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~
Listings, Accepted Offers and Sales are up overall from the prior month and a bit down from last May. Most neighborhoods in the Portland area saw their Average Price rising over the previous month, and Inventory is finally back up to where it was last August, which is still historically low.
Of course the big story at this moment is rates:
Rates: “The market has experienced a dramatic move higher as the Federal Reserve fights inflation. Currently 30-year fixed rates are right at 6.0%” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-May 2022:
There were 3,853 New Listings in May 2022decreased 3.0% from May of 2021’s 3,971, and increased 4.6% from the previous month/April’s 3,684.
At 2,916 May 2022’s Closed Sales are down 8.4% from May 2021’s 3,183, and up 4.8% from the previous month/April’s 2022’s total of 2,782
At 3,122 May 2022’s Pending Sales are down 16.0% from May 2021’s 3,717, and increased 3.9% over the previous month/April 2022’s total of 3,005.
The Average Sale Price in May 2022 of $649,600 is up $67,400 from last year/May 2021’s $582,200, and up $16,700 from the previous month/April’s $632,900.
The “Median” Sale Price (the price smack dab in the middle of all sales) in May2022 of $575,000 rose from last year/May 2021’s $515,000 by $60,000, and $15,000 from the previous month/April’s $560,000.
LAKE OSWEGO:
137 Active Listings (Apr 103) 193 New Listings (Apr 169) 153 Pending Sales (Apr 144) 146 Closed Sales (Apr 133) Average Sale Price for May: $1,028,600 (Apr $998,600) 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. 19 Days on the Market (Apr 26)
Last week Lake Oswego saw 15 properties enter the market, 25 move to Pending status, and 16 Sold/Closed. Right now there are 94 properties available ranging from $275,000 to $7.25 mil.
NEW June 13-19, 2022
Address
List Price
Beds
Baths
SF
Prop Type
13504 STREAMSIDE DR
$599,000
3
2.1
1710
DETACHD
17210 CEDAR RD
$685,000
3
2
1549
DETACHD
732 2ND ST
$819,000
5
3
2763
DETACHD
4973 PARKHILL ST
$899,900
3
2.1
2106
DETACHD
2964 OVERLOOK DR
$925,000
4
3
2230
DETACHD
568 WEIDMAN CT
$999,990
5
3
2946
DETACHD
6 ADAMS CT
$1,200,000
5
2.1
3731
DETACHD
13556 TWIN CREEK LN
$1,275,000
4
3.1
3702
DETACHD
11 DA VINCI ST
$1,300,000
4
3
3746
DETACHD
5236 LOWER DR
$1,369,000
4
2.1
3467
DETACHD
13 BUCKINGHAM TER
$1,390,000
4
2.1
4473
DETACHD
5324 LOWER DR
$1,499,900
5
3.1
3770
DETACHD
1695 HALLINAN ST
$1,597,000
4
2.1
3306
DETACHD
2365 PALISADES CREST DR
$2,399,000
4
3.1
3547
DETACHD
5342 RED LEAF ST
$2,785,000
5
5
3548
DETACHD
PENDING June 13-19, 2022
Address
List Price
Beds
Baths
SF
Prop Type
Days
4 TOUCHSTONE #84
$209,900
2
2
1012
CONDO
4
668 MCVEY AVE #77
$275,000
0
1
485
CONDO
4
4000 CARMAN DR #40
$300,000
2
2
906
CONDO
10
4 TOUCHSTONE #85
$330,703
3
2.1
1351
CONDO
8
12868 BOONES FERRY RD
$495,000
2
2.1
1136
CONDO
6
4510 LOWER DR
$575,000
3
2.1
1729
CONDO
8
14316 HOLLY SPRINGS RD
$599,900
3
2.1
1325
DETACHD
4
17635 DEEMAR WAY
$685,000
4
2
1488
DETACHD
14
980 LUND ST
$715,000
3
2
1833
DETACHD
14
2736 SW ORCHARD HILL PL
$749,000
3
2.1
2556
DETACHD
31
4527 TRILLIUM WOODS
$887,770
3
2.1
2273
ATTACHD
3
5324 LOWER DR
$899,900
3
2.1
2106
DETACHD
2
15213 CANDLEWOOD CT
$950,000
4
2.1
2757
DETACHD
25
2291 WEMBLEY PARK RD
$999,500
3
2.1
2150
DETACHD
11
13 BUCKINGHAM TER
$999,990
5
3
2946
DETACHD
4
4015 Canal Woods CT
$1,295,900
4
3.1
3721
DETACHD
5
13556 TWIN CREEK LN
$1,390,000
4
2.1
4473
DETACHD
3
100 LEONARD ST #4-2
$1,395,000
3
2.1
3137
CONDO
18
2671 GLEN EAGLES RD
$1,895,000
3
3
4014
DETACHD
42
688 6TH ST
$1,940,000
4
2.1
2939
DETACHD
4
3578 CARMAN DR
$2,200,000
5
3.1
4000
DETACHD
118
720 6TH ST
$2,300,000
4
3.1
4601
DETACHD
10
14655 UPLANDS DR
$3,300,000
5
5.2
4775
DETACHD
211
3015 WEMBLEY PARK RD
$3,385,000
5
4.1
5211
DETACHD
50
1475 CHANDLER RD
$3,495,000
4
4.1
4863
DETACHD
3
SOLD June 13-19, 2022
Address
Opening
Closed
Beds
Baths
SF
Prop Type
Days
47 EAGLE CREST DR #48-C
$260,000
$260,000
1
1
696
CONDO
6
200 BURNHAM RD #406
$340,000
$340,000
2
1
1199
CONDO
19
12038 SW ORCHARD HILL WAY
$745,000
$725,000
3
2
2174
DETACHD
12
4774 OAKRIDGE RD
$749,900
$750,000
3
1
2104
DETACHD
5
19125 LONGFELLOW AVE
$715,000
$762,000
4
2
2227
DETACHD
6
32 Greenridge CT #32
$774,900
$765,000
3
2.1
2219
ATTACHD
4
1960 MAPLELEAF RD
$724,900
$800,000
3
2
1452
DETACHD
2
1225 CORNELL ST
$699,000
$850,000
3
2
1395
DETACHD
1
1249 LARCH ST
$899,000
$896,700
4
4
3654
DETACHD
15
4198 GLACIER LILY ST
$1,100,000
$1,075,000
4
3
2806
DETACHD
5
5674 Charles CIR
$1,050,000
$1,162,000
4
2.1
2632
DETACHD
5
14061 TAYLORS CREST LN
$1,199,000
$1,199,000
4
2.1
2942
DETACHD
6
362 9TH ST
$1,450,000
$1,260,000
3
2.1
2018
DETACHD
64
15804 ALLISON PL
$1,538,000
$1,305,000
4
2.1
3662
DETACHD
32
2886 UPPER DR
$1,290,000
$1,520,000
4
3
2674
DETACHD
2
1041 C AVE
$2,095,000
$2,325,450
5
4.1
3291
DETACHD
2
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) .
Last week saw 18 properties enter the market, 18 move to Pending status and 18 Sold/Closed. There are currently 98 properties available in Lake Oswego ranging in price from from $192,000 to 7.25 mil.
Here is the breakdown according to RML data:
NEW May 30-June 5, 2022
Address
List Price
Beds
Baths
SF
Prop Type
47 EAGLE CREST DR #48C
$260,000
1
1
696
CONDO
17635 DEEMAR WAY
$685,000
4
2
1488
DETACHD
980 LUND ST
$725,000
3
2
1833
DETACHD
639 1ST ST
$749,900
2
2.1
1391
ATTACHD
5499 ROYAL OAKS DR
$786,000
3
2
1817
DETACHD
19057 OLSON AVE
$899,000
4
2.1
2464
DETACHD
71 TOUCHSTONE
$925,000
4
3
2274
DETACHD
2291 WEMBLEY PARK RD
$999,500
3
2.1
2150
DETACHD
29 DEL PRADO ST
$1,050,000
4
2
3037
DETACHD
2775 VALE CT
$1,100,000
4
2.1
2805
DETACHD
5322 CARMAN GROVE LN
$1,200,000
3
2.1
2647
DETACHD
927 OAK ST
$1,330,000
5
3.1
2864
DETACHD
100 LEONARD ST #4-2
$1,395,000
3
2.1
3137
CONDO
14472 PFEIFER DR
$1,495,000
4
2.1
3567
DETACHD
725 OAK MEADOW CT
$1,625,000
4
2.2
3753
DETACHD
1643 VILLAGE PARK LN
$1,625,000
4
3.1
4505
DETACHD
908 BICKNER ST
$1,995,000
4
3.1
3483
DETACHD
4694 UPPER DR
$2,300,000
3
3
3637
DETACHD
PENDING May 30-June 5, 2022
Address
List Price
Beds
Baths
SF
Prop Type
Days
45 EAGLE CREST DR #513
$205,000
2
1.1
1056
CONDO
110
4 TOUCHSTONE #119
$239,900
3
2.1
1351
CONDO
32
47 EAGLE CREST DR #48-C
$260,000
1
1
696
CONDO
6
1797 FERN PL
$714,900
3
2
1727
DETACHD
23
12038 SW ORCHARD HILL WAY
$745,000
3
2
2174
DETACHD
12
1571 WOODLAND TER
$799,000
4
2
2400
DETACHD
366
18892 ARROWWOOD AVE
$850,000
4
2
2229
DETACHD
4
659 LIVINGOOD LN
$899,000
4
2
2516
DETACHD
4
5550 BAY CREEK DR
$915,000
4
2.1
2449
DETACHD
6
71 TOUCHSTONE
$925,000
4
3
2274
DETACHD
2
3902 TAMARACK LN
$1,050,000
4
2.1
2553
DETACHD
4
5336 LOWER DR
$1,095,000
3
2.1
2549
DETACHD
18
4198 GLACIER LILY ST
$1,100,000
4
3
2806
DETACHD
5
4222 COBB WAY
$1,225,000
4
3
2243
DETACHD
20
927 OAK ST
$1,330,000
5
3.1
2864
DETACHD
2
520 C AVE
$1,478,000
3
3.1
3242
ATTACHD
9
2600 DELLWOOD DR
$1,599,900
4
3
3690
DETACHD
242
937 9TH ST
$2,250,000
5
3.1
3862
DETACHD
448
SOLD May 30-June 5, 2022
Address
Opening
Closed
Beds
Baths
Total SF
Prop Type
Days
86 KINGSGATE RD E103
$370,000
$370,000
2
2
924
CONDO
5
1531 BONNIEBRAE DR
$489,900
$484,900
3
1.1
1303
ATTACHD
32
1674 FIRCREST DR
$649,000
$650,000
4
2
1998
DETACHD
5
18963 SW LONGFELLOW AVE
$649,000
$668,000
3
1.1
1232
DETACHD
6
5342 BONITA RD
$700,000
$690,000
3
1.1
1392
DETACHD
21
164 KINGSGATE RD
$689,000
$710,000
3
2
1781
DETACHD
5
18 NORTHVIEW CT
$750,000
$732,798
3
3.1
2717
ATTACHD
9
13855 VERTE CT
$799,900
$740,000
3
2.1
1835
DETACHD
22
1299 HIDE A WAY LN
$849,900
$834,584
3
2
1893
DETACHD
10
3130 DUNCAN DR
$899,000
$905,000
6
3.1
3007
DETACHD
2
5750 WASHINGTON CT
$869,000
$925,000
3
2.1
2430
DETACHD
4
4686 WINTHROP CT
$895,000
$1,011,000
4
2.1
2238
DETACHD
3
208 DURHAM ST
$1,250,000
$1,260,000
4
2
2792
DETACHD
6
670 1ST ST
$1,259,000
$1,350,000
3
2.1
2767
CONDO
2
17600 UPPER CHERRY LN
$2,100,000
$1,975,000
4
3.1
3905
DETACHD
324
4235 LORDS LN
$2,500,000
$2,500,000
4
3.1
3705
DETACHD
3
13078 FIELDING RD
$3,150,000
$2,700,000
4
3
3596
DETACHD
161
548 RIDGEWAY RD
$3,195,000
$2,875,000
5
3
3498
DETACHD
32
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) .
Hello Property Blotter Readers! I thought I’d take the easy way out and cut & paste a section out of my own First Time Homebuyer’s Class for my post this week as I’m kind of busy with…real estate! When I looked at the section on Tips for Offering, I realized I think my own class document needs an update given the current state of the market! Here are a few things I realized I might like to address:
Love Letters- I’ve been writing these on behalf of my clients for many, many years, and have indeed won homes for my clients (been told) on the strength of the letters I wrote. I have never encouraged my clients to write their own letters as I believe it is a stronger position for me to advocate on their behalf. That said, my focus is always their strength as Buyers and whatever they bring to the table in terms of job stability, their actual love of the particular home/property (read: commitment), and other such things. I definitely do not use photos of the Buyers. There is a big debate going on around the issue of these letters (mainly the ones Buyers write about themselves), and it revolves around Fair Housing concerns. This has gotten to the point where they were outlawed for a time, and now that has been overturned and they are again allowed (as of this writing). NOTE: It is never OK to try to appeal to a perception of a Seller’s preference for race, gender, familial status or other protected class positions. Never. So, if you’re ever in the position of deciding whether to deliver such a letter, please keep this in mind, and consult with me! Or your Realtor ; )
Lower Offers (and how best to make them)- Well… this one is just nearly N/A in the current market. I say “nearly” as it does happen, but usually not at the outset unless a property has been sitting on the market for what is considered a longer period of time or if it was priced too high to begin with (which is usually why a property is still on the market). It *can* happen that the price goes down after certain things are revealed in the inspection process to compensate, but most properties are selling above their asking price, & often well above.
How to Win- It has been the case for awhile that multiple offers have driven prices up significantly over asking, and/but we think we are seeing a teensy bit of pullback in at least the amount of overage. This is more due to Buyers backing off than to more properties entering the market as we still see record-low Inventory. The way this has been playing out in a “multiple” bidding situation to date, is that the Offers guaranteeing they’ll bring a certain amount of cash to the Closing table in the event of a lower Appraisal are the Offers that get chosen as it’s less risk/more reliable for a Seller. (*Little understood fact, fyi: The “Closed” sale price effectively sets a new value standard in the neighborhood regardless of what it appraised at during the transaction. ; ) This tactic is obviously limited to those who *have * the cash to do that, and the whole scenario is part of what’s driving the angst /frustration around this supply and demand phenomenon and how it affects, say, first-time home-buyers. Considering the fierce competition driving prices higher, Appraisers and Realtors alike have been wishing for a calmer, more “readable/predictable” market, and several factors *may* be causing this to be the case very soon. In the meantime, there are ways to win even if you don’t have the cash…or don’t think you do. One is to look in a lower price range than you want to buy in. This way you are able/have the means to at least push your Offer price over the heads of much of the competition. There are a few other things you can do to get an edge, but we can talk about those one-on -one ; )
Last week we saw 29 properties enter the market, 18 move to Pending status, & 28 that Closed/Sold. Right now there are 85 lovely homes available in Lake Oswego ranging from $199,000 to $7.25 mil
Here is the breakdown according to RMLS:
NEW May 16-22, 2022
Address
List Price
Beds
Baths
SF
Prop Type
45 Eagle Crest Dr #504
$240,000
1
1
768
CONDO
45 SW EAGLE CREST DR #510
$255,000
1
1
830
CONDO
44 EAGLE CREST DR #34
$295,000
3
2
1085
CONDO
196 CERVANTES
$369,000
2
1.1
1241
CONDO
5062 FOOTHILLS DR, F
$445,000
2
2
1252
CONDO
5650 CHILDS RD
$599,900
3
2
1980
DETACHD
6030 SW SHAKESPEARE ST
$669,000
3
1
1056
DETACHD
4753 SW DAWN ST
$700,000
3
2
1550
DETACHD
1700 YARMOUTH CIR
$725,000
2
2
1477
DETACHD
12038 SW ORCHARD HILL WAY
$745,000
3
2
2174
DETACHD
4774 OAKRIDGE RD
$749,900
3
1
2104
DETACHD
570 2ND ST
$750,000
2
2.1
1464
ATTACHD
3205 EDGEMONT RD
$774,900
3
2.1
2028
DETACHD
2736 SW ORCHARD HILL PL
$849,000
3
2.1
2556
DETACHD
15213 CANDLEWOOD CT
$950,000
4
2.1
2757
DETACHD
12431 SW ORCHARD HILL RD
$960,000
4
3.1
2724
DETACHD
5563 BAY CREEK DR
$995,000
4
2.1
2913
DETACHD
4 SCARBOROUGH DR
$998,000
4
2.1
3233
DETACHD
4331 SUNDEW CT
$1,099,000
3
2.1
2790
DETACHD
15569 VILLAGE PARK CT
$1,150,000
3
2.1
2755
DETACHD
16018 WALUGA DR
$1,150,000
4
2
2200
DETACHD
19330 RIVER RUN DR
$1,175,000
4
4
3786
DETACHD
13324 BOONES FERRY RD
$1,195,000
4
2.1
3386
DETACHD
208 DURHAM ST
$1,250,000
4
2
2792
DETACHD
2886 UPPER DR
$1,290,000
4
3
2674
DETACHD
17953 SAINT CLAIR DR
$1,299,900
7
3.1
5438
DETACHD
642 8TH ST
$1,995,000
4
2.2
3293
DETACHD
530 MIDDLECREST RD
$2,098,000
3
3
3084
DETACHD
697 LAKE BAY CT
$2,595,000
4
4.1
3715
DETACHD
PENDING May 16-22, 2022
Address
List Price
Beds
Baths
SF
Prop Type
Days
100 KERR PKWY #54
$173,000
1
1
617
CONDO
5
45 SW EAGLE CREST DR #510
$255,000
1
1
830
CONDO
2
4000 CARMAN DR #3
$279,000
1
1
836
CONDO
3
4 TOUCHSTONE #77
$330,000
3
2.1
1351
CONDO
8
6331 SHAKESPEARE ST
$519,900
3
1.1
992
DETACHD
30
18963 SW LONGFELLOW AVE
$649,000
3
1.1
1232
DETACHD
6
43 LADD ST
$699,500
5
2
2632
DETACHD
7
16393 KIMBALL ST
$705,000
3
2
1522
DETACHD
4
19125 LONGFELLOW AVE
$715,000
4
2
2227
DETACHD
6
22 JUAREZ ST
$950,000
4
2.1
3096
DETACHD
5
13865 TAYLORS CREST LN
$950,000
4
2.1
2532
DETACHD
18
5563 BAY CREEK DR
$995,000
4
2.1
2913
DETACHD
3
4 SCARBOROUGH DR
$998,000
4
2.1
3233
DETACHD
3
5674 Charles CIR
$1,050,000
4
2.1
2632
DETACHD
5
14061 TAYLORS CREST LN
$1,199,000
4
2.1
2942
DETACHD
6
2886 UPPER DR
$1,290,000
4
3
2674
DETACHD
2
362 9TH ST
$1,350,000
3
2.1
2018
DETACHD
64
224 IRON MOUNTAIN BLVD
$1,795,000
4
3
2964
DETACHD
4
SOLD May 16-22, 2022
Address
Opening
Closed
Beds
Baths
SF
Prop Type
Days
4631 Lakeview BLVD / Grnd
$239,000
$210,000
1
1
753
CONDO
69
45 EAGLE CREST DR #211
$249,900
$225,000
2
2
1046
CONDO
89
3433 MCNARY PKWY #208
$299,000
$336,000
2
2
1008
CONDO
3
182 OSWEGO SMT / Upper
$290,000
$345,000
2
2
1516
CONDO
4
86 KINGSGATE RD D105
$349,950
$347,500
2
2
924
CONDO
9
3920 CARMAN DR
$419,900
$385,000
2
2.1
1098
CONDO
15
4000 CARMAN DR C49
$375,000
$400,000
1
1.1
1004
CONDO
7
668 MCVEY AVE #10
$540,000
$540,000
3
1
992
CONDO
44
668 MCVEY AVE #63
$575,000
$575,000
2
1
852
CONDO
21
114 TOUCHSTONE TER
$640,000
$580,500
3
3
1964
ATTACHD
23
4752 REMBRANDT LN
$700,000
$700,000
3
2.1
1641
DETACHD
6
135 KINGSGATE RD
$699,000
$775,000
3
2.1
1720
DETACHD
6
36 GREENRIDGE CT
$795,000
$810,000
4
3
2250
ATTACHD
35
19 WALKING WOODS DR
$749,900
$850,000
3
2
2513
DETACHD
4
1825 CEDAR CT
$700,000
$870,000
3
2
1664
DETACHD
3
762 9TH ST
$799,500
$910,000
2
2
1281
DETACHD
4
1435 GREENTREE CIR
$899,000
$915,000
4
2.1
2269
DETACHD
8
12860 SIERRA VISTA DR
$880,000
$1,110,000
3
2
2307
DETACHD
2
126 DEL PRADO ST
$985,000
$1,150,000
5
3.1
3932
DETACHD
4
19653 RIVER RUN DR
$1,088,000
$1,225,700
4
2.1
2617
DETACHD
4
5542 DUNMIRE DR
$1,015,000
$1,254,000
4
2.1
3256
DETACHD
4
5175 SW FIRWOOD RD
$1,199,999
$1,265,000
3
2
2117
DETACHD
4
364 NORTHSHORE RD
$1,200,000
$1,350,000
3
2
2066
DETACHD
1
4867 UPPER DR
$1,349,000
$1,375,000
5
3
2956
DETACHD
5
18058 PILKINGTON RD
$1,538,999
$1,608,999
4
3
3225
DETACHD
3
17448 OAK MEADOW LN
$1,520,000
$1,745,000
4
2.1
3380
DETACHD
3
3115 WEMBLEY PARK RD
$2,000,000
$2,150,000
4
3.1
3800
DETACHD
8
17230 Lake Haven DR
$2,100,000
$2,300,000
3
2.1
3766
DETACHD
6
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) .
Overview/Fluctuations ~ Market Data: Inventory inched up just a bit in April, and the comparisons to last year and the previous month’s data remain similar to the month before…down over last year, slightly up generally from the prior month, except for Pending Sales which are down a slight 1.3%. See below for more details on that. Total market time is down to 21 days, so activity is up as you’d expect in springtime & plenty of people are out looking for a limited number of homes. Rates continue to rise, so some of the less-than-typical/less-than-robust activity is traceable to that and to the low inventory that persists. It’ll be interesting to see May numbers, as anecdotally, Agents are noticing slowing and a bit of a pause in that usual Buyer-excitement cycle that distinguishes this time of year.
Rates: “We have seen continued pressure on rates as the Federal Reserve fights inflation. A 30-year fixed is at roughly 5.375%” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-April 2022:
There were 3,684 New Listings in April 2022decreased 9.4% from April of 2021’s 4,065, and increased 4.6% from the previous month/March’s 3,521.
At 2,782 April 2022’s Closed Sales are down 5.6% from April 2021’s 2,946, and up 3.7% from the previous month/March’s 2022’s total of 2,683
At 3,005 April 2022’s Pending Sales are down 11.6% from April 2021’s 3,400, and down slightly at 1.3% below the previous month/March2022’s total of 3,045.
The Average Sale Price in April 2022 of $632,900 is up $75,000 from last year/April 2021’s $557,900, and up $22,000 from the previous month/March’s $610,900.
The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2022 of $560,000 rose from last year/April 2021’s $500,000 by $60,000, and $10,000 from the previous month/March’s $550,000.
LAKE OSWEGO:
103 Active Listings (Mar 96) 169 New Listings (Mar 171) 144 Pending Sales (Mar 119) 133 Closed Sales (Mar 102) Average Sale Price for March: $998,600 (Mar $1,092,200) 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. 26 Days on the Market (Mar 31)
Last week Lake Oswego saw 16 properties enter the market, 24 move to Pending status, and 14 Closed/Sold.
Right now there are 61 properties to choose from ranging from $195,000 to $7.25 mil.
NEW May 2-8, 2022
Address
List Price
Beds
Baths
SF
Prop Type
47 EAGLE CREST DR #37
$229,000
1
1
672
CONDO
47 EAGLE CREST DR #20
$280,000
2
1
1009
CONDO
86 KINGSGATE RD E103
$370,000
2
2
924
CONDO
2 MOUNTAIN CIR
$499,000
2
1.1
1372
ATTACHD
4363 WOODSIDE CIR
$581,950
3
2
1532
ATTACHD
16661 LAKE FOREST BLVD
$585,000
3
1
936
DETACHD
164 KINGSGATE RD
$689,000
3
2
1781
DETACHD
17311 MANDI LN
$695,000
4
2.1
1779
DETACHD
18440 SANDPIPER CIR
$789,000
3
2
1447
DETACHD
343 3RD ST
$935,000
3
3.1
2101
ATTACHD
4089 ORCHARD WAY
$995,000
4
2.1
2743
DETACHD
19653 RIVER RUN DR
$1,088,000
4
2.1
2617
DETACHD
13865 TAYLORS CREST LN
$1,100,000
4
2.1
2532
DETACHD
19460 SW EASTSIDE RD
$1,299,000
5
3.2
4521
DETACHD
5006 UPPER DR
$1,499,900
4
3.1
3284
DETACHD
2671 GLEN EAGLES RD
$1,895,000
3
3
4014
DETACHD
PENDING May 2-8, 2022
Address
List Price
Beds
Baths
SF
Prop Type
Days
45 EAGLE CREST DR #316
$200,000
1
1
600
CONDO
168
47 EAGLE CREST DR #37
$229,000
1
1
672
CONDO
0
45 EAGLE CREST DR #211
$239,900
2
2
1046
CONDO
89
47 EAGLE CREST DR #20
$280,000
2
1
1009
CONDO
3
3920 CARMAN DR
$419,900
2
2.1
1098
CONDO
15
1531 BONNIEBRAE DR
$489,900
3
1.1
1303
ATTACHD
32
2 MOUNTAIN CIR
$499,000
2
1.1
1372
ATTACHD
4
1674 FIRCREST DR
$649,000
4
2
1998
DETACHD
5
66 Wheatherstone
$650,000
4
3.1
2500
CONDO
8
5970 KENNYCROFT WAY
$650,000
3
2
1212
DETACHD
5
5342 BONITA RD
$699,900
3
1.1
1392
DETACHD
21
5710 WINDFIELD LOOP
$699,900
3
3
1822
DETACHD
6
36 GREENRIDGE CT
$794,900
4
3
2250
ATTACHD
35
5875 BONITA RD
$839,000
6
3.1
2650
DETACHD
24
17423 SCHALIT WAY
$849,000
4
2.1
2442
DETACHD
6
1299 HIDE A WAY LN
$849,900
3
2
1893
DETACHD
10
5750 WASHINGTON CT
$869,000
3
2.1
2430
DETACHD
4
4686 WINTHROP CT
$895,000
4
2.1
2238
DETACHD
3
343 3RD ST
$935,000
3
3.1
2101
ATTACHD
3
17865 SARAH HILL LN
$1,099,950
4
2.1
2871
DETACHD
5
5175 SW FIRWOOD RD
$1,199,999
3
2
2117
DETACHD
4
820 FAIRWAY RD
$1,930,000
4
3.1
3758
DETACHD
2
4460 UPPER DR
$2,604,460
4
3.1
4081
DETACHD
39
548 RIDGEWAY RD
$2,995,000
5
3
3498
DETACHD
32
SOLD May 2-8, 2022
Address
Opening
Closed
Beds
Baths
SF
Prop Type
Days
668 MCVEY AVE #15
$224,900
$224,900
1
1
636
CONDO
2
47 EAGLE CREST DR #7
$259,900
$270,000
2
1
932
CONDO
4
47 EAGLE CREST DR #13
$259,000
$278,000
2
1
932
CONDO
27
317 CERVANTES / Grnd
$330,000
$382,000
2
2
1209
CONDO
21
5838 LANGFORD LN
$699,000
$691,000
3
3
1811
DETACHD
3
4813 REDWING WAY
$699,900
$745,000
4
2
2092
DETACHD
2
17721 ARBOR LN
$785,000
$800,000
3
2
1521
DETACHD
4
181 3RD ST #5
$995,000
$987,987
2
2
1523
CONDO
4
1432 GREENTREE CIR
$859,900
$1,002,000
4
3
2792
DETACHD
5
18108 HOBBIT CT
$1,289,000
$1,289,000
3
2.1
3780
DETACHD
6
3781 TEMPEST DR
$1,250,000
$1,300,000
4
2.1
3927
DETACHD
4
5863 SUNCREEK DR
$1,295,000
$1,570,000
3
3
3302
DETACHD
1
603 ATWATER RD
$1,750,000
$1,720,000
4
3.1
3430
DETACHD
4
4579 UPPER DR
$2,250,000
$2,250,000
4
3.1
3701
DETACHD
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 (***We’ve used “Days” in each category for ease of understanding) .
Here is your look at what’s been happening in the overall Portland area including individual areas of the metro, and with Lake Oswego broken out below:
In the In the first three months of 2022 as compared with the same period in 2021, New Listings have decreased 1.3%, Pending Sales have decreased 3.7% and Closed Sales increased 1.2%. Supply So, basically Inventory is insanely low, & that fact is keeping sales (Pendings & Solds) low as well for the quarter. BUT, as you’ll see below, though Inventory is still ridiculous, activity is picking up this month as it usually does and competition is still stiff, which means Appreciation is continuing to climb (see March 2022 & Neighborhood Report below).
Rates: “The Fed is trying to slow things down, and consequently right now rates sit at about 5.125%.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-Mar 2022:
There were 3,521 New Listings in March 2022increased 1.6% from March of 2021’s 3,465, and increased a whopping 37.0% from the previous month/Feb’s 2,571.
At 2,683 March 2022’s Closed Sales are up 5.0% from March 2021’s 2,556, and up another whopping 38.4% from the previous month/Feb 2022’s total of 1,939
At 3,045 March 2022’s Pending Sales are down 9.0% from March 2021’s 3,346, and up 24.2% from the previous month/Feb 2022’s total of 2,452.
The Average Sale Price in March 2022 of $610,900 is up $56,600 from last year/March 2021’s $554,300, and up $28,700 from the previous month/Feb’s $582,200.
The “Median” Sale Price (the price smack dab in the middle of all sales) in March 2022 of $550,000 rose from last year/March 2021’s $488,000 by $62,000, and $25,000 from the previous month/Feb’s $525,000. ***I’m not a statistician, but it seems to me that the above similarities in Average –vs- Median increases indicate that homes are selling across all pricing spectrums in somewhat even distribution. Prove me wrong! ; ) If true, this surprises me as the current rate hikes tend to make it harder for first time home-buyers who historically tend to buy in lower price ranges.
LAKE OSWEGO:
96 Active Listings (Feb 60) 171 New Listings (Feb 110) 119 Pending Sales (Feb 103) 102 Closed Sales (Feb 66) Average Sale Price for March: $1,092,200 (Feb $890,200) 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. 31 Days on the Market (Feb 25)
This last week saw 23 New properties enter the market, 13 move to Pending status, and 24 Closed/Sold. Right now there are 68 properties available in Lake Oswego ranging from 195,000 to 7.25 mil.
NEW Apr 18-24, 2022
Address
List Price
Beds
Baths
SF
Prop Type
1979 COUNTRY CLUB RD
$299,000
2
2
1008
CONDO
4405 THUNDER VISTA LN
$395,500
2
2
1506
CONDO
3970 CARMAN DR
$419,900
2
2.1
1098
CONDO
32 CONDOLEA DR / Grnd
$434,000
2
2.1
1197
CONDO
210 OSWEGO SMT #210
$469,000
2
2
1448
CONDO
1875 CREST DR
$472,500
2
2.1
1922
CONDO
6331 SHAKESPEARE ST
$519,900
3
1.1
992
DETACHD
670 1ST ST
$525,000
2
2
1420
CONDO
18554 HALLBERG CT
$529,000
3
2
1799
ATTACHD
355 6TH ST
$599,000
3
2.1
1885
DETACHD
3433 MCNARY PKWY #208
$675,000
3
2
1656
DETACHD
3920 CARMAN DR
$699,900
3
1.1
1220
DETACHD
5542 DUNMIRE DR
$764,000
4
2
1866
DETACHD
18413 DEER OAK CIR
$799,500
2
2
1281
DETACHD
762 9TH ST
$829,000
4
2.1
2252
DETACHD
18084 WESTMINSTER DR
$975,000
3
3.1
2362
ATTACHD
2088 CREST DR
$1,015,000
4
2.1
3256
DETACHD
4206 WOODSIDE CIR
$1,259,000
3
2.1
2767
CONDO
17596 OAK MEADOW LN
$1,549,000
5
3.1
5020
DETACHD
5172 GREENSBOROUGH CT
$1,599,000
5
5.1
4143
DETACHD
24 CONDOLEA DR / Grnd
$1,599,000
3
2.1
2844
DETACHD
10 EAGLE CREST DR
$1,995,000
4
3.1
3957
DETACHD
1474 GREENTREE CIR
$7,250,000
4
6.1
8259
DETACHD
PENDING Apr 18-24, 2022
Address
List Price
Beds
Baths
SF
Prop Type
Days
4 TOUCHSTONE #69
$239,900
3
2.1
1351
CONDO
29
47 EAGLE CREST DR #7
$259,900
2
1
932
CONDO
4
182 OSWEGO SMT / Upper
$290,000
2
2
1516
CONDO
4
3970 CARMAN DR
$434,000
2
2.1
1197
CONDO
5
5073 W SUNSET DR
$515,000
2
2.1
1720
ATTACHD
6
668 MCVEY AVE #63
$575,000
2
1
852
CONDO
21
135 KINGSGATE RD
$699,000
3
2.1
1720
DETACHD
6
18554 HALLBERG CT
$699,900
3
1.1
1220
DETACHD
3
19 WALKING WOODS DR
$749,900
3
2
2513
DETACHD
4
181 3RD ST #5
$995,000
2
2
1523
CONDO
4
670 1ST ST
$1,259,000
3
2.1
2767
CONDO
2
17596 OAK MEADOW LN
$1,599,000
3
2.1
2844
DETACHD
2
17600 UPPER CHERRY LN
$2,100,000
4
3.1
3905
DETACHD
324
SOLD Apr 18-24, 2022
Address
Opening
Closed
Beds
Baths
SF
Prop Type
Days
100 KERR PKWY #52
$229,000
$170,000
1
1
617
CONDO
9
3930 LAKE GROVE AVE #2A
$249,000
$275,000
2
1
956
CONDO
4
3433 MCNARY PKWY #107
$289,500
$307,000
2
2
1008
CONDO
3
224 RIDGEWAY RD / Upper
$325,000
$333,000
1
1
756
CONDO
6
5626 FERNBROOK WAY
$574,960
$610,000
3
1.1
1250
DETACHD
2
5832 BENFIELD CT
$575,000
$634,000
3
1.1
1336
DETACHD
4
1474 GREENTREE CIR
$675,000
$675,000
3
2
1656
DETACHD
0
4200 OLD GATE RD
$550,000
$685,000
3
1.1
1453
DETACHD
4
852 5TH ST
$675,000
$700,000
2
1
738
DETACHD
2
17763 MARDEE AVE
$741,900
$724,000
5
3
2110
DETACHD
19
13700 PROVINCIAL HILL DR
$725,000
$800,000
4
2.1
2078
DETACHD
2
12962 KNAUS RD
$829,000
$835,350
3
2.1
1952
DETACHD
268
14 PARTRIDGE LN
$668,000
$838,000
3
3
2658
DETACHD
5
4870 CENTERWOOD ST
$839,900
$840,000
4
2.1
2434
DETACHD
5
17101 CAMPUS WAY
$865,000
$875,000
4
3
3367
DETACHD
8
1150 GREENTREE RD
$965,000
$1,025,000
4
1.2
2703
DETACHD
5
14580 UPLANDS DR
$925,000
$1,230,000
3
3
2120
DETACHD
4
1001 CEDAR ST
$1,495,000
$1,340,000
4
3.1
2572
DETACHD
14
1050 SCHUKART LN
$1,399,900
$1,455,000
4
3.1
5847
DETACHD
4
4030 CANAL WOODS CT
$1,380,000
$1,500,000
5
4
4103
DETACHD
4
734 CARRERA LN
$1,295,000
$1,510,000
4
2.1
3898
DETACHD
4
1875 CREST DR
$1,995,000
$1,995,000
4
3.1
3957
DETACHD
0
13725 CAMEO CT
$2,450,000
$2,300,000
5
4.1
4984
DETACHD
14
1075 LAKE FRONT RD
$5,500,000
$5,300,000
5
4.1
4562
DETACHD
0
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) .