Market Activity for January 10-16, 2011

The market activity for Lake Oswego last week was really, really interesting. The last time I did this report, two weeks ago, it reflected the sales for the 2-week holiday period. What caught my eye at that time were that a pretty solid number of houses had sold in the midst of the holidays. Then this last we we had 14 houses go pending, but only 4 new listings come onto the market. That is a huge change from what we have been seeing for some time. Three times more houses went pending last week than came onto the market. If this continues it will shrink the inventory and stabilize prices. It us way too soon to call it any kind of a trend, but it makes me eager to see if it continues.

Along with 4 new listings and 14 pending sales, we had 4 closed transactions.

I also have several observations:
—At my open house on Sunday I had 9 showings. I am happy if I get 2 or 3. And these were not neighbors. I always chat with people to see what their situation is. 8 of the 9 were buyers currently in the market and looking for a home.
—Combine that with the fact that of the 14 pending sales in our report below, 11 are listed at $303,000 or less. What I sense is that the low end of the market is taking off. There has been lots of media chatter about the possibility that the National market has hit bottom. I think people are listening and feeling like the time to buy is now: certainly in the lower end houses.
—Condos are selling well as part of that lower-end inventory. The condos at Oswego Terraces that have been for sale since 2007, languishing in this economy, have had drastic price reductions and that is making them move. Of the 14 pending sales, 3 are in this complex. That has been true for a couple of weeks now. The condos are now priced at a point where buyers like what they see.

See below for further details according to RMLS:

NEWLY LISTED (Jan 10-16, 2011)

Address Price Type BR Bath Sq Feet
200 Burnham Rd #102 $149,000 Condo 1 1 820
18523 Hallberg Ct $234,900 Detached 3 1.5 1307
6025 Carmen Dr $249,950 Detached 3 1.5 1346
18084 Westminster Dr $769,900 Detached 5 3.5 5020

PENDING SALES (Jan 10-16, 2011)

Address Price Type BR Bath Sq. Feet CDOM
16250 Pacific Hwy #63 $99,000 Condo 2 2 1311 1206
16250 Pacific Hwy #77 $110,000 Condo 2 2 1327 1208
200 Burnham Rd #202 $119,000 Condo 2 2 1314 1205
12511 Boones Ferry Rd $159,000 Detached 3 2 1625 137
3854 Botticelli St $185,000 Condo 2 1.5 1132 151
5670 Kenny St $189,000 Detached 3 2 936 139
44 Oriole Ln $220,000 Detached 3 2.5 224 105
240 4th St $269,150 Detached 2 1.5 1080 49
4281 Chapman Way $285,000 Detached 3 2.5 2010 81
17614 Schalit Way $303,900 Detached 3 2 1561 32
18006 Gimley Ct $549,900 Detached 5 4 3225 201
1579 Bay View Ln $639,000 Detached 4 3 4865 33
2607 Palisades Crest Dr $760,000 Detached 4 4.5 5650 244

SOLD (Jan 10-16, 2011)

Address Orig. Price Sold Price type Sq. Feet CDOM
74 Greenridge Ct $289,900 $248,350 Attached 2868 92
16942 Cherry Crest Dr $410,000 $400,000 Detached 2363 11
13888 Shireva Dr $519,900 $430,000 Detached 3756 166
548 Ridgeway Rd $650,000 $650,000 Detached 2830 443

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

Please follow and like us:

Leave a Reply

Your email address will not be published.