Category: General

There is a housing crisis. Not just here in Oregon, but nationwide. Simply put, there are not enough houses being built. This first started with the Great Recession. Many builders and developers shut down for about 4 years. When the housing market rebounded, the builders and developers simply did not catch back up. I heard a panel of economists on a Bloomberg podcast about a year ago quote the statistic that to meet demand nationwide, 3,000,000 new housing units need to be built each year. These can be small apartments or mega mansions, the housing need is in every shape and size. At the time of the podcast, the average being built annually was 1,300,000: not even half of the demand.

Our new Governor, Tina Kotek, has made construction of housing a top priority in her administration. To accomplish this, she is putting everything on the table, including revising, or perhaps even removing, tree ordinances. While I truly admire her willingness to open the conversation to every option, our stewardship of the environment is also a top priority for the citizens of this state. As you can imagine, it’s creating some real conversations (or should I say arguments?).

Steve Duin has written an excellent article on the subject that can be found at Oregonlive.com. To read it, click here. Interesting side note. I’ve been a big fan of the writings of Steve Duin for years. The Oregonian was a part of my daily routine and I always looked forward to Steve’s columns. Also, the very first house that I ever listed for sale in my real estate career was purchased by Steve. He still lives in that house.

To give you a summation of the article, he has in the past argued that the Urban Growth Boundary is part of the problem. In this article he admits to being taken to the woodshed by people who know better and that the real problem is not a lack of land, it’s a lack of infrastructure. Historically, infrastructure was subsidized by the Federal government. That financial support was eliminated by the Reagan administration. We have plenty of developable land currently within the UGB, trees and all, but the development costs are a huge obstacle to getting the housing built. I encourage you to read the article.

This is a bit off course from what I usually write. I hope that you have found it as interesting as I have.

Dianne

I thought I’d post this graphic to give you a behind-the-scenes idea of how our overall area is segmented for us Realtors to hone in on what a Buyer says they want. The powers that be have divided locations and therefore created an order of sorts to searching for properties. This translates to public searches as well as Realtor ones, and/but is interesting from our perspective because it is the quickest way for us to pull up data on statistics etc., and it also governs how people navigate online. For instance, as you can see, Lake Oswego is combined with West Linn for RMLS purposes into area 147. We can pull some Lake-Oswego-specific data, but have to use a few tricks & maneuvers to do so. Also, if a home is on the dividing line between two areas, a Realtor may find themselves weighing pro’s & cons of advertising in one area or the other when listing a home. Most of the time it’s a no-brainer what area a property fits into, but sometimes it can mean a person searching for a home in one area may not see a home if it is assigned to the area next-door. This came up recently with a rural property on the dividing line between areas 148 (which bumps up against Lake Oswego and stretches all the way to near-Sauvie Island) and 149 that may have been seen by people searching closer in to Portland but maybe not by people looking for acreage who would prefer to be farther from Portland.

Last week in lake Oswego 25 properties entered the market (New), 16 moved to Pending status and 27 Closed/Sold.

Right now there are 189 properties available in Lake Oswego ranging from $237,500 to $11,500,000.

NEW July 10-16, 2023:

PENDING July 10-16, 2023

SOLD July 10-16, 2023

Dianne and I wish you and your loved-ones a joyous celebration today!

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

Mon, June 12, 2023 – 1-3 PM– American Mah Jongg – Mah Jongg is a game of strategy, skill and calculation. Some say it is similar to Rummy. This practice group has many tables already formed, but if you’d like to join you can sign up to be included in the next open table of 3-4 people. – More Info: CLICK HERE

Tues, June 13 2023 – 2:30PM-4:30 PM – Slow Jam ~ Dust off your musical instrument and come join others in a relaxed setting to make some music together! – ACC, 505 G Avenue Lake Oswego More Info: CLICK HERE

Wed, June 14, 2023 – 10-11:30 AM – Geneology Interest Group~  This meeting is a field trip! regular Zoom and in-person meetings will resume after this week — More Info :  CLICK HERE

Thurs, June 15, 2023 – 2-4 PM – Movie Matinee for Teens (Ages 13+) ~ Get in out of the heat or just come to relax with friends and popcorn. The lake Oswego Library has a cozy spot for you and your friends. ~ Lake Oswego Library 706 Fourth St – More Info:  CLICK HERE

Fri, June 16, 2023 – 10:30-11 AM -Spanish Language Story & Play Stories presented by Jessica Amezcua from Adventures in Spanish for children ages 0-5 and their caregivers. – Lake Oswego Library 706 Fourth St More Info: CLICK HERE

Sat, June 17, 2023 – 8:30 AM-1:30 PM– Lake Oswego Farmers’ Market – Enjoy the region’s finest food, artisan crafts, music & fun. It’s summer and the 2023 season is in full swing! – Millennium Plaza Park, 200 1st Street More Info :  CLICK HERE

Sun, June 18, 2023 -Juneteenth Celebration- 1-4 PM – Presented by: City of Lake Oswego, Respond to Racism, the Arts Council of Lake Oswego ,and LO for LOve~ Commemorate the end of slavery with a community celebration honoring this historic day. The program includes a keynote address from Dr. Renee Mitchell, award-winning metro columnist for The Oregonian and visionary behind I Am M.O.R.E., a heART focused youth development program. The event also features performances by DJ Avelanche and Sebe Kana West African Drum and Dance troupe, youth poetry, vendors and the unveiling of the mural Ms. Willie’s Dream by Sarah Farahat at City Hall ~ 380 A Ave. – More Info: CLICK HERE

Last week in Lake Oswego 24 properties entered the market, 7 moved to Pending status and 19 Sold/Closed. Right now there are 147 homes available ranging from $154,900 to $8,950,000.

Here is the breakdown:

NEW May 29-June 4, 2023

PENDING May 29-June 4, 2023

SOLD May 29,-June 4, 2023

Overview/Fluctuations ~ January 2023 Market Data:                

Inventory has risen again which is a hopeful sign for 2023. Though we show some activity decreases from last January, we’re rising in New & Pending Sales over December. Prices took a hit during December as Sellers looked to secure Buyers toward the end of the year. Time will tell how prices will be affected as the year progresses, but all signs on the street are of a heating market even in these cold temperatures with Buyers out making offers, & sometimes competing, which can move prices higher. NAR is predicting lower rates this year. So, essentially, there is a promising waft in the air with prices stabilizing somewhat and Buyers moving on with their lives.                                                                       

Rates: “We have seen upward pressure on rates with inflation data coming in higher than expected, but thankfully no big move with rates staying in the lower 6% range.”          Gary Boyer, Regional VP, Directors Mortgage

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

• There were 1,938 New Listings in Jan– down 16% from 2,307 in Jan 2022 and up 80.6% from the previous month/Dec’s 1,073.
• At 1,088 Jan 2023’s Closed Sales (Solds) are down 41.3% from Jan 2022’s 1,853, and decreased 25.7% from the previous month/Dec 2022’s total of 1,464.
• At 1,771 Jan 2023’s Pending Sales (accepted Offers) are down 22.6% from Jan 2022’s 2,287, and rose 46.8% from the previous month/Dec’s total of 1,206.
• The Average Sale Price for January 2023 of, $532,900 is down $53,700 from last year/Jan 2022’s $586,600, and down $33,800 from the previous month/Dec’s $566,700. 
• The “Median” Sale Price (the price smack dab in the middle of all sales) in January 2023 of $489,500 dropped $22,500 from Jan 2022’s $512,000, and down $18,000 from December 2022. 

NEIGHBORHOODS/AREAS OF PORTLAND:

LAKE OSWEGO (January 2023):

132 Active Listings (Dec 142)
81 New Listings  (Dec 40)
75 Pending Sales (Dec 35)
38 Closed Sales  (Dec 59)
Average Sale Price for Nov: $1,005,400 (Dec $820,200)
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.
58 Days on the Market   (Dec 58)

Here’s my pick this week for a free & fun adventure in Lake Oswego this week~

First Tuesday Music at the Lake Oswego Public Library features Dr Bryce Colson. He will bring his portable organ console and accompany the classic movies J. Searle Dawley’s Frankenstein (1910) and Buster Keaton’s The Haunted House (1921). In between he’ll have some fun and educational insights to share with the audience. Sounds Like fun! Be there~

Feb 7th – 6-8PM, 706 Fourth St, Lake Oswego. Contact April Younglove for more info: 503-534-5667 ayounglove@ci.oswego.or.us