October Numbers- Portland Real Estate Stats + LO

This is our monthly look at the overall Portland area and neighborhoods including Lake Oswego broken out below:

Overview/Fluctuations ~ October Market Data: It’s fascinating to me as I take a look at this enigmatic market. Assessing neighborhoods (or areas of Portland) is of more interest to me than “overall” numbers as I can see closer to the ground that way. I added a couple columns so that we can look at the previous month/September vs October as that is where we can truly gauge the ultra-current local shifts. As much as I hear speculations about Buyer abstinence & power shifts in the market, I see that Inventory is up, and prices are not really doing anything dramatic. Some neighborhoods actually saw price increases in October over September, and the Median prices holding show that when push comes to shove, the price ranges people had in mind in Sept held firm in October. This surprises me a little, and/but is heartening in the sense that it may indicate: folks are moving ahead w/life plans regardless, prices have stabilized, and perhaps an & an understanding that rates are temporary/there are options to change them down the road a bit.

Rates: “Inflation is showing signs of peaking which is good news for mortgage rates. 30-year fixed rates are in the mid 6’s right now.” Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-Oct 2022:

  • There were 2,513 New Listings in Oct 2022 down 22.2% from 3,232 in Oct 2021 and down 20.2% from the previous month/Sept’s 3,151.
  • At 1,955 Oct 2022’s Closed Sales (Solds) are down 37.5% from Oct 2021’s 3,129, and down 12.6% from the previous month/Sept 2022’s total of 2,237.
  • At 1,835 Oct 2022’s Pending Sales (accepted Offers) are down 42.4% from Oct 2021’s 3,187, and also down 8.4% from the previous month/Sept’s total of 2,003.
  • The Average Sale Price in October 2022 of, $592,000 is up $16,800 from last year/Oct 2021’s $575,200, and down $6,700 from the previous month/Sept’s $598,700.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in October 2022 of $537,000 is up $21,000 over last year/Oct 2021’s $516,000, and down $11,000 from the previous month’s $548,000.

LAKE OSWEGO (October 2022):

177 Active Listings (Sep 208)
101 New Listings  (Sep 143)
93 Pending Sales (Sep 102)
96 Closed Sales  (Sep 104)
Average Sale Price for Aug: $933,800 (Sep $959,100)
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.
38 Days on the Market   (Sep 37)

Market Activity Oct 24-30, 2022

Once again, I feel that the market is balance. I say this when the number of new listings, pending sales, and closed sales are very close.

Last week in Lake Oswego there were 10 new listings, two of which sold quickly and moved to pending status. There were 13 pending sales and 9 closed sales.

See below for details of RMLS data.

New on the Market Oct 24-30, 2022

AddressTypePriceBedroomsBathsSq Feet
86 Kingsgate Rd B101Condo$340,00022938
236 Ridgeway Rd 16ACondo$360,00021914
5062 Foothills Dr HCondo$459,900321252
1612 Lake Front RdDetached$950,000321831
2350 Southshore BlvdDetached$996,00032.52236
141 Furnace StCondo$1,750,00022.52249
1745 Mapleleaf RdDetached$1,800,00053.53661
1836 Highlands LoopDetached$2,695,00044.5+.55494

Pending Sales Oct 24-30, 2022

AddressTypePriceBedroomsBathsSq FeetDOM
86 Cervantes Cir 10-BCondo$235,00021.5+.591230
15235 Boones WayAttached$624,9003216865
12 Walking Woods DrDetached$749,9503322242
17608 Sydni CtAttached$775,00042.52466126
18706 Bryant RdDetached$789,90032.524896
14400 Trillium CtDetached$839,00042.531934
17810 Kelok RdDetached$845,0003215579
314 2nd StCondo$850,00033.518149
4051 Virginia WayDetached$999,0004219037
5550 Jean RdDetached$1,499,00044.53001107
853 E AveDetached$1,850,00033.5283922
17312 Bergis Farm DrDetached$1,920,00044.5+.548040
1625 Cloverleaf RdDetached$2,199,00044385367

Closed/Sold Oct 24-30, 2022

AddressTypeList PriceSold PriceSq FeetCDOM
48 Eagle Crest Dr 2ACondo$169,000$215,00016235
4724 Lamont CtDetached$649,000$633,00016986
27 Partridge LnDetached$699,000$680,000231715
17721 Overlook CirDetached$890,000$815,000317271
4704 Cambridge CtAttached$985,000$1,008,00028565
4360 West Bay RdDetached$1,185,000$1,175,000263632
3763 Tempest DrDetached$1,395,000$1,300,000289573
14383 Fosberg RdDetached$2,250,000$1,799,0004543152
15784 Twin Fir RdDetached$2,200,000$2,194,000347120

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.

Vote in Lake Oswego!

Well, it’s that time again! In Oregon we enjoy a time-tested voting system including mailed ballots, email notifications/tracking and convenient dropboxes located in most neighborhoods. Lake Oswego’s Drop Box locations are:

– City Hall, 380 A Avenue – located on the upper parking lot near the main (A Avenue) entrance. 

– Westlake Park, 14165 Bunick Drive – located south of the covered park area on the lane that connects to Melrose Street. These boxes are secure, available 24/7 & will remain open till 8PM on Election Day, Tues Nov 8th.

Happy voting everyone!

Market Activity Sept 12-18, 2022

Last week in Lake Oswego there were 14 new listings, 4 of which sold quickly and are represented in this report as pending sales. There were 24 properties that moved to pending status and 14 sold/closed homes.

See below for RMLS details.

New on the Market Sept 12-18, 2022

AddressTypePriceBedroomsBathsSquare Feet
900 Cornell StDetached$495,00031.51300
103 Kingsgate RdDetached$625,00032.51352
27 Partridge LnDetached$699,000322317
918 Lake Front RdDetached$700,00021921
4793 Auburn LnAttached$750,00032.52083
17944 Tualata AveDetached$995,000432325
19125 Olson AveDetached$1,125,00042.53828
1 Juarez StDetached$1,245,00032.53388
17228 Blue Heron RdDetached$1,829,00042.5+.54236
13800 Goodall Rd Lot 1Detached$4,350,00056.15642
13770 Goodall Rd Lot 2Detached$4,395,00054.15933

Pending Sept 12-18, 2022

AddressTypePriceBedroomsBathsSquare FeetDOM
4 Touchstone #95Condo$219,900229848
4 Touchstone #77Condo$240,00032.5135151
4463 Thunder Vista LnCondo$438,00022.517412
113 Touchstone TerrAttached$510,00032.521043
1272 Hide A Way CtDetached$549,0004218163
15450 Stephanie CtAttached$565,00032.5166266
5850 Kenny StDetached$589,0002211726
66 Weatherstone #35Condo$599,90043.5246520
8 Mountain CircleAttached$629,0003213165
1130 Hallinan CtDetached$650,0003214634
18040 Belmore AveDetached$674,90032207737
32 Independence AveDetached$740,00043.134205
18 Partridge LnDetached$780,00043314517
2050 Southshore BlvdDetached$780,00032.5162910
67 Tanglewood DrDetached$799,90042.5314956
490 Boca Ratan DrDetached$824,90032210863
18591 Waxwing WayDetached$875,00032.5214532
2050 Wembley Park RdDetached$1,099,5004218685
19125 Olson AveDetached$1,125,0004238283
2777 Glen Haven RdDetached$1,159,00032.52560102
13504 Streamside DrDetached$1,279,00042.5348631
1625 Cloverleaf RdDetached$2,375,00044385331
864 6th StDetached$2,998,00054.55266124
16561 Maple CircleDetached$3,800,00043.5335630

Sold/Closed Sept. 12-18, 2022

AddressTypeList PriceSold PriceSquare FeetDOM
45 Oswego SummitCondo$240,000$245,0007644
168 Oswego SummitCondo$330,000$315,000138329
4300 Botticelli StAttached$399,900$374,900172142
200 Burnham Rd #103Condo$419,500$419,00076516
4 WeatherstoneDetached$535,000$480,000169241
4266 Woodside CircleDetached$549,900$502,00019448
18690 Wood Duck WayDetached$775,000$775,00018950
5272 Tree StDetached$799,900$810,00019484
5557 Langford LnDetached$839,000$844,500153915
1202 Spruce StDetached$850,000$850,00017063
63 TouchstoneDetached$925,000$885,000308821
1571 HIghland DrDetached$989,000$980,00030003
2600 Dellwood DrDetached$1,600,000$1,525,0003690314
17226 Chapin jWayDetached$2,600,000$2,750,00049301

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 Realtor Code of Ethics

“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of civilization.” These are the lofty words that open the Preamble of the Realtor Code of Ethics.

I have written about this topic before, but it was many years ago. It’s something I hold very dear and thought it would be a good time to revisit the information.

In 1908, when the National Association of Realtors was founded, real estate was very much the wild, wild West. Unregulated and without licensing requirements, there was a good deal of fraud and a ripe environment for con artists and Naredo wells. Edward Halsey, a chairperson in the NAR in 1908 said “We propose, if we can, to wipe out the riffraff that brings this business into disrepute.”

The Code of Ethics was first written in 1913. It is a living document that is changed and revised as times change. Along with the Preamble, it consists of 4 sections that also include Duties to Clients and Customers, Duties to the Public, and Duties to other Realtors. If I could sum it up simply, it requires that all Realtors be fair and honest in our dealings with all parties to a transaction.

I am really proud of the Code of Ethics. It truly does set a higher standard for my industry. All Realtors are required to take Code of Ethics training every two years. It is at the forefront of how I run by business and how I expect other Realtors to interact with myself and my clients.

Please know that when you are working with a Realtor, you are working with a professional bound to a higher standard.

Market Activity ~ July 25-31, 2022

Last week Lake Oswego saw 17 properties enter the market, 16 move to Pending status and 13 Sold/Closed. Right now there are 126 properties ranging from $188,000 to $11.5 Mil.

Here is the breakdown:

NEW July 25-31, 2022

AddressList PriceBedsBathsSFProp Type
5055 FOOTHILLS DR #79$429,900321252CONDO
5788 SW LANGFORD LN$650,000221598DETACHD
13371 PETERS RD$775,00032.12295DETACHD
18690 WOOD DUCK WAY$775,000321895DETACHD
439 LIVINGOOD LN$814,00032.12540DETACHD
17721 OVERLOOK CIR$890,00042.13172DETACHD
39 TANGLEWOOD DR$899,000433167DETACHD
2711 Greentree RD$969,900433241DETACHD
346 LAKE BAY CT$1,075,00042.11900DETACHD
18010 GIMLEY CT$1,200,00053.13652DETACHD
165 FURNACE ST, Grnd$1,299,99922.12023CONDO
4360 WEST BAY RD$1,300,000432636DETACHD
17291 CEDAR RD$1,650,00054.12872DETACHD
15791 TWIN FIR RD$2,095,00043.14035DETACHD
1131 NORTHSHORE RD$2,100,000433850DETACHD
162 BERWICK RD$3,295,00044.14657DETACHD
13151 THOMA RD$4,500,00055.15461DETACHD

PENDING July 25-31, 2022

AddressList PriceBedsBathsSFProp TypeDays
61 CHURCH ST$240,00021.11040ATTACHD3
3822 BOTTICELLI ST$344,900321171CONDO5
289 CERVANTES$563,00032.11406ATTACHD4
4268 WOODSIDE CIR$589,900421944ATTACHD33
16532 SW Mellon AVE$625,00041.11760DETACHD5
18690 WOOD DUCK WAY$775,000321895DETACHD0
16875 FERNWOOD DR$780,000422460DETACHD28
12562 SW ORCHARD HILL RD$937,00042.12574DETACHD5
2777 GLEN HAVEN RD$1,200,00032.12560DETACHD52
11 DA VINCI ST$1,295,00053.13770DETACHD46
14383 FOSBERG RD$1,995,00043.14543DETACHD79
15868 PARKER RD$2,100,00053.13679DETACHD33
1131 NORTHSHORE RD$2,100,000433850DETACHD2
1250 SW Englewood DR$2,499,00033.15097DETACHD11
4929 Park Bluff PL$2,600,00043.14067DETACHD
2493 SOUTHSHORE BLVD$3,200,00065.17561DETACHD292

SOLD July 25-31, 2022

AddressOpeningClosedBedsBathsSFProp TypeDays
12868 BOONES FERRY RD$495,000$500,00022.11136CONDO18
885 MCVEY AVE$569,000$570,000311341DETACHD19
1561 WOODLAND TER$825,000$790,00032.12184DETACHD16
13160 PRINCETON CT$949,000$825,00042.13252DETACHD42
4965 MULHOLLAND DR$775,000$827,50022.12468ATTACHD2
1841 CLOVERLEAF RD$825,000$832,000532190DETACHD5
29 DEL PRADO ST$1,050,000$1,044,000423037DETACHD12
2964 OVERLOOK DR$1,200,000$1,060,00052.13731DETACHD30
7 SCARBOROUGH DR$1,150,000$1,250,00042.13314DETACHD1
1025 SCHUKART LN$2,050,000$1,795,000434233DETACHD44
3001 WESTVIEW CT$1,850,000$1,805,00043.14317DETACHD26
697 LAKE BAY CT$2,595,000$2,150,00044.13715DETACHD37
720 6TH ST$2,300,000$2,200,00043.14601DETACHD11
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 (***We’ve used “Days” in each category for ease of understanding) .

Market Activity July 4-10, 2022

Doing the market activity report for last week makes me feel like the market is very balanced. The volume of sales is very much like it was the last time that I did this report with nearly identical volumes of new listings, pending sales, and closed sales. This is a good environment for both buying and selling.

Last week in Lake Oswego there were 18 new listing that includes four that went into pending status that same week. There were 16 pending sales and 16 closed sales. As I said, very balanced.

See below for RMLS data.

New on the Market July 4-10, 2022

AddressTypePriceBRBathSq Feet
47 Eagle Crest Dr #53Condo$299,000311024
3652 Spring LnCondo$369,000221117
4 WheatherstoneCondo$535,00032.51692
15450 Stephanie CtAttached$580,00032.51662
15 Masaryk StDetached$675,000433864
5757 Washington CtDetached$695,00041.51508
5 Partridge LnDetached$799,00032.52794
1765 Conifer DrDetached$785,000422335
18100 Bryant RdDetached$990,00031.51425
16 El Greco StDetached$1,035,00042.52696
1775 Overlook LnDetached$1,100,00042.53198
1455 Nelson CtDetached$1,149,00042.52210
12943 SW Elk Rock RdDetached$2,095,00053.53537
15800 Oswego Shore CtDetached$2,495,00043.53995

Pending Sales July 4-10, 2022

AddressTypePriceBRBathsSq FtCDOM
4 Touchstone Dr #150Condo$237,00022984152
44 Eagle Crest DrCondo$299,0003210851
4000 Carman Dr #35Condo$300,000228695
1444 Laurel StDetached$515,000219001
4363 Woodside CircleAttached$581,95032153263
4268 Woodside CircleAttached$589,90042194417
16300 Reese RdDetached$675,0002221008
2736 SW Orchard Hill PlDetached$749,00032.525564
700 Livingood LnDetached$799,95042.526929
23 Da Vinci StDetached$839,90032.520633
4973 Sierra Vista DrDetached$998,90042.528102
17865 Sarah Hill LnDetached$1,099,95042.5287172
1839 Palisades Lake CtDetached$1,500,00043.5457021
688 6th StDetached$1,995,50042.5293927
5455 Childs RdDetached$2,195,00043.5387028
4973 Parkhill StDetached$925,00043223023

Sold/Closed July 4-10, 2022

AddressTypeList PriceSold PriceSq FeetDOM
668 McVey Ave #77Condo$275,000$281,0004854
4 Touchstone #124Condo$245,000$320,000135145
1700 Yarmouth CircleDetached$725,000$712,25014777
1797 Fern PlDetached$714,900$730,000172723
639 1st StAttached$749,900$749,9001,3919
5339 Amberwood CtDetached$613,645$913,64529430
5499 Royal Oaks DrDetached$786,000$950,00018173
659 Livingood LnDetached$899,000$952,50726929
10 Morningview LnDetached$1,049,900$1,049,900384811
17953 Saint Clair DrDetached$1,299,900$1,225,000543821
927 Oak StDetached$1,330,000$1,400,00028642
4015 Canal Woods CtDetached$1,295,000$1,450,00037215
1281 Tyndall CtDetached$1,674,000$1,717,00040493
642 8th StDetached$1,995,000$1,995,00032933
3015 Wembley Park RdDetached$3,500,000$3,000,000521150
1475 Chandler RdDetached$3,495,000$3,450,00048633

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.

Celebrate

As we celebrate Independence Day, and give thanks for all of the things we love about living in a free society and our beloved community, Dianne and I wish each of you a very happy day with friends and family. Thank you for being here at the Property Blotter with us. May your real estate dreams (and the rest of them!) come true~