Lake Oswego Real Estate Blog
Whether you celebrate Christmas, Kwanzaa, Hanukkah, Solstice or a combination, Dianne and I wish you a peaceful & cozy holiday filled with warmth and loved-ones.
We’re taking a little break as we always do, and will catch you up with all the happenings in a couple of weeks.
Happy Holidays!
Linda and Dianne
I want to talk about the elephant in the room, rising interest rates. Just yesterday the Federal Reserve raised the Federal rate by .5% to between $4.25 and $4.5%.
The Federal Reserve Rate is the rate set by the Federal Reserve to dictate the cost of money when banks borrow from one another. If the banks are paying more for money, it just makes sense that the increase gets passed along to the consumer. That is how banks make money. It’s why they are in business.
I do think that the increased cost of mortgages is having a impact on the real estate market. Higher interest rates make homes less affordable. Is this going to cause a housing decline? In a word, no.
From what I have been hearing the current situation is likely short term
Several months ago I listened to a Bloomberg podcast that featured 3 economists. The consensus was that the inventory is so low, that the demand for housing will keep the real estate market strong.
At the beginning of the Great Recession, in about 2008, builders pretty much not only stopped building, but they also stopped laying the ground work for new neighborhoods. Coming out of the recession, in about 2014, the home building industry rebounded, but there were about 6 years of missing inventory and they just simply have not caught up, even to this day. To meet our population needs, Nationwide, we should be building 3,000,000 new housing units per year. These are houses, condos, and apartments. We have only been building 1,300,000 per year: not even half of the population need. It is going to take decades to catch up.
Economics is all about supply and demand. With the demand high and supply low, that supports housing values.
The other source of some interesting information was a Brian Buffini class that I took on Monday. It featured Lawrence Yun, the chief economist for the National Association of Realtors. Their discussion included several key points:
Here are my thoughts. It remains a great time to buy a house. With houses taking longer to sell, people who are selling are more negotiable. For a buyer, that means addressing repairs within the sale and negotiation on the price when you make an offer. For people wanting to sell, the inventory is still very, very low. Yes, it will take 30-60 days, but your house will sell and you likely continue to have a great deal of equity.
I have to say that no one knows for sure. These are simply thoughts shared by people with some knowledge and whose opinions I respect.
As always, thank you for reading the blotter.
Dianne
As 2022 winds down, we here at the blotter hope you are enjoying the cool, crisp air and all of the activities of the season.
Lake week in Lake Oswego there was 1 new listing, 7 properties that accepted offers and went into pending status, and 6 sold/closed sales
See below for RMLS data.
| Address | Type | Price | Bedrooms | Bath | Square Ft |
| 2424 Greentree Rd | Detached | $729,000 | 3 | 2.5 | 1944 |
| Address | Type | Price | Bedrooms | Baths | Square Feet | DOM |
| 38 Cervanes Cir | Condo | $244,500 | 2 | 1.5 | 912 | 31 |
| 5 Goya St | Detached | $680,000 | 4 | 2.5 | 2586 | 39 |
| 1310 Lee St | Detached | $719,900 | 3 | 2 | 2344 | 91 |
| 1261 Wells St | Detached | $1,550,000 | 4 | 3.5 | 4316 | 8 |
| 13017 Knaus Rd | Detached | $1,738,000 | 4 | 3.6 | 4690 | 148 |
| 13258 Amber Pl | Detached | $1,799,900 | 4 | 4.5 | 3735 | 54 |
| 732 Ellis Ave | Detached | $2,195,000 | 4 | 2.5 | 3482 | 101 |
| Address | Type | List Price | Closed Price | Square Ft | CDOM |
| 3 Pericles | Detached | $725,000 | $725,000 | 2617 | 2 |
| 6450 Frost St | Detached | $775,000 | $787,000 | 2216 | 3 |
| 5045 Greensborough Ct | Detached | $899,900 | $835,000 | 2107 | 112 |
| 1454 Glenmorrie Dr | Detached | $1,350,000 | $1,350,000 | 3345 | 7 |
| 5996 Suncreek Dr | Detached | $1,450,000 | $1,445,000 | 3596 | 0 |
| 285 Berwick Rd | Detached | $1,950,000 | $1,950,000 | 2560 | 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.
This is our monthly look at the overall Portland area and neighborhoods including Lake Oswego broken out below:
Overview/Fluctuations ~ November Market Data:
Inventory continues to increase and prices remain somewhat stable with many areas/neighborhoods of Portland rising from the previous month & some lowering a bit. Actual activity dropping in New Listings, Accepted Offers (Pendings) & Closed Sales from both the previous month (seasonal) & last year (likely adjusting for interest rate fluctuations).
“Real Estate remains the #1 asset class as a protection against inflation.” Brian Buffini
Rates: “Rates have been improving with inflation pressures easing. Right now 30-year fixed rates are in the low 6% range.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-Nov 2022:
LAKE OSWEGO (November 2022):
173 Active Listings (Oct 177)
73 New Listings (Oct 101)
48 Pending Sales (Oct 93)
69 Closed Sales (Oct 96)
Average Sale Price for Nov: $1,003,400 (Oct $933,800)
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.
42 Days on the Market (Oct 38)
Last week lake Oswego had 2 properties enter the market, 1 move to Pending status and 12 Sold/Closed. Right now there are 103 properties available ranging in price from $260,000 to $7,650,000.
Here is the breakdown according to RMLS:
NEW Nov 28-Dec 4, 2022
| Address | List Price | Beds | Baths | SF | Prop Type |
| 757 C AVE | $1,499,900 | 4 | 3 | 2948 | DETACHD |
| 548 4TH ST | $1,535,000 | 3 | 4.1 | 3186 | ATTACHD |
PENDING Nov 28-Dec 4, 2022
| Address | List Price | Prop Type | SF | Beds | Baths | Days |
| 7200 CHILDS RD | $975,000 | DETACHD | 2988 | 4 | 4 | 15 |
SOLD Nov 28-Dec 4, 2022
| Address | Opening | Closed | Beds | Baths | SF | Prop Type | Days |
| 4 TOUCHSTONE #147 | $200,000 | $150,000 | 3 | 2.1 | 1351 | CONDO | 0 |
| 4 TOUCHSTONEn #105 | $210,000 | $210,000 | 2 | 2 | 984 | CONDO | 3 |
| 112 OSWEGO SMT /Upper | $325,000 | $315,000 | 2 | 2 | 1212 | CONDO | 13 |
| 4 SUMMIT RIDGE CT | $499,900 | $440,000 | 2 | 2.1 | 1576 | ATTACHD | 93 |
| 6426 FROST ST | $699,900 | $675,000 | 4 | 3 | 2276 | DETACHD | 17 |
| 6136 FERNBROOK CIR | $759,000 | $759,000 | 3 | 2 | 1448 | DETACHD | 5 |
| 17608 SYDNI CT | $799,900 | $775,000 | 4 | 2.1 | 2466 | ATTACHD | 126 |
| 18706 BRYANT RD | $789,900 | $780,000 | 3 | 2.1 | 2489 | DETACHD | 6 |
| 314 2ND ST | $850,000 | $890,000 | 3 | 3.1 | 1814 | CONDO | 9 |
| 5550 JEAN RD | $1,790,000 | $1,450,000 | 4 | 4.1 | 3001 | DETACHD | 107 |
| 548 4TH ST | $1,535,000 | $1,535,000 | 3 | 4.1 | 3186 | ATTACHD | 0 |
| 17312 BERGIS FARM DR | $1,920,000 | $1,827,500 | 4 | 4.2 | 4804 | DETACHD | 0 |
December 9th, 10th, and 11th, you’ll have the opportunity to ride the Tinseltown Trolley.
The Trolley line runs from State Street North along the Willamette shore to the South Waterfront and then back again. The entire ride lasts about 45 minutes. The Trolley runs mostly during the summer, but it is brought out for one weekend in December to celebrate Christmas.
The Tinseltown event features games, sweet treats, caroling, lights, and a special visit from Santa.
Reservations are required. Adults cost $20 and children 12 years old and younger $17. To make a reservation, go to www.loparks.org or telephone 503-675-2549. For more information, click here.
Linda and I are hoping that you are enjoying the holidays!
Dianne
Last week in Lake Oswego we had 3 new listings, one of which sold fast and is represented here as a pending sale, 5 properties move to pending status, and 7 sold/closed homes.
See below for RMLS data.
| Address | Type | Price | Bedrooms | Baths | Sq Feet |
| 5857 Carman Dr | Detached | $575,000 | 2 | 1 | 972 |
| 1125 C Ave | Detached | $1,499,000 | 4 | 3 | 2574 |
| Address | Type | Price | Bedrooms | Baths | Sq Feet | DOM |
| 44 Eagle Crest Dr #41 | Condo | $274,950 | 2 | 1 | 908 | 14 |
| 11 Summit Ridge Ct | Attached | $435,000 | 2 | 2.5 | 1576 | 60 |
| 17050 Tualatin St | Detached | $749,000 | 3 | 3 | 1905 | 1 |
| 1451 Greentree Circle | Detached | $950,000 | 4 | 3.5 | 2328 | 6 |
| 13248 Rogers Rd | Detached | $1,125,000 | 5 | 3.5 | 3107 | 118 |
| Address | Type | List Price | Sold Price | Sq Feet | CDOM |
| 246 Ridgeway Rd 17B | Condo | $344,000 | $351,300 | 753 | 6 |
| 236 Ridgeway Rd 16A | Condo | $360,000 | $353,000 | 914 | 4 |
| 1728 Boca Ratan Dr | Attached | $509,000 | $601,000 | 1485 | 2 |
| 72 Touchstone | Detached | $929,900 | $865,000 | 3908 | 28 |
| 4051 Virginia Way | Detached | $999,000 | $1,020,000 | 1903 | 49 |
| 5677 Charles Circle | Detached | $1,225,000 | $1,165,000 | 2962 | 97 |
| 707 Lake Shore Rd | Detached | $2,950,000 | $2,600,000 | 2992 | 112 |
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.
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:
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)
Dianne and I wish you and yours a holiday filled with those you love and all that makes you feel warmth and appreciation. We are so grateful to have you, this community and each other this holiday season and always.
Last week in Lake Oswego 11 properties entered the market, 10 move to Pending status, and 11 Closed/Sold. Right now there are 120 properties available ranging from $220,000 to 11.5 mil.
Here is the breakdown according to RMLS:
NEW Nov 14-20, 2022
| Address | List Price | # Beds | # Baths | SF | Prop Type |
| 4 TOUCHSTONE #147 | $200,000 | 3 | 2.1 | 1351 | CONDO |
| 86 KINGSGATE RD, G102 | $295,000 | 2 | 2 | 849 | CONDO |
| 1273 BOCA RATAN DR | $450,000 | 3 | 2 | 1398 | ATTACHD |
| 15960 SW LAKE FOREST BLVD | $624,900 | 3 | 1 | 1080 | DETACHD |
| 3 PERICLES | $725,000 | 4 | 2.1 | 2617 | DETACHD |
| 6450 FROST ST | $775,000 | 4 | 2.1 | 2216 | DETACHD |
| 17850 PILKINGTON RD | $875,000 | 3 | 2.1 | 3084 | DETACHD |
| 1451 GREENTREE CIR | $950,000 | 4 | 3.1 | 2328 | DETACHD |
| 4050 VIRGINIA WAY | $999,000 | 3 | 2 | 1344 | DETACHD |
| 765 10TH ST | $1,225,000 | 3 | 3 | 2526 | DETACHD |
| 19494 Lorna LN | $4,189,000 | 4 | 4.2 | 4806 | DETACHD |
PENDING Nov 14-20, 2022
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 4 TOUCHSTONE #147 | $200,000 | 3 | 2.1 | 1351 | CONDO | 0 |
| 86 CERVANTES CIR #10-B | $230,000 | 2 | 1.2 | 912 | CONDO | 48 |
| 112 OSWEGO SMT/Upper | $325,000 | 2 | 2 | 1212 | CONDO | 13 |
| 1273 BOCA RATAN DR | $450,000 | 3 | 2 | 1398 | ATTACHD | 3 |
| 4226 WOODSIDE CIR | $535,000 | 3 | 2 | 1578 | ATTACHD | 45 |
| 3 PERICLES | $725,000 | 4 | 2.1 | 2617 | DETACHD | 2 |
| 6450 FROST ST | $775,000 | 4 | 2.1 | 2216 | DETACHD | 3 |
| 5677 CHARLES CIR | $1,225,000 | 4 | 2.1 | 2962 | DETACHD | 97 |
| 13371 ATWATER LN | $1,899,000 | 4 | 3 | 4795 | DETACHD | 27 |
| 16885 FERNWOOD DR | $2,149,000 | 4 | 3.1 | 3753 | DETACHD | 43 |
SOLD Nov 14-20, 2022
| Address | Opening | Closed | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 17552 DEEMAR WAY | $475,000 | $535,000 | 3 | 1.1 | 1050 | DETACHD | 4 |
| 15235 BOONES WAY | $624,900 | $625,000 | 3 | 2 | 1686 | ATTACHD | 5 |
| 1105 HALLINAN CIR | $724,900 | $699,000 | 3 | 2 | 1612 | DETACHD | 16 |
| 2 CREEKSIDE TER | $849,900 | $849,900 | 4 | 2.1 | 2906 | DETACHD | 7 |
| 12 WALKING WOODS DR | $749,950 | $850,000 | 3 | 3 | 2224 | DETACHD | 2 |
| 860 LAKE FOREST DR | $998,000 | $864,000 | 5 | 2.1 | 2025 | DETACHD | 78 |
| 14400 TRILLIUM CT | $839,000 | $900,000 | 4 | 2.1 | 3193 | DETACHD | 4 |
| 625 3RD ST | $1,050,000 | $1,090,000 | 3 | 2.1 | 2645 | ATTACHD | 4 |
| 13218 DEERFIELD CT | $1,100,000 | $1,160,000 | 4 | 2.1 | 2860 | DETACHD | 5 |
| 13504 STREAMSIDE DR | $1,279,000 | $1,265,000 | 4 | 2.1 | 3486 | DETACHD | 94 |
| 3940 CANAL RD | $1,500,000 | $1,500,000 | 4 | 3.1 | 3983 | DETACHD | 2 |