It feels like the new listings are coming onto the market in a fairly consistent way with 15 to 20 new listings, not “refreshed” but actually new, each week. Last week we saw 16 new listings. There were 4 pending sales and 5 closed listings. I keep waiting to see evidence of the spring market kicking in. That would be reflected in an increase in both pending and closed sales. So far, it remains a bit sluggish. On the plus side, we have one pending sale at close to $1,000,000. The remainder of the pending and closed sales continue to favor the more moderately priced homes. I am also continuing to see that the cumulative days on the market continue to embrace both extremes. It seems like houses that were over-priced, and that have gradually bitten the bullet to bring the price down to a point where price meets market demand, are selling with very long market times. The other extreme are the new listings that are able to look at current market conditions, price realistically, and are selling in a very short period of time.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (April 6—April 12, 2009)
| Address | List Price | # Beds | # Baths | Tot. SF | Prop Type | List Date |
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | List Date | ||
| 4 TOUCHSTONE | $93,000 | 2 | 2 | 979 | CONDO | 4/10/2009 | ||
| 3433 MCNARY PKWY | $169,900 | 2 | 2 | 1,008 | CONDO | 4/8/2009 | ||
| 18055 CENTRAL AVE | $299,000 | 2 | 2 | 1,202 | DETACHD | 4/10/2009 | ||
| 15256 BOONES WAY | $339,900 | 2 | 2.1 | 1,600 | ATTACHD | 4/12/2009 | ||
| 1716 HALLINAN ST | $369,500 | 3 | 3 | 1,916 | DETACHD | 4/10/2009 | ||
| 4105 DOUGLAS WAY | $384,900 | 7 | 2.1 | 2,856 | DETACHD | 4/12/2009 | ||
| 54 AQUINAS ST | $499,900 | 3 | 2.1 | 2,802 | DETACHD | 4/7/2009 | ||
| 6 NORTHVIEW CT | $525,000 | 4 | 3.1 | 3,188 | DETACHD | 4/10/2009 | ||
| 73 TANGLEWOOD DR | $539,000 | 4 | 3.1 | 3,576 | DETACHD | 4/9/2009 | ||
| 1025 C AVE | $549,000 | 3 | 2 | 2,261 | DETACHD | 4/7/2009 | ||
| 2925 ORCHARD HILL PL | $549,000 | 3 | 2.1 | 2,418 | DETACHD | 4/9/2009 | ||
| 4 DA VINCI ST | $599,950 | 5 | 3 | 3,100 | DETACHD | 4/6/2009 | ||
| 13456 PROVINCIAL HILL WAY | $639,900 | 3 | 2.1 | 2,771 | DETACHD | 4/6/2009 | ||
| 18402 ANDUIN TER | $699,995 | 5 | 3.1 | 4,302 | DETACHD | 4/6/2009 | ||
| 18025 SKYLAND CIR | $1,425,000 | 4 | 3.2 | 5,379 | DETACHD | 4/6/2009 | ||
| 616 CABANA LN | $2,795,000 | 5 | 4 | 3,800 | DETACHD | 4/6/2009 |
PENDING SALES (April 6—April 12, 2009)
| ADDRESS |
LIST PRICE
|
TOT. BEDS
|
TOT. BATHS
|
TOT. SQFT
|
PROP TYPE |
DOM
|
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | CDOM | |||
| 3190 DUNCAN DR | $259,900 | 3 | 2.1 | 2,401 | DETACHD | 115 | |||
| 17079 CHERRY CREST AVE | $430,000 | 3 | 2.1 | 3,002 | DETACHD | 154 | |||
| 615 LAKE BAY CT | $599,000 | 3 | 3 | 2,542 | DETACHD | 323 | |||
| 716 MCVEY AVE | $959,998 | 3 | 2 | 2,348 | DETACHD | 805 | |||
SOLD (April 6—April 12, 2009)
| ADDRESS | ORIG. PRICE | SALE PRICE |
TOT. BEDS
|
TOT. BATHS
|
TOT. SQ FT
|
PROP TYPE |
DOM
|
| Address | O/Price | Close Price | # BR | # BTHS | Total SF | Prop Type | CDOM | ||||
| 4640 LOWER DR | $189,900 | $115,000 | 2 | 1.1 | 1,170 | CONDO | 572 | ||||
| 127 OSWEGO SMT | $184,900 | $179,595 | 2 | 2 | 1,212 | CONDO | 0 | ||||
| 5063 FOOTHILLS DR | $230,000 | $225,000 | 2 | 2 | 991 | CONDO | 8 | ||||
| 16 PARTRIDGE LN | $418,900 | $398,000 | 3 | 2.1 | 2,304 | DETACHD | 48 | ||||
| 731 F AVE | $939,000 | $605,000 | 4 | 2.1 | 2,668 | DETACHD | 327 | ||||
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. CDOM stands for cumulative days on market, which includes any re-listing and measures from the initial listing date.
716 McVey Avenue is in the process of being bought by the City of Lake Oswego for use as a staging area for the interceptor sewer project. http://www.lakeinterceptor.com I wouldn’t really count that as a “pending sale at close to $1,000,000,” particularly in light of the City’s stated offer of $800k for the property and their apparent intention to condemn the property if a sale cannot be closed. Also interesting to note that the property had been on the market since September 2006! See: http://lakeoswegoreview.com/news/story.php?story_id=123446546934017800
That is an excellent observation. It will be interesting to see what the final sales price is. That will be disclosed when the status changes to “Sold”, meaning it is a closed sale. That is unless the Lake Oswego Review or the Oregonian can fish out the sales price earlier. Thanks for the clarification.