Jan 2024 – Stats for Portland Area + LO

Here is your breakdown from the previous month/January for Portland and surrounding areas including LO broken out at the bottom. ***Be sure to check out the Neighborhood Report which categorizes down into smaller pieces.

Overview/Fluctuations ~ January 2024 Market Data: 

The big stories are that the Portland Metro area saw a jump in overall inventory, and New Listings shot up over last month by 89.2%.  Neither of these things is unusual as we move past the dividing line into the New Year, and/but there is a general feeling that this is just the beginning of a new trend. We’ll have to see what the numbers are for Feb once they’re available.  We also see downward motion on the overall sale price numbers from December… That is not necessarily unusual either because the end of the year is a notorious time for people to want to negotiate aggressively for various reasons.

Lake Oswego sale price average can vary widely from month to month affected greatly by the sale of one or several high dollar or low dollar properties that tend to skew the real meaning of following that particular stat in LO.

Rates: “Rates have stabilized in the low to mid 6% range. I don’t anticipate major movement in the next few weeks”         Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area January 2024:

  • There were 1,941 New Listings in January which is up 0.2% from 1,938 in Jan 2023 and a whopping 89.2% from the 1,026 in the previous month/December.
  • At 1,120 Jan 2024’s Closed Sales (Solds) are up 2.9% from Jan 2023’s 1,088, and down 15.8% from the previous month’s total of 1,330.
  • At 1,492 Jan 2023’s Pending Sales (Accepted Offers) are down 15.8% from Jan 2023’s 1,771, and up 14.0% from the previous month/December’s total of 1,309.
  • The Average Sale Price for Jan 2024 of, $564,600 is up$31,700. from last year/Jan 2023’s $532,900, and is down $22,200 from the p­­revious month/Dec’s $586,800. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Jan 2024 of $505,000 is up $15,500 from Jan 2023’s $489,500, & down $20,000 from Dec’s $525,000

NEIGHBORHOODS:

LAKE OSWEGO: (Month of Jan ’24)

167 Active Listings (Dec 171)
96 New Listings  (Dec 45)
69 Pending Sales (Dec 46)
44 Closed Sales  (Dec 60
Average Sale Price for Dec: $883,600 (Dec $1,095,500)
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.
89 Days on the Market   (Dec 71)

The data listed above is as reported by the Regional Multiple Listing Service (RMLS)

Metro Area Snapshot

I had to share this graphic. Look at the Portland Metro area. There are only 3 parts of the community that did not loose value in the last year: Tigard/Wilsonville and Lake Oswego/West Linn. And appreciation in LO/WL has been a healthy 5.9%. You should feel very good about choosing Lake Oswego as a place to live or to aspire to live. Not only is it a terrific community, but it’s a great investment.

Happy New Year 2024!

Linda and I want to wish you and yours a very Happy New Year filled with success, health, happiness, and everything you are striving for in the months ahead.

Peace and Joy to You and Yours

On this Christmas Day, Dianne and I wish you and your loved ones a holiday filled with all the cozy things you associate with this time of year. In this big world, we are grateful for so many things, and we wish you more of exactly what fills your home with Joy. Happy Holidays and Merry Christmas to you!  

Real Estate at the Holidays

Many Realtors plan cruises and vacation trips at this time of year. Very early on in my real estate career, my Principal Broker handed me a tenet …an affirmation of sorts that I adopted as my own long ago when she said ~ “I am always busy in December.” And so it is.

Life goes on and people always have reasons to pursue changing their living environment no matter what time of year it is. You’ll often hear: “Wait till the spring” and the like. That may or may not be good advice when really looking at the individual’s situation and needs. I thought it might be useful to point out a few things about Real Estate at this time of year~

There are so many “extra” distractions right about now… gift-hunting, party-planning, wrapping, festive food-planning & preparation, school break planning for the kids…not to mention that it is often raining and cold and sometimes snowing. People who are looking for a home at this time of year are serious Buyers. So, as a homeowner who has a reason to make a life-change that involves selling your home right about now, the people coming through your home are not “just looking”. It’s a good thing to narrow/concentrate the Buyer-pool this way! Dianne also often points out that selling your property during the holidays allows you to really create those warm notes that often attract Buyers to a “home” rather than just a house~ Lights in the windows, festive decorations inside & out, and maybe even the smell of cookies authentically in the air. And from the other side of the equation~ Buyers, at this time of year may find they encounter Sellers who are more amenable to taking care of necessary safety/functional repair items and the tone is often more friendly with the goal of working toward mutual-benefit surrounding the transaction. ***So, generally, timing is usually some kind of factor for both the Buyer and the Seller right now which tends to create a cooperative mindset.

I thought it might be important for *someone* reading this to take note of these things should you find yourself in the midst of some life change nudging you to take action. As always, Dianne and I are here for you should this ever be the case.

Happy Holidays!

Market Activity ~ Nov 20-26, 2023

Last week Lake Oswego had 7 properties entering the market, 8 moving to Pending status and 7 that Closed/Sold. Right now there are 120 properties available ranging from $250/,000 to $11,500,000.

Here is the breakdown according to RMLS:

NEW Nov 20-26, 2023

AddressList PriceBedsBathsSFProp Type
4 TOUCHSTONE #128$250,000$32.11350CONDO
11 OSWEGO #11$332,800$221241CONDO
1724 OAK ST$870,000$322689DETACHD
18521 WAXWING CIR$1,250,000$42.12936DETACHD
4355 HAVEN ST$1,999,900$44.13211DETACHD
17132 LOWENBERG TER$2,100,000$44.23322DETACHD
4745 DOGWOOD DRAUCTION$443920DETACHD

PENDING Nov 20-26, 2023

AddressList PriceBedsBathsSFProp TypeDays
45 EAGLE CREST DR #402$219,900$11768CONDO71
86 KINGSGATE RD / Upper$298,000$22849CONDO100
141 TOUCHSTONE CT$589,000$32.12066ATTACHD90
16240 PARKER RD$679,000$321454DETACHD269
13990 SHIREVA CT$789,000$321702DETACHD19
369 5TH ST$825,000$211552DETACHD4
6050 CHILDS RD$900,000$31.12129DETACHD17
18368 TAMAWAY DR$1,150,000$433741DETACHD40

SOLD Nov 20-26, 2023

AddressOpeningClosedBedsBathsSFProp TypeDays
51 GREENRIDGE CT$475,000$453,457$221348ATTACHD30
12884 BOONES FERRY RD$475,000$472,500$22.11210CONDO3
12802 BOONES FERRY RD$479,900$479,900$32.11182CONDO87
1228 CEDAR ST$625,000$610,000$321302DETACHD95
34 CHURCHILL DOWNS$824,000$725,000$432080DETACHD56
3460 LAKE GROVE AVE$1,498,000$1,450,000$321673DETACHD49
2275 GLEN HAVEN RD$2,349,900$2,234,900$444109DETACHD2
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) .

This Week in Lake Oswego

Here are my picks for what to do in Lake Oswego this week!

Mon, Nov 6 , 2023 – Storyline Recording- Listen to short stories, book excerpts and poetry on demand, – INFO: CLICK HERE

Tues, Nov 7, 2023 – 2:30-4:30 PM – Slow Jam ~ Come & enjoy playing music with others! Bring your instrument and make some musical friends.. – ACC, 505 G Avenue Lake Oswego More Info: CLICK HERE

Wed, Nov 8, 2023 – 6:00 PM Historic Resources Advisory Board ~  Review the Historic Preservation Grant from Lakewood Neighborhood, Revisions to the Historic Preservation Code, Parks Plan & More ~ Lake Oswego City Hall, 380 A Avenue ~ More Info :  CLICK HERE

Thurs, Nov 9, 2023 – 6:00 PMTeen Advisory Board! ~Be a part of planning programs including book groups, movie nights and more! ~ Lake Oswego Library, Lower Level, 706 Fourth St. – More Info:  CLICK HERE

Fri, Nov 10, 2023 – 2:00-4:00 PM –Family Movie Matinee~ Start your long weekend with a movie on a rainy day at cozy Children’s Library. Featuring “Super”. ~ Lake Oswego Public Library, 706 Fourth St ~ More Info: CLICK HERE

Where Did the Lake Go?

If you have driven anywhere near the lake in the last week or so you can not have helped but notice that the water level is down significantly. So what’s up?

Every 3 years the water level for the lake is dropped about 10 feet. This allows people who live on the lake to repair their sea walls, boat houses, and docks. It also allows maintenance to be done for the sewer lines that run along the bottom of the lake. This year a large section in Blue Heron canal is being almost completely replaced.

The drawdown starts in mid October and ends in early December. Then the lake is refilled by rainfall through the winter.

I will also say that, from my experience, it does and nice job of cleaning up the water quality. The lake is prone to grasses and algae and that sort of thing. The summer after a drawdown, swimming in the lake is much nicer than it is the summer before a drawdown.

So it’s all good. The lake will be full in time for the nice spring weather.

I hope you have found this information useful.

Dianne

Portland Metro Neighborhood Stats + LO

Here is your monthly look at what’s happening in Portland metro and how it relates to Lake Oswego (broken out at the bottom)

Overview/Fluctuations ~ Sept 2023 Market Data

Activity is down as you’d expect in Fall (New, Pending & Closed categories dropped), Inventory is up & prices are down. If you’re a Buyer this is your season!  If you’re a Seller, pricing right will draw out the activity & potential multiple Offers putting you in a good position. The bulk of overall sales are narrowed between the $400,000 – $700,000 price range.

Rates: “Geopolitical events are tempering the pressure on rates. Currently rates are in your  mid 7% range.”       Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-September 2023:

  • There were 2,713 New Listings in Sept which is down 13.9% from 3,151 in Sept 2022 and down 7.2% from the 2,923 in the previous month/August.
  • At 1,717 Sep­t 2023’s Closed Sales (Solds) are down 23.2% from Sept 2022’s 2,237, and decreased 20.3% from the previous month’s total of 2,155.
  • At 1,809 Sept 2023’s Pending Sales (Accepted Offers) are down 9.7% from Sept 2022’s 2,003, and also down 11.9% from the previous month/August’s total of 2,053.
  • The Average Sale Price for Sept 2023 of, $595,900 is down  $2,800. from last year/Sept 2022’s $598,700, and down $12,400 from the previous month/August’s $608,300. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Sept 2023 of $537,400 dropped $10,600 from Sept 2022’s $548,000, & up just $500 from August’s $536,900.

LAKE OSWEGO: (Sept ’23)

279 Active Listings (Aug 290)
137 New Listings  (Aug 151)
98 Pending Sales (Aug 93)
75 Closed Sales  (Aug 111)
Average Sale Price for Sept: $1,076,600 (Aug $1,184,900)
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.
51 Days on the Market   (Aug 44)

The data listed above is as reported by the Regional Multiple Listing Service (RMLS

This Week in Lake Oswego

Here are my picks of what to do in Lake Oswego this week ~

Mon, Oct 9, 2023 – 4:00 PMPlanning Commission Marylhurst Commons/Mercy Greenbrae Tour– The offsite meeting is for the purpose of learning more about this development in order to inform the City’s work to develop a Housing Production Strategy (HPS) in compliance with state House Bill 2003 (2019) (PP 22-0005) . Mercy Greenbrae Apartments: Greenbrae INFO HERE , INFO ON TOUR: CLICK HERE

Tues, Oct 10, 2023 – 1:00 PM – GRIEF RELIEF-Recover & Rebuild After Loss Series ~ Get help navigating through grief with tips, tools and discussion. This class is led by Georgena Grace, MA, RSCP, CRS who is a Trauma Specialist, Grief Guide, and the owner of the Integrated Wellbeing Institute. – ACC, 505 G Avenue Lake Oswego More Info: CLICK HERE

Wed, Oct 11, 2023 – 6:00 PM Historic Resources Advisory Board ~  Review the Historic Preservation Grant from Lakewood Neighborhood, Revisions to the Historic Preservation Code, Parks Plan & More ~ Lake Oswego City Hall, 380 A Avenue ~ More Info :  CLICK HERE

Thurs, Oct 12, 2023 – 6:00 PMTeen Advisory Board! ~Be a part of planning programs including book groups, movie nights and more! ~ Lake Oswego Library, Lower Level, 706 Fourth St. – More Info:  CLICK HERE

Fri, Oct 13, 2023 – 7:00-9:00 PM – Living Well Dance featuring the Millennium Dance Band ~ Come dance to big band music of the 30’s, 40’s & 50’s with an occasional ballroom favorite. (Under 14 requires adult accompaniment.) ~ CCP, 1060 Chandler Rd ~ More Info: CLICK HERE

Sat, Oct 14, 2023 – 10:00 AM-2:00 PMLake Oswego & West Linn Wellness Fair – All are welcome to this Free event dedicated to poviding a fun, educational day for people to learn more about health, wellness and sustainability opportunities throughout our surrounding communities. ~ Millennium Plaza Park, 200 1st Street ~ More Info :  CLICK HERE