Market Activity ~ June 8-14, 2015

I’m noticing a lot of the homes that have been on the market awhile are moving now. You’ll notice CDOM (Cumulative Days on Market) numbers below in Pendings and Solds such as 628, 343, 497, 243, 328, 247, 541, 582…  In 100% of these cases, the price has dropped, and significantly. In our outline below, in the “Solds”, for instance, the “Opening Price” is the price at which the latest iteration of the Listing opened. One of these shows an increase, whereas the actual price drop from where the listing originally started was $279,000.  Anyway, the takeaway here is to aim to price your home right at the start as close as possible to what the market shows it will bear… even if its tempting to go higher. You’ll be better off in the long run… and the process will be much shorter : )   ***This is in no way a criticism of the individual homes below or the people involved… (there are always individual circunstances not reflected here) but rather, just an observation & some thoughts based on the historical data as presented by RMLS, and my thoughts on general best practice.

Another thing I thought to be interesting is the number of what I call “Refreshed” Listings.  I regularly go through the “New” Properties and weed out those that have been refreshed/given a new Listing Number (we Realtors often do this to help boost the marketing for a home a little bit), or that have been off the market less than 30 days. This helps me feel confident that our Property Blotter readers are really getting the scoop on actual “New” properties entering the market.  Out of the 24 Properties listed as “New” this week, a full 9 of those were “Refreshed” Listings (thus, the only 15 listed for you below as really New).      Here is some interesting info I put together from a week’s data snapshot as I was looking to see if there are any trends for the Properties that end up being Refreshed:

Prev. DOM Asking Price Drop from Original
128
88 $40,000
192 $74,000
36 $73,000
109 $29,950
84 $20,400
662 $71,000
108 $5,000
22

Last week in Lake Oswego we saw 15 New properties enter the market, 25 move to Pending status, and 23 “Closed”/Sold.

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (June 8-14, 2015)

Address List Price # Beds # Baths Total SF Prop Type
100 KERR PKWY #42 $100,000 2 1.1 822 CONDO
100 KERR PKWY #35 $109,900 1 1 617 CONDO
4433 THUNDER VISTA LN $274,900 2 2.1 1980 CONDO
4965 SUNTREE LN $399,900 3 2.1 1572 DETACHD
16946 LOWER MEADOWS DR $450,000 3 2.1 1795 DETACHD
1559 WORTHINGTON ST $459,900 4 2 2016 DETACHD
5045 GREENSBOROUGH CT $579,900 4 2.1 2107 DETACHD
17721 OVERLOOK CIR $599,900 4 2.1 3172 DETACHD
16750 PHANTOM BLUFF CT $614,500 3 3 2267 DETACHD
18034 WESTVIEW DR $725,000 4 2.1 3562 DETACHD
3232 WEMBLEY PARK RD $749,900 4 3.1 2805 DETACHD
251 D AVE $849,000 4 2.2 2635 DETACHD
2024 PALISADES TERRACE DR $975,000 4 3.1 4819 DETACHD
990 TERRACE DR $1,075,000 4 2.1 3740 DETACHD
706 5TH ST $1,099,900 4 2.1 2730 DETACHD

PENDING SALES (June 8-14, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4626 LOWER DR #Main $132,000 2 1.1 1260 CONDO 22
47 EAGLE CREST DR #18 $136,950 2 1 932 CONDO 5
208 OSWEGO SMT #Upper $169,900 2 2 1383 CONDO 4
1790 CONIFER DR $325,000 2 1 1003 DETACHD 15
5547 WASHINGTON CT $349,900 4 2 1300 DETACHD 24
6461 SW EDGEWOOD ST $384,900 4 2.1 1950 DETACHD 72
6352 SW DAWN ST $389,000 3 2 1684 DETACHD 3
14383 HOLLY SPRINGS RD $437,990 5 3 2238 DETACHD 82
1448 CEDAR ST $440,000 4 3 2544 DETACHD 628
18581 WAXWING WAY $469,000 4 2.1 2076 DETACHD 24
15941 INVERURIE RD $495,000 4 2 2611 DETACHD 14
17902 MEADOWLARK LN $514,900 3 2.1 1950 DETACHD 38
27 BECKET ST $549,000 3 2 2724 DETACHD 106
2251 SUMMIT DR $599,000 5 3 2676 DETACHD 118
760 TIMBERLINE DR $599,900 4 3 3058 DETACHD 12
4141 BIRDBILL CT $675,000 5 2.1 2912 DETACHD 8
1770 HEADLEE LN $699,000 2 3 2434 DETACHD 112
5728 BAY CREEK DR $799,000 5 2.1 3504 DETACHD 5
5590 KODERRA AVE $828,800 4 2.1 3289 DETACHD 10
1917 PALISADES LAKE CT $899,000 4 2.1 3852 DETACHD 343
50 BRIARWOOD RD $949,000 6 6 6000 DETACHD 497
4579 UPPER DR $1,198,000 4 3.1 3720 DETACHD 20
1539 LAKE FRONT RD $1,200,000 4 3.1 3385 DETACHD 243
1135 LAKE FRONT RD $2,150,000 4 4 4245 DETACHD 113
1199 FAIRWAY RD $2,799,000 4 4.2 5527 DETACHD 328

SOLD  (June 8-14, 2015)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
47 Eagle Crest DR #43 $124,900.0 $115,000.0 2 1 932 CONDO 25
4630 LOWER DR #Lower $137,000.0 $131,500.0 2 1.1 1260 CONDO 5
4000 CARMAN DR #G101 $149,900.0 $152,000.0 2 2 869 CONDO 12
4 TOUCHSTONE #78 $160,000.0 $166,000.0 3 2.1 1351 CONDO 151
5860 LAKEVIEW BLVD $289,900.0 $289,900.0 2 1.1 1435 DETACHD 14
6288 SEVILLE AVE $295,000.0 $302,500.0 3 2 1470 DETACHD 3
1422 ASH ST $337,500.0 $340,000.0 4 3 2583 DETACHD 137
13985 SUNDELEAF DR $359,990.0 $352,000.0 3 2 1278 DETACHD 23
4283 WOODSIDE CIR $359,900.0 $359,900.0 4 2 2032 ATTACHD 10
3101 WEMBLEY PARK RD $319,000.0 $375,000.0 2 1 858 DETACHD 3
17390 CARDINAL DR $425,000.0 $425,000.0 3 2 1585 DETACHD 2
19 MONTICELLO DR $479,900.0 $450,500.0 6 3 3678 DETACHD 27
18530 BRYANT RD $514,995.0 $521,125.0 3 2.1 2400 DETACHD 14
14309 MEADOW GRASS ST $599,999.0 $610,000.0 4 2.1 2620 DETACHD 1
221 6TH ST $625,000.0 $619,250.0 3 2 1508 DETACHD 14
15 NANSEN SMT $685,000.0 $647,100.0 3 2.1 3098 DETACHD 17
1210 WELLS ST $719,000.0 $656,000.0 6 3.1 4464 DETACHD 247
3180 WESTVIEW CT $875,000.0 $840,000.0 5 3.1 4216 DETACHD 14
15195 LILY BAY CT $898,000.0 $850,000.0 4 2.1 4099 DETACHD 66
17970 ROYCE WAY $1,125,000.0 $1,000,000.0 5 4.1 5355 DETACHD 34
1850 ATHERTON DR $1,179,000.0 $1,125,000.0 3 2.1 4825 DETACHD 581
2410 SUMMIT CT $1,595,000.0 $1,550,000.0 3 3.1 3750 DETACHD 0
1495 OAK TER $1,995,000.0 $2,000,000.0 4 4 3983 DETACHD 542

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.

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