline.  If your Offer is accepted on a Monday or a Tuesday, your timeline will include two weekends, which can be beneficial if you need time to get additional contractors out to look at various things that come up in the inspection, such as roof issues, electrical issues, foundation issues and the like. The timeline is very important to both the Seller and the Buyer as, in the state of Oregon, a Seller is selling a home “as-is”. This means that though there is a provision in the contract for inspection (and the contingency that a Buyer may decide to withdraw during the timeline based on dissatisfaction with the inspection(s), the Seller is not “obligated” to perform any repairs for the Buyer. Because of this, if a Buyer lets their allotted time lapse and you pass that 5PM deadline on the 10th business day without any written agreement on repairs, the home is then construed to be sold “as is”.  Most Sellers and Buyers are reasonable during the allotted period and when issues of safety or impacted functionality of the home arise, accommodations of some sort are usually reached- not always to the extent a Buyer (or Seller) might like, but my experience is that there is usually goodwill and a real effort to deliver a home in good working order to the Buyer. Considerations that also come into play are Lender requirements, potential Appraiser concerns and the desire of both parties to Close the transaction and move on.

Here is the excerpt from the Sale Agreement that explains the basics:

177 LICENSED PROFESSIONAL INSPECTIONS: At Buyer’s expense, Buyer may have the Property and all elements and systems thereof
178 inspected by one or more licensed professionals of Buyer’s choice. Provided, however, Buyer must specifically identify in this Agreement any
179 desired invasive inspections that may include testing or removal of any portion of the Property including, for example, radon and mold. Identify
180 Invasive Inspections: .
181 Buyer understands Buyer is responsible for the restoration of the Property following any inspection(s)/test(s) performed by Buyer or on Buyer’s
182 behalf. Buyer shall have business days (ten [10] if not filled in), after the date Buyer and Seller have signed and accepted this Agreement
183 (hereinafter “the Inspection Period”), in which to complete all inspections and negotiations with Seller regarding any matters disclosed in any
184 inspection report. Buyer shall not provide all or any portion of the inspection reports to Seller unless requested by Seller. However, at any time
185 during this transaction, or promptly following termination, upon request by Seller, Buyer shall promptly provide a copy of such reports or portions of
186 reports, as requested. During the Inspection Period, Seller shall not be required to modify any terms of this Agreement already reached with Buyer.
187 Unless a written agreement has already been reached with Seller regarding Buyer’s requested repairs, at any time during the Inspection Period,
188 Buyer may notify Seller, in writing, of Buyer’s unconditional disapproval of the Property based on any inspection report(s), in which case, all earnest
189 money deposits shall be promptly refunded, and this transaction shall be terminated. If Buyer fails to provide Seller with written unconditional
190 disapproval of any inspection report(s) by 5:00 P.M. of the final day of the Inspection Period, Buyer shall be deemed to have accepted the
191 condition of the Property. Note if, prior to expiration of the Inspection Period, written agreement is reached with Seller regarding Buyer’s
192 requested repairs, the Inspection Period shall automatically terminate, unless the parties agree otherwise in writing.

 

Market Activity ~ July 20-26, 2020

Last week in Lake Oswego there were 25 New listings, 36 properties that went into Pending status, and 25 Closed sales.  There are currently 217 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #15 $170,000 1 1 798 CONDO
368 CERVANTES CIR / Upper $200,000 2 1 854 CONDO
750 1ST ST #D25 $325,000 2 2 1350 CONDO
16200 PACIFIC HWY #21 $362,000 2 2 1190 CONDO
4401 THUNDER VISTA LANE LN $395,000 2 2.1 1980 CONDO
41 Greenridge CT $415,000 3 2.1 1652 ATTACHD
78 GREENRIDGE CT $535,000 3 3 2000 ATTACHD
1101 HEMLOCK ST $629,975 3 2.1 2213 DETACHD
14863 TWIN FIR CT $630,000 3 2 1648 DETACHD
4636 AUBURN LN $650,000 3 3.1 2732 ATTACHD
14825 RAINBOW DR $650,000 4 3.1 2582 DETACHD
17973 SAINT CLAIR DR $738,000 4 3 3323 DETACHD
12788 SIERRA VISTA DR $770,000 4 3.1 2880 DETACHD
15 BECKET ST $849,000 4 3.1 3750 DETACHD
2340 OAKHURST LN $869,000 4 2.1 2860 DETACHD
2585 DELLWOOD DR $949,900 4 3.1 3749 DETACHD
5156 SW DAWN ST $1,150,000 3 3 2413 DETACHD
17196 KELOK RD $1,199,000 5 3.1 4384 DETACHD
717 8TH ST $1,235,000 4 2.1 2584 DETACHD
4311 HAVEN ST $1,365,000 4 4 3915 DETACHD
929 COUNTRY CMNS $1,420,000 4 3 3962 DETACHD
768 BERWICK CT $2,098,000 4 3.1 4127 DETACHD
2950 WEMBLEY PARK RD $2,375,000 4 5.1 6417 DETACHD
1622 LESLIE LN $2,450,000 4 3.2 5827 DETACHD
305 CHANDLER PL $2,850,000 5 3.3 5334 DETACHD

Pending Sales (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3930 LAKE GROVE AVE #3A $209,900 2 1 956 CONDO 183
4 TOUCHSTONE #81 $224,950 3 2.1 1350 CONDO 29
4000 CARMAN DR #C39 $229,000 2 2 866 CONDO 14
90 OSWEGO SMT / Upper $239,000 2 2 1140 CONDO 2
48 EAGLE CREST DR #5E $269,000 2 2 1443 CONDO 10
4621 LAKEVIEW BLVD / Upper $279,999 2 2 1178 CONDO 8
4372 WOODSIDE CIR $339,900 2 2 1178 ATTACHD 4
13 MOUNTAIN CIR $375,000 2 1.1 1374 ATTACHD 4
5168 LAKEVIEW BLVD $395,000 2 2 960 DETACHD 4
16215 LAKE FOREST BLVD $425,000 3 1 1001 DETACHD 5
16518 INVERURIE RD $425,000 3 2 1255 DETACHD 3
21 BRITTEN CT $429,000 3 2.1 1972 ATTACHD 4
18545 KRISTI WAY $434,900 3 1.1 1307 DETACHD 4
7 SUMMIT RIDGE CT $449,000 2 2.1 1704 ATTACHD 14
17207 REBECCA LN $599,000 3 2.1 1944 DETACHD 6
1601 ASH ST $614,947 3 2 2045 DETACHD 57
13758 REGENCY CT $649,900 3 2.1 1986 DETACHD 2
720 BRIERCLIFF LN $650,000 4 3 2152 DETACHD 3
4087 TROUT WAY $659,000 4 2.1 2330 DETACHD 4
14074 SUNDELEAF DR $685,000 3 2.1 1760 DETACHD 5
4890 INDIAN CREEK CT $699,000 3 2 2064 DETACHD 15
18709 MIRKWOOD DR $729,000 4 3 3086 DETACHD 3
4004 MELISSA DR $749,900 4 2.1 2865 DETACHD 3
5820 STEWART GLENN CT $750,000 5 2.1 3262 DETACHD 72
5734 CHARLES CIR $785,000 5 2.1 2663 DETACHD 2
802 CLARA CT $849,000 4 3 2886 DETACHD 7
12641 ADRIAN CT $896,448 4 4 3602 DETACHD 9
19242 INDIAN SPRINGS RD $950,000 4 2.1 3365 DETACHD 54
2655 DELLWOOD DR $950,000 4 2.1 3164 DETACHD 28
19345 RIVERWOOD LN $969,000 4 3.1 3383 DETACHD 7
1029 LAUREL ST $974,000 5 3.1 3195 DETACHD 7
14380 TRILLIUM CT $995,000 5 3 3962 DETACHD 128
18220 RIVER EDGE CT $998,800 4 3 3432 DETACHD 60
1300 GLENMORRIE DR $1,050,000 5 3.1 4613 DETACHD 3
3244 UPPER DR $1,575,000 5 4.1 3730 DETACHD 11
16206 REESE RD $1,625,000 4 3.1 3631 DETACHD 69

Sold/Closed (July 20-26, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #71 $199,000 $180,000 2 2 984 CONDO 49
82 OSWEGO SMT / Upper $239,000 $234,500 2 2 1212 CONDO 14
48 EAGLE CREST DR #5C $279,000 $264,800 2 2 1443 CONDO 201
3868 BOTTICELLI ST / Grnd $265,000 $265,000 3 2 1260 CONDO 12
12806 SW BOONES FERRY RD $425,000 $400,000 3 2.1 1174 CONDO 26
2164 GOODALL CT $300,000 $443,765 3 2 2016 DETACHD 17
1400 LABURNUM WAY $475,000 $508,000 4 3 2106 DETACHD 2
6151 CARMAN DR $589,750 $545,000 3 2 1641 DETACHD 81
16111 LINDSAY CT $565,000 $565,000 3 2.1 1840 DETACHD 34
4851 MADRONA ST $600,000 $580,085 4 2 1500 DETACHD 22
19211 INDIAN SPRINGS RD $585,000 $585,000 4 3 2132 DETACHD 1
6280 SUMMER WOODS $640,000 $600,000 4 2.1 2191 DETACHD 112
461 COUNTRY CLUB RD $750,000 $730,000 2 1.1 1500 DETACHD 57
9 BECKET ST $719,000 $740,000 4 2.1 3537 DETACHD 4
4089 MELISSA DR $815,000 $777,500 4 2.1 2762 DETACHD 22
15119 QUARRY RD $795,000 $795,000 3 2 2086 DETACHD 16
830 4TH ST $799,900 $822,000 3 2 1890 DETACHD 0
2201 OVERLOOK DR $825,000 $855,000 4 2.1 3360 DETACHD 3
13751 CAMEO CT $1,100,000 $865,000 5 4 3350 DETACHD 97
16 BERNINI CT $1,250,000 $1,095,000 6 5 4786 DETACHD 92
18026 SKYLAND CIR $1,399,000 $1,330,000 5 3.1 4117 DETACHD 102
157 6TH ST $1,595,000 $1,464,000 4 3.1 3614 DETACHD 953
2880 UPPER DR $1,995,000 $1,920,000 5 4.1 5853 DETACHD 141
17227 CANAL CIR $2,795,000 $2,600,000 5 4.1 4720 DETACHD 79
1633 LESLIE LN $2,725,000 $2,650,000 5 4.2 5921 DETACHD 15

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.

The Magic that is Escrow

I want to take a moment to explain not only what escrow is, but also to give a shout out to the amazing title companies that we have in the Portland area.

Escrow is the time that happens between an offer being accepted and the title being recorded for the new owner of the property. The Realtors involved submit a copy of the agreed upon paperwork to the title company that has been chosen. The buyer or the seller can select the title company, if they have a preference. By practice though, I’d say 90% of the time the seller’s agent will choose the title company. This is because prior to and during the course of the listing being marketed, it’s pretty common for the listing side Realtor to ask for information and favors from a title company. This can be things like obtaining a plat map, getting a copy of the deed, all sorts of favors. The title company will do these services at no charge. They do them, because they are hoping to be selected to handle a transaction. Just like Realtors, they don’t get paid until the transaction closes.

Upon receiving the new sale agreement, the “escrow officer”, which is what the person at the title company is usually called, will order a preliminary title report. It takes about a week to receive it and it is sent out to all parties involved: the buyer and their Realtor, the seller and their Realtor, and the lender if there is a lender involved. The title report shows what legal liens and encumbrances, such as easements, Home Owner Association documents, and mortgages are attached to the property. Once received, the buyer needs to review the prelim and they have 2 days to notify the seller if there is an issue that needs to be cleared up. The seller then has 5 days to fix the issue. If the seller can’t fix it, then the buyer can terminate and get their earnest money back. The sort of issue that might create this situation would be something like a judgement for alimony that must be proven to be current. That sort of thing.

Escrow lasts 30 to 45 days, typically. During this time the escrow officer will collect the needed information to close on the sale. They are the people who receive the lenders wire of funds from the new mortgage, and who contact the buyer to let them know how much money to bring to closing. They make appointments with the buyer and the seller and are in charge of everyone signing all of the documents correctly. They use the money that they have received to pay off any current liens and then they are the ones who take the new deed to the county and have it recorded, along with the new mortgage. Today this is done electronically.

On the day of closing they do the final title report to confirm that no knew encumbrances have been recorded on the property. With this in hand they issue a title insurance policy. This insurances benefits the buyer and is the title companies evidence that all of the seller encumbrances have been removed and the buyer is receiving the property with clear title and only the encumbrances that they place upon it, such as their new mortgage.

To a person, every single escrow officer I have ever met or worked with has been the utmost professional, competent and friendly person. In addition, the title companies perform these services for a very reasonable charge. Combining title and escrow charges, the average transaction earns the title company, perhaps, $3500. The charge for the title insurance is regulated by the state of Oregon. Escrow charges are pretty uniform between companies. The charges are split approximately 60/40, with the seller paying the larger amount because seller paid title insurance to benefit the buyer is more expensive than buyer paid title insurance to benefit the buyer’s lender.

If you ask any Realtor who their favorite title company is, every single one of them will have an immediate answer. For me, it’s Roni Winters at Fidelity National Title in Lake Oswego. But I would trust any of the companies and escrow officers in the metro area. They are all that good.

Stay cool in this heat, and as always, thank you for reading the blotter.
Dianne

Market Activity July 13-19, 2020

The Lake Oswego real estate market is on fire! It feels like we are having our spring market in July. I’m sure it’s because in the spring the pandemic had just hit us and we all felt a sense of decision paralysis. But as time has gone by, and we’ve all adapted to the new normal, our confidence has come back. The Lake Oswego market truly is booming. Last week we had 26 properties come onto the market, 28 go into pending status, and 20 sold/closed purhases.

Following is the breakdown for you according to RMLS:

New on the Market (July 13-19, 2020)

Address Type Price BR Baths Sq Ft
48 Eagle Crest Dr 5E Condo $269,000 2 2 1443
4621 Lakeview Blvd Condo $279,999 2 2 1178
5061 Foothills Dr G Condo $395,000 2 2 991
6 Wheatherstone #3 Condo $404,000 3 2.5 1692
151 Kingsgate Rd Detached $499,999 3 2 1585
17207 Rebecca Ln Detached $599,000 3 2.5 1944
38 Northview Ct Attached $638,900 4 4 3125
1868 Glenmorrie Dr Detached $769,000 4 4 3158
4108 Orchard Way Detached $769,000 4 2.5 2981
5124 Rosewood St Detached $799,900 5 3.5 3516
802 Clara Ct Detached $849,000 4 3 2886
18283 Lothlorien Way Detached $889,000 4 3 3053
12641 Adrian Ct Detached $896,448 4 4 3602
19345 Riverwood Ln Detached $969,000 4 3.5 3383
1029 Laurel St Detached $974,000 5 3.5 3195
18400 Delenka Ln Detached $998,800 5 3.5 5245
100 Leonard St 4-2 Condo $1,079,000 3 2.5 3137
428 C Ave Attached $1,149,888 3 3 2607
6040 Lakeview Blvd Detached $1,200,000 5 3 3701
3122 Goodall Rd Detached $1,345,000 5 3.5 3735
17684 Stafford Lot 3 Detached $1,499,950 6 4.5 4407
17787 Cardinal Dr Detached $2,199,000 4 4 3270
16655 Maple Circle Detached $3,498,000 3 3 3100
4321 Southshore Blvd Detached $3,950,000 5 4.5 6731
1500 Northshore Rd Detached $11,888,000 5 6.5+.5+.5 13462
3122 Glenmorrie Dr Detached $1,299,000 4 3.5 3724

Pending Sales (July 13-19, 2020)

Address Type Price BR Baths Sq Ft CDOM
44 Eagle Crest Dr #9 Condo $194,900 2 1 908 4
668 McVey Ave #14 Condo $239,900 1 1 636 9
2164 Goodall Ct Detached $300,000 3 2 2016 17
16500 Lake Forest Blvd Detached $439,900 3 1 960 1
1400 Parrish St Condo $450,000 3 2.5 1863 130
5711 McEwan Rd Detached $529,950 3 2 1467 6
4910 Centerwood St Detached $650,000 4 2.5 2481 0
4746 Amherst Ct Attached $675,000 3 2.5 2985 55
205 Hidalgo St Detached $679,900 4 3.5 3032 4
17430 Schalit Way Detached $689,900 4 2.5 2379 1
3778 Rivers Edge Dr Detached $799,000 4 3.5 3012 53
121 Condolea Dr Condo $799,000 3 3 2143 1
19398 River Run Dr Detached $799,900 4 3 2790 24
5267 Lakeview Blvd Detached $895,000 4 3.5 3454 118
1425 Morning Sky Ct Detached $895,000 4 3 3282 2
1766 Palisades Terrace Dr Detached $914,000 4 2.5 2805 67
18707 Bryant Rd Detached $995,000 3 2 2184 0
1061 Chandler Rd Detached $999,000 4 3 2879 139
15371 Twin Fir Rd Detached $1,050,000 4 2.5 2876 19
17690 Blue Heron Rd Detached $1,199,900 4 3 3869 21
1301 Horseshoe Curve Detached $1,299,000 3 2 2260 3
13344 Briarwood Ln Detached $1,359,000 4 3 3413 394
4150 Upper Dr Detached $1,395,000 4 3.5 3466 14
792 5th St Detached $1,480,000 4 4.5 4379 69
1103 C Ave Detached $1,585,000 4 3.5 3530 110
1225 Oak Terrace Detached $1,600,000 5 4 3771 11
310 Iron Mountain Blvd Detached $2,150,000 5 3.5 4927 14
16793 Graef Circle Detached $2,150,000 4 3.5 69

Sold/Closed (July 13-19, 2020)

Address Type List Price Sold Price Sq Ft CDOM
100 Kerr Pkwy #2 Condo $170,000 $165,000 822 9
44 Eagle Crest Dr #441 Condo $228,900 $224,900 908 30
65 Church St Condo $299,950 $248,792 1040 38
715 Hemlock St Detached $357,000 $357,000 1312 8
4292 Galewood St Detached $549,900 $561,000 1644 3
2745 Greentree Rd Detached $598,500 $600,000 3548 245
19200 Redwing Ct Detached $599,900 $620,000 2128 2
1110 Hallinan Circle Detached $699,000 $660,000 3548 245
1268 Spruce St Detached $665,000 $680,000 2220 3
14183 Taylors Crest Ln Detached $796,000 $748,750 3551 45
5950 Harrington Ave Detached $795,000 $790,000 1927 78
125 Furnace St #125 Condo $799,000 $790,000 1927 78
5382 Royal Oaks Dr Detached $796,000 $819,000 2970 7
4680 Upper Dr Detached $825,000 $825,000 1656 3
17065 Tualatin St Detached $869,900 $830,000 2808 89
285 Berwick Rd Detached $1,250,000 $900,000 2518 111
2795 Rivendell Rd Detached $915,000 $930,000 3518 3
815 E Ave Detached $1,379,000 $1,379,000 2796 3
2260 Summit Ct Detached $2,158,000 $1,700,000 3797 436
1415 Skyland Dr Detached $4,250,000 $3,995,000 6085 3

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 ~ June 2020 Numbers

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

Inventory has dropped in June.  They all got snatched up in May!  ; )  Seriously, look at the 38% rise in June Closed sales over May. We are seeing a housing shortage in the overall Portland area and it is reflected in Buyers experiencing lots of multiple-offer situations and overall competition over properties that are in good shape and priced well. Sellers are noticing this trend and continuing to list properties for sale. I’m anticipating an extended busy period this summer after some pent-up COVID-inspired “waiting” from earlier in the spring that is spilling into the post-4th of July time period which is usually a bit slower.

My trusted Mortgage Advisors tell me: Rates are at historic lows hovering around 3% and lower in some circumstances.

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

  • There were 3,658  New Listings in June 2020 which decreased 14.6%  from June of 2019’s 4,281, and/but increased 7% over the previous month/May’s 3,419.
  • At 2,709, June 2020’s Closed Sales are down slightly at 1.7% from June 2019’s 2,756, and are up a whopping 38% from the previous month/May 2020’s total of 1,963
  • At 3,654, June 2020’s Pending Sales are up 18.5% from June 2019’s 3,083, and also up 17.4% from the previous month/May 2020’s total of 3,112.
  • The Average Sale Price in June 2020 of $479,700 is up $7,000 from last year/June 2019’s $472,700, and is also up $12,200 from the previous month/May 2020’s $467,500.   YTD increase is 2.6%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in June 2020 of $435,000 rose from last year/June 2019’s $420,000 by $15,000, and is up by $10,000 from the previous month/May 2020’s $425,000.   YTD increase is 3.9%.

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

  • North Portland:  $447,500              3.0%   (May $442,900 )
    •                                                     YTD Median: $421,800
  • NE Portland:  $486,200                   3.0%   (May $479,900)
    •                                                     YTD Median: $431,700
  • SE Portland:  $462,800                   2.1%   (May $448,300  )
    •                                                     YTD Median: $390,000
  • Gresham/Troutdale:   $383,000     1.8%   (May $358,800)
    •                                                     YTD Median: $361,000
  • Milwaukie/Clackamas:  $479,600  3.7%   (May $435,200)
    •                                                     YTD Median: $433,000
  • Oregon City/Canby:   $447,300      2.9%   (May $454,500)
    •                                                     YTD Median: $435,000
  • Lake Oswego/West Linn:$721,800  3.9%  (May $698,500)
    •                                                      YTD Median: $605,400
  • West Portland:    $609,400             -0.9%  (May $616,200)
    •                                                     YTD Median: $540,000
  • NW Wash County:  $585,000          2.2%   (May $520,400)
    •                                                      YTD Median: $506,800
  • Beaverton/Aloha:     $417,500       3.2%   (May $407,800)
    •                                                     YTD Median: $410,000
  • Tigard/Wilsonville:   $504,400        3.7%   (May $502,400)
    •                                                      YTD Median: $465,000
  • Hillsboro/Forest Grove: $433,100  5.7%   (May $422,100)
    •                                                      YTD Median: $400,000

LAKE OSWEGO:

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

    •  315 Active Listings (May 324)
    •  216 New Listings     (May 209)
    •  196 Pending Sales   (May 169)
    •  135 Closed Sales       (May  92)
    • Average Sale Price for May: $721,800  (May $698,500)
      • 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.
    •  54 Average Days on the Market   (May 59)

 

Market Activity ~ July 6-12, 2020

Last week in Lake Oswego there were 19 New listings, 26 properties that went into Pending status, and 20 Closed sales.  There are currently 233 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (July 6-12, 2020)

Address List Price # Beds # Baths Prop Type Total SF
4000 CARMAN DR, C39 $229,000 2 2 CONDO 866
207 OSWEGO SMT #207 $289,000 2 1.1 CONDO 1506
12844 BOONES FERRY RD / Grnd $409,900 2 2.1 CONDO 1177
7 SUMMIT RIDGE CT $449,000 2 2.1 ATTACHD 1704
200 BURNHAM RD #311 $599,000 3 2 CONDO 1894
4890 INDIAN CREEK CT $699,000 3 2 DETACHD 2064
16969 ALDER CIR $729,000 3 2 DETACHD 1676
3102 DUNCAN DR $785,000 4 3.1 DETACHD 3910
15677 FIELDSTONE DR $798,950 3 2.1 DETACHD 2527
2782 TOLKIEN LN $799,000 4 3.1 DETACHD 3207
12986 KNAUS RD $1,249,000 5 4 DETACHD 3242
2126 WEMBLEY PL $1,425,000 4 3.1 DETACHD 3531
14190 SUNDELEAF DR $1,459,900 5 4 DETACHD 3688
12812 ALTO PARK RD $1,500,000 4 3.1 DETACHD 4040
3244 UPPER DR $1,575,000 5 4.1 DETACHD 3730
1225 OAK TER $1,600,000 5 4 DETACHD 3771
883 8th ST $1,699,000 5 4.1 DETACHD 4546
16865 GREENBRIER RD $2,595,000 5 5 DETACHD 6404
16649 MAPLE CIR $3,095,000 4 3 DETACHD 2714

Pending Sales (July 6-12, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
104 OSWEGO SMT / Grnd $195,000 1 1 943 CONDO 12
59 OSWEGO SMT / Upper $237,900 2 2 1140 CONDO 59
4626 LOWER DR / Main $239,000 2 1.1 1260 CONDO 57
82 OSWEGO SMT / Upper $239,000 2 2 1212 CONDO 14
4000 CARMAN DR #31 $245,000 3 2 993 CONDO 184
6301 ALYSSA TER $400,000 3 2.1 1546 ATTACHD 4
5881 FERNBROOK CIR $419,000 4 1 1416 DETACHD 2
76 KINGSGATE RD $434,900 2 2 1201 ATTACHD 6
121 WILBUR ST $537,500 3 2 1631 CONDO 117
6221 NOKOMIS CT $565,000 3 2 1870 DETACHD 1
19101 REDWING CT $629,000 3 2 1434 DETACHD 5
4260 CHAPMAN WAY $630,000 4 3 2301 DETACHD 16
4962 HARVARD CT $649,900 4 2.1 2522 DETACHD 24
28 WESTRIDGE DR $724,900 4 2.1 2580 DETACHD 4
1069 TIMBERLINE DR $725,000 4 3 2173 DETACHD 7
5 WESTMINSTER DR $729,900 5 3 3104 DETACHD 97
14321 CAMDEN LN $759,900 4 2.1 2553 DETACHD 3
17610 WESTVIEW DR $839,900 5 3 2924 DETACHD 2
4991 HARTFORD PL $859,950 3 3.1 3098 DETACHD 5
24 DEL PRADO ST $969,000 5 3.1 3357 DETACHD 22
5996 SUNCREEK DR $995,000 4 3 3596 DETACHD 2
3938 EDENS EDGE DR $1,199,990 4 3.1 3882 DETACHD 18
749 SOUTHVIEW RD $1,325,000 4 3.1 3123 DETACHD 36
2130 WEMBLEY PL $1,395,000 4 3.1 3651 DETACHD 442
18218 MEADOWLARK LN $1,499,000 5 6.1 8320 DETACHD 397
4660 UPPER DR $1,695,000 5 3.1 3898 DETACHD 209

Sold/Closed (July 6-12, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
9 OSWEGO SMT $180,000 $165,000 1 1 764 CONDO 181
209 OSWEGO SMT / Upper $250,000 $250,000 2 2 1383 CONDO 2
120 KINGSGATE RD $519,800 $512,000 3 2.1 1699 DETACHD 15
1032 LAUREL ST $609,900 $595,000 4 2 2426 DETACHD 109
6438 Frost ST $625,000 $610,000 4 2.1 2269 DETACHD 39
17410 WREN CT $749,900 $750,000 3 2.1 2550 DETACHD 4
173 FURNACE ST / Upper $819,900 $775,000 2 2.1 2090 CONDO 18
1338 TIMBERLINE DR $874,900 $810,000 3 3 3754 DETACHD 6
19681 PERCH CT $923,000 $820,000 4 3 3307 DETACHD 82
4360 UPPER DR $915,000 $895,000 3 2.1 2613 DETACHD 13
18483 RAY RIDGE DR $925,000 $900,000 3 2.1 3245 DETACHD 9
2575 PALISADES CREST DR $1,250,000 $975,000 4 4.1 5251 DETACHD 82
1267 MAPLE ST $1,098,000 $1,050,000 4 2.1 3388 DETACHD 56
1225 LAKE GARDEN CT $1,295,000 $1,162,500 4 3.2 3558 DETACHD 38
749 7TH ST $1,385,000 $1,350,000 4 3.1 4651 DETACHD 28
839 F AVE $1,450,000 $1,358,725 4 3.1 3780 DETACHD 109
475 IRON MOUNTAIN BLVD $1,379,000 $1,390,000 4 2.2 3254 DETACHD 2
3040 STONEBRIDGE WAY $1,590,000 $1,450,000 4 4.1 5829 DETACHD 100
17435 WREN CT $1,750,000 $1,668,000 4 3 2960 DETACHD 443
4245 WEST BAY RD $2,350,000 $2,250,000 4 3.1 2958 DETACHD 8

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.

Real Estate in a Pandemic

Having been a licensed Oregon Realtor since 1987, I kinda thought I’d seen it all, but then what do you know? A Pandemic happens. I had no idea what to expect. I think mostly I was worried. How do you sell houses in a pandemic? Well, I’ve been pleasantly surprised. The market is booming.

As I pointed out in this week’s market activity report, out of 20 closed sales last week, 6 sold OVER the asking price and 4 sold AT the asking price. That’s 50% of what sold. Then look at the fact that 13 properties went on the market and 31 went pending. That is a classic scenario of supply not meeting demand. This creates bidding and competitive buying.

In this environment, how do Realtors keep everyone safe? Everyone is paying attention. National Association of Realtors, the Oregon Association of Realtors, and my company, Oregon First, have all given pretty strict protocols. At a minimum everyone must wear masks and socially distance. The next step is to talk to our clients. Find out their concerns and what their preferences are. If a person has health issues that put them at higher risk, we can take the procedures further. This includes wearing gloves, wiping down surfaces, having the listing agent meet Realtors with their clients at the front door and give instructions that they may not touch anything. If they want to see inside a cupboard, ask and the listing agent will open the cupboard. I showed a house on Sunday in which my clients and I did not touch one single surface or knob. It went smoothly.

I am asking my clients to wear masks but then I am also providing single use plastic gloves. I put them out at the entrance to my listings and I carry them in my car for my buyers. It is one pair for each house so that we don’t cross contaminate between properties. I felt pretty lucky when I found 2000 pairs for about 40 bucks. I am prepared!

I also provide booties to cover shoes. However, I don’t make them keep the booties on going up stairs that are not carpeted. Those booties can be slippery on stairs.

What I am not doing is sharing my car with my clients or holding open houses.

I really want to assure you that Realtors are working very hard to keep everyone safe in a time when the demand for housing is so high. There may be a pandemic but it’s a great time to buy or sell a house.

As always, thanks for reading the blotter,
Dianne

Market Activity June 28-July, 2020

Our real estate market is pretty much booming right now. Out of the 20 closed sales last week, 6 sold for over the asking price and 4 sold at the asking price. That’s 50% of what sold. There is a huge demand and low inventory. Yes, it’s a great time to sell your house. In addition to the 20 closed sales, last week in Lake Oswego there were 13 new listings and 31 pending sales.

Following is the breakdown for you according to RMLS:

New on the Market (June 28-July 5, 2020)

Address Type Price BR Baths Sq Ft
16200 S Pacific Hwy #23 Condo $359,000 2 2 1208
37 Greenridge Ct Condo $399,000 2 1.5 1176
4963 Suntree Ln Detached $549,900 2 2.5 1861
12 Mozarteum Ct Detached $659,000 2 2.5 1861
1069 Timberline Dr Detached $725,000 4 3 2173
4991 Hartford Pl Detached $859,950 3 3.5 3098
44 Touchstone Detached $975,000 5 3 2507
0 Childs Ct Detached $$958,000-$988,000 3 2.5 2445
860 Skyland Dr Detached $1,320,000 4 3 3527
4150 Upper Dr Detached $1,425,000 4 3.5 3466
17322 Cedar Rd Detached $1,950,000 4 4 3432
310 Iron Mountain Blvd Detached $2,150,000 5 3.5 4927
4357 Southshore Blvd Detached $2,995,000 5 5.5 5220

Pending Sales (June 28-July 5, 2020)

Address Type Price BR Baths Sq Ft CDOM
86 Kingsgate Rd C-120 Condo $225,000 2 2 924 3
16250 Pacific Hwy #81 Condo $240,000 1 1 841 43
4061 Jefferson Pksy Attached $285,000 2 2.5 1462 105
6397 McEwan Rd Detached $439,900 3 2 1008 3
1400 Laburnum Way Detached $475,000 4 3 2106 2
17635 Deemar Way Detached $489,900 4 2 1488 201
1023 Hallinan St Detached $495,000 3 1.5 1092 4
16200 Pacific Hwy #7 Condo $495,000 2 2 1190 29
6430 McEwan Rd Detached $536,000 6 2 1595 108
44 Aquinas St Detached $550,000 4 2 1914 4
13 Grouse Terr Detached $565,000 4 2.5 2108 1
6151 Carman Dr Detached $589,700 3 2 1641 81
2745 Greentree Rd Detached $598,500 2 2 1219 0
6280 Summer Woods Detached $610,000 4 2.5 2191 112
71 Tanglewood Dr Detached $625,000 3 3 2616 18
1575 Ivy Ct Detached $640,000 4 3 2432 3
17721 Overlook Circle Detached $649,900 3 2.5 3172 231
17270 Canyon Dr Detached $674,900 4 3 2754 5
17520 Redfern Ave Detached $692,000 2 2 1776 22
521 2nd St #104 Condo $700,000 2 2 1339 4
1010 Laurel St Detached $799,900 3 3 2498 15
17867 Sundown Ct Detached $799,900 3 3.5 2763 128
830 4th St Detached $799,900 3 2 1890 0
5608 Grand Oaks Dr Detached $879,000 5 3 3129 2
2655 Dellwood Dr Detached $915,000 4 2.5 3164 7
285 Berwick Rd Detached $950,000 3 3.5 2518 111
1658 Village Park Ln Detached $1,198,000 4 3.5+.5 4634 97
540 8th St Detached $1,289,000 4 3.5 2920 2
17036 Canal Circle Detached $1,650,000 4 3.5 3931 386
18099 Green Bluff Dr Detached $1,695,000 4 3.5 5343 43
1098 Chandler Rd Detached $1,995,000 4 3.5 3934 12

Sold/Closed (June 28-July 5, 2020)

Address Type List Price Sold Price Sq Ft CDOM
4646 Lower Dr Condo $275,000 $280,000 1260 8
2101 Wembley Park Rd Detached $320,000 $459,000 3,410 2
5215 Madrona St Detached $479,900 $500,000 1325 4
6025 Kenny St Detached $489,000 $520,000 1254 2
22 Morningview Circle Detached $562,500 $546,500 3438 18
5465 Childs Rd Detached $589,900 $590,000 1487 18
34 Morningview Circle Detached $662,900 $597,325 2942 152
184 D Ave Attached $665,000 $635,000 1636 37
659 Livingood Ln Detached $639,000 $639,000 2400 0
16251 Reese Rd Detached $745,000 $743,000 2555 21
4208 Albert Circle Detached $790,000 $790,000 2777 11
14003 Chelsea Dr Detached $895,000 $895,000 3270 2
16368 Lake Forest Blvd Detached $979,000 $915,000 2750 101
950 Cedar St Detached $1,079,000 $1,025,000 3266 79
4190 chapman Way Detached $1,298,000 $1,185,000 3624 67
2445 Glenmorrie Dr Detached $1,385,000 $1,250,000 5168 98
4484 West Bay Rd Detached $1,250,000 $1,270,000 4417 53
748 6th St Detached $1,425,000 $1,425,000 2865 151
1646 Leslie Ln Detached $1,868,000 $1,720,000 4879 28
18420 Old River Landing Detached $2,890,000 $2,600,000 6164 73

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.

Market Activity ~ June 22-28, 2020

Last week in Lake Oswego there were 21 New listings, 27 properties that went into Pending status, and 14 Closed sales.  There are currently 212 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (June 22-28, 2020)

Address List Price # Beds # Baths Total SF Prop Type
104 OSWEGO SMT /Grnd $195,000 1 1 943 CONDO
3930 LAKE GROVE AVE #3A $210,800 2 1 956 CONDO
4 TOUCHSTONE #81 $224,950 3 2.1 1350 CONDO
82 OSWEGO SMT / Upper $239,000 2 2 1212 CONDO
200 BURNHAM RD #303 $257,000 2 1 1200 CONDO
4260 CHAPMAN WAY $630,000 4 3 2301 DETACHD
4403 OAKRIDGE RD $760,000 3 2.1 2052 ATTACHD
19398 RIVER RUN DR $799,900 4 3 2790 DETACHD
1953 SUMMIT DR $889,000 4 3 3312 DETACHD
14360 TRILLIUM CT $927,000 5 3 3558 DETACHD
15371 TWIN FIR RD $1,050,000 4 2.1 2876 DETACHD
2085 RIDGE POINTE DR $1,199,000 5 4.2 6575 DETACHD
17281 LOWENBERG TER $1,225,000 4 3.1 3792 DETACHD
900 FAIRWAY RD $1,295,000 5 3.1 3508 DETACHD
14480 KRUSE OAKS BLVD $1,325,000 4 3.1 4661 DETACHD
827 8TH ST $1,549,900 5 3.1 3852 DETACHD
3109 DOUGLAS CIR $1,950,000 5 4.2 4880 DETACHD
1217 Lake Front RD $2,195,000 3 2.1 2628 DETACHD
17253 KELOK RD $2,659,000 5 4.1 4429 DETACHD
757 LAKE SHORE RD $3,089,000 4 3.1 4098 DETACHD
3214 LAKEVIEW BLVD $4,500,000 4 5 5922 DETACHD

Pending Sales (June 22-28, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #2 $170,000 2 2 822 CONDO 9
4 TOUCHSTONE #71 $198,000 2 2 984 CONDO 49
44 EAGLE CREST DR #41 $224,900 2 1 908 CONDO 30
200 BURNHAM RD #304 $329,000 2 2 1305 CONDO 25
5225 JEAN RD #304 $329,500 3 2 1400 CONDO 23
4324 BOTTICELLI ST $339,000 2 2.1 2260 CONDO 89
1373 BONNIEBRAE DR $370,000 3 2 1477 ATTACHD 3
4386 THUNDER VISTA LN $399,900 2 2.1 1980 CONDO 41
111 TOUCHSTONE TER $420,000 2 2 1341 ATTACHD 16
5071 TUALATA LN $449,000 3 2 1540 DETACHD 5
16111 LINDSAY CT $558,000 3 2.1 1840 DETACHD 34
13188 VERMEER DR $589,000 3 2.1 1862 DETACHD 6
21 BECKET ST $629,900 4 2.1 3070 DETACHD 93
1100 OAK TER $635,000 4 2 1518 DETACHD 40
125 FURNACE ST #125 $799,000 2 2.1 1927 CONDO 78
17502 ERIN CT $799,900 4 3 3014 DETACHD 13
2201 OVERLOOK DR $825,000 4 2.1 3360 DETACHD 3
13751 CAMEO CT $990,000 5 4 3350 DETACHD 97
815 OAK ST $1,035,000 4 3.1 3836 DETACHD 6
14260 UPLANDS DR $1,284,000 4 3 2831 DETACHD 5
18026 SKYLAND CIR $1,399,000 5 3.1 4117 DETACHD 102
18965 Pilkington RD $1,439,000 4 3 3926 DETACHD 19
157 6TH ST $1,498,000 4 3.1 3614 DETACHD 953
17435 WREN CT $1,699,000 4 3 2960 DETACHD 443
16645 GRAEF CIR $1,825,000 4 3.2 3187 DETACHD 16
17537 CARDINAL DR $1,880,000 5 4 5383 DETACHD 137
3124 LAKEVIEW BLVD $2,950,000 5 4 3825 DETACHD 16

Sold/Closed (June 22-28, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
3918 CARMAN DR $299,900 $298,150 2 2.1 1107 CONDO 77
200 BURNHAM RD #205 $320,000 $310,000 2 2 1305 CONDO 10
16675 BONAIRE AVE $450,000 $450,000 3 1 1020 DETACHD 40
59 TOUCHSTONE $450,000 $527,000 4 3 2924 DETACHD 4
16229 Lake Forest BLVD $549,900 $535,000 4 3 2094 DETACHD 26
19026 ARROWWOOD AVE $572,000 $578,900 3 2 1850 DETACHD 3
3 GARIBALDI ST $749,900 $675,000 3 3 3137 DETACHD 153
1771 CAMPUS WAY $668,000 $678,000 3 3 3247 DETACHD 3
6351 BURMA RD $829,000 $820,000 4 4 3500 DETACHD 196
5364 LANGFORD LN $869,000 $869,000 4 2.1 3022 DETACHD 25
5680 LA MESA CT $975,000 $975,000 5 3.1 3405 DETACHD 3
1 DOVER WAY $975,000 $1,075,000 4 3 3559 DETACHD 1
671 5TH ST $1,285,000 $1,280,000 4 2.1 2781 DETACHD 20
16895 CHAPIN WAY $1,495,000 $1,300,000 4 3.2 5182 DETACHD 304

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.

Happy 4th Of July - Enjoy Your Weekend!

Posted by Oregon First on Saturday, July 4, 2020