Category: Selling Advice

Advice for home sellers in Lake Oswego, Oregon

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Market Activity ~ July 20-26, 2020

Last week in Lake Oswego there were 25 New listings, 36 properties that went into Pending status, and 25 Closed sales.  There are currently 217 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #15 $170,000 1 1 798 CONDO
368 CERVANTES CIR / Upper $200,000 2 1 854 CONDO
750 1ST ST #D25 $325,000 2 2 1350 CONDO
16200 PACIFIC HWY #21 $362,000 2 2 1190 CONDO
4401 THUNDER VISTA LANE LN $395,000 2 2.1 1980 CONDO
41 Greenridge CT $415,000 3 2.1 1652 ATTACHD
78 GREENRIDGE CT $535,000 3 3 2000 ATTACHD
1101 HEMLOCK ST $629,975 3 2.1 2213 DETACHD
14863 TWIN FIR CT $630,000 3 2 1648 DETACHD
4636 AUBURN LN $650,000 3 3.1 2732 ATTACHD
14825 RAINBOW DR $650,000 4 3.1 2582 DETACHD
17973 SAINT CLAIR DR $738,000 4 3 3323 DETACHD
12788 SIERRA VISTA DR $770,000 4 3.1 2880 DETACHD
15 BECKET ST $849,000 4 3.1 3750 DETACHD
2340 OAKHURST LN $869,000 4 2.1 2860 DETACHD
2585 DELLWOOD DR $949,900 4 3.1 3749 DETACHD
5156 SW DAWN ST $1,150,000 3 3 2413 DETACHD
17196 KELOK RD $1,199,000 5 3.1 4384 DETACHD
717 8TH ST $1,235,000 4 2.1 2584 DETACHD
4311 HAVEN ST $1,365,000 4 4 3915 DETACHD
929 COUNTRY CMNS $1,420,000 4 3 3962 DETACHD
768 BERWICK CT $2,098,000 4 3.1 4127 DETACHD
2950 WEMBLEY PARK RD $2,375,000 4 5.1 6417 DETACHD
1622 LESLIE LN $2,450,000 4 3.2 5827 DETACHD
305 CHANDLER PL $2,850,000 5 3.3 5334 DETACHD

Pending Sales (July 20-26, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3930 LAKE GROVE AVE #3A $209,900 2 1 956 CONDO 183
4 TOUCHSTONE #81 $224,950 3 2.1 1350 CONDO 29
4000 CARMAN DR #C39 $229,000 2 2 866 CONDO 14
90 OSWEGO SMT / Upper $239,000 2 2 1140 CONDO 2
48 EAGLE CREST DR #5E $269,000 2 2 1443 CONDO 10
4621 LAKEVIEW BLVD / Upper $279,999 2 2 1178 CONDO 8
4372 WOODSIDE CIR $339,900 2 2 1178 ATTACHD 4
13 MOUNTAIN CIR $375,000 2 1.1 1374 ATTACHD 4
5168 LAKEVIEW BLVD $395,000 2 2 960 DETACHD 4
16215 LAKE FOREST BLVD $425,000 3 1 1001 DETACHD 5
16518 INVERURIE RD $425,000 3 2 1255 DETACHD 3
21 BRITTEN CT $429,000 3 2.1 1972 ATTACHD 4
18545 KRISTI WAY $434,900 3 1.1 1307 DETACHD 4
7 SUMMIT RIDGE CT $449,000 2 2.1 1704 ATTACHD 14
17207 REBECCA LN $599,000 3 2.1 1944 DETACHD 6
1601 ASH ST $614,947 3 2 2045 DETACHD 57
13758 REGENCY CT $649,900 3 2.1 1986 DETACHD 2
720 BRIERCLIFF LN $650,000 4 3 2152 DETACHD 3
4087 TROUT WAY $659,000 4 2.1 2330 DETACHD 4
14074 SUNDELEAF DR $685,000 3 2.1 1760 DETACHD 5
4890 INDIAN CREEK CT $699,000 3 2 2064 DETACHD 15
18709 MIRKWOOD DR $729,000 4 3 3086 DETACHD 3
4004 MELISSA DR $749,900 4 2.1 2865 DETACHD 3
5820 STEWART GLENN CT $750,000 5 2.1 3262 DETACHD 72
5734 CHARLES CIR $785,000 5 2.1 2663 DETACHD 2
802 CLARA CT $849,000 4 3 2886 DETACHD 7
12641 ADRIAN CT $896,448 4 4 3602 DETACHD 9
19242 INDIAN SPRINGS RD $950,000 4 2.1 3365 DETACHD 54
2655 DELLWOOD DR $950,000 4 2.1 3164 DETACHD 28
19345 RIVERWOOD LN $969,000 4 3.1 3383 DETACHD 7
1029 LAUREL ST $974,000 5 3.1 3195 DETACHD 7
14380 TRILLIUM CT $995,000 5 3 3962 DETACHD 128
18220 RIVER EDGE CT $998,800 4 3 3432 DETACHD 60
1300 GLENMORRIE DR $1,050,000 5 3.1 4613 DETACHD 3
3244 UPPER DR $1,575,000 5 4.1 3730 DETACHD 11
16206 REESE RD $1,625,000 4 3.1 3631 DETACHD 69

Sold/Closed (July 20-26, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #71 $199,000 $180,000 2 2 984 CONDO 49
82 OSWEGO SMT / Upper $239,000 $234,500 2 2 1212 CONDO 14
48 EAGLE CREST DR #5C $279,000 $264,800 2 2 1443 CONDO 201
3868 BOTTICELLI ST / Grnd $265,000 $265,000 3 2 1260 CONDO 12
12806 SW BOONES FERRY RD $425,000 $400,000 3 2.1 1174 CONDO 26
2164 GOODALL CT $300,000 $443,765 3 2 2016 DETACHD 17
1400 LABURNUM WAY $475,000 $508,000 4 3 2106 DETACHD 2
6151 CARMAN DR $589,750 $545,000 3 2 1641 DETACHD 81
16111 LINDSAY CT $565,000 $565,000 3 2.1 1840 DETACHD 34
4851 MADRONA ST $600,000 $580,085 4 2 1500 DETACHD 22
19211 INDIAN SPRINGS RD $585,000 $585,000 4 3 2132 DETACHD 1
6280 SUMMER WOODS $640,000 $600,000 4 2.1 2191 DETACHD 112
461 COUNTRY CLUB RD $750,000 $730,000 2 1.1 1500 DETACHD 57
9 BECKET ST $719,000 $740,000 4 2.1 3537 DETACHD 4
4089 MELISSA DR $815,000 $777,500 4 2.1 2762 DETACHD 22
15119 QUARRY RD $795,000 $795,000 3 2 2086 DETACHD 16
830 4TH ST $799,900 $822,000 3 2 1890 DETACHD 0
2201 OVERLOOK DR $825,000 $855,000 4 2.1 3360 DETACHD 3
13751 CAMEO CT $1,100,000 $865,000 5 4 3350 DETACHD 97
16 BERNINI CT $1,250,000 $1,095,000 6 5 4786 DETACHD 92
18026 SKYLAND CIR $1,399,000 $1,330,000 5 3.1 4117 DETACHD 102
157 6TH ST $1,595,000 $1,464,000 4 3.1 3614 DETACHD 953
2880 UPPER DR $1,995,000 $1,920,000 5 4.1 5853 DETACHD 141
17227 CANAL CIR $2,795,000 $2,600,000 5 4.1 4720 DETACHD 79
1633 LESLIE LN $2,725,000 $2,650,000 5 4.2 5921 DETACHD 15

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.

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The Magic that is Escrow

I want to take a moment to explain not only what escrow is, but also to give a shout out to the amazing title companies that we have in the Portland area.

Escrow is the time that happens between an offer being accepted and the title being recorded for the new owner of the property. The Realtors involved submit a copy of the agreed upon paperwork to the title company that has been chosen. The buyer or the seller can select the title company, if they have a preference. By practice though, I’d say 90% of the time the seller’s agent will choose the title company. This is because prior to and during the course of the listing being marketed, it’s pretty common for the listing side Realtor to ask for information and favors from a title company. This can be things like obtaining a plat map, getting a copy of the deed, all sorts of favors. The title company will do these services at no charge. They do them, because they are hoping to be selected to handle a transaction. Just like Realtors, they don’t get paid until the transaction closes.

Upon receiving the new sale agreement, the “escrow officer”, which is what the person at the title company is usually called, will order a preliminary title report. It takes about a week to receive it and it is sent out to all parties involved: the buyer and their Realtor, the seller and their Realtor, and the lender if there is a lender involved. The title report shows what legal liens and encumbrances, such as easements, Home Owner Association documents, and mortgages are attached to the property. Once received, the buyer needs to review the prelim and they have 2 days to notify the seller if there is an issue that needs to be cleared up. The seller then has 5 days to fix the issue. If the seller can’t fix it, then the buyer can terminate and get their earnest money back. The sort of issue that might create this situation would be something like a judgement for alimony that must be proven to be current. That sort of thing.

Escrow lasts 30 to 45 days, typically. During this time the escrow officer will collect the needed information to close on the sale. They are the people who receive the lenders wire of funds from the new mortgage, and who contact the buyer to let them know how much money to bring to closing. They make appointments with the buyer and the seller and are in charge of everyone signing all of the documents correctly. They use the money that they have received to pay off any current liens and then they are the ones who take the new deed to the county and have it recorded, along with the new mortgage. Today this is done electronically.

On the day of closing they do the final title report to confirm that no knew encumbrances have been recorded on the property. With this in hand they issue a title insurance policy. This insurances benefits the buyer and is the title companies evidence that all of the seller encumbrances have been removed and the buyer is receiving the property with clear title and only the encumbrances that they place upon it, such as their new mortgage.

To a person, every single escrow officer I have ever met or worked with has been the utmost professional, competent and friendly person. In addition, the title companies perform these services for a very reasonable charge. Combining title and escrow charges, the average transaction earns the title company, perhaps, $3500. The charge for the title insurance is regulated by the state of Oregon. Escrow charges are pretty uniform between companies. The charges are split approximately 60/40, with the seller paying the larger amount because seller paid title insurance to benefit the buyer is more expensive than buyer paid title insurance to benefit the buyer’s lender.

If you ask any Realtor who their favorite title company is, every single one of them will have an immediate answer. For me, it’s Roni Winters at Fidelity National Title in Lake Oswego. But I would trust any of the companies and escrow officers in the metro area. They are all that good.

Stay cool in this heat, and as always, thank you for reading the blotter.
Dianne

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News & Notes ~ June 2020 Numbers

Here is your look at the most recent data for the entire Portland area (June 2020) and how Lake Oswego fits in to this picture just below.

Inventory has dropped in June.  They all got snatched up in May!  ; )  Seriously, look at the 38% rise in June Closed sales over May. We are seeing a housing shortage in the overall Portland area and it is reflected in Buyers experiencing lots of multiple-offer situations and overall competition over properties that are in good shape and priced well. Sellers are noticing this trend and continuing to list properties for sale. I’m anticipating an extended busy period this summer after some pent-up COVID-inspired “waiting” from earlier in the spring that is spilling into the post-4th of July time period which is usually a bit slower.

My trusted Mortgage Advisors tell me: Rates are at historic lows hovering around 3% and lower in some circumstances.

According to the RMLS Market Action Report for the Portland Metro Area, June 2020:

  • There were 3,658  New Listings in June 2020 which decreased 14.6%  from June of 2019’s 4,281, and/but increased 7% over the previous month/May’s 3,419.
  • At 2,709, June 2020’s Closed Sales are down slightly at 1.7% from June 2019’s 2,756, and are up a whopping 38% from the previous month/May 2020’s total of 1,963
  • At 3,654, June 2020’s Pending Sales are up 18.5% from June 2019’s 3,083, and also up 17.4% from the previous month/May 2020’s total of 3,112.
  • The Average Sale Price in June 2020 of $479,700 is up $7,000 from last year/June 2019’s $472,700, and is also up $12,200 from the previous month/May 2020’s $467,500.   YTD increase is 2.6%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in June 2020 of $435,000 rose from last year/June 2019’s $420,000 by $15,000, and is up by $10,000 from the previous month/May 2020’s $425,000.   YTD increase is 3.9%.

Neighborhoods: June’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $447,500              3.0%   (May $442,900 )
    •                                                     YTD Median: $421,800
  • NE Portland:  $486,200                   3.0%   (May $479,900)
    •                                                     YTD Median: $431,700
  • SE Portland:  $462,800                   2.1%   (May $448,300  )
    •                                                     YTD Median: $390,000
  • Gresham/Troutdale:   $383,000     1.8%   (May $358,800)
    •                                                     YTD Median: $361,000
  • Milwaukie/Clackamas:  $479,600  3.7%   (May $435,200)
    •                                                     YTD Median: $433,000
  • Oregon City/Canby:   $447,300      2.9%   (May $454,500)
    •                                                     YTD Median: $435,000
  • Lake Oswego/West Linn:$721,800  3.9%  (May $698,500)
    •                                                      YTD Median: $605,400
  • West Portland:    $609,400             -0.9%  (May $616,200)
    •                                                     YTD Median: $540,000
  • NW Wash County:  $585,000          2.2%   (May $520,400)
    •                                                      YTD Median: $506,800
  • Beaverton/Aloha:     $417,500       3.2%   (May $407,800)
    •                                                     YTD Median: $410,000
  • Tigard/Wilsonville:   $504,400        3.7%   (May $502,400)
    •                                                      YTD Median: $465,000
  • Hillsboro/Forest Grove: $433,100  5.7%   (May $422,100)
    •                                                      YTD Median: $400,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of June 2020 reported:

    •  315 Active Listings (May 324)
    •  216 New Listings     (May 209)
    •  196 Pending Sales   (May 169)
    •  135 Closed Sales       (May  92)
    • Average Sale Price for May: $721,800  (May $698,500)
      • 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.
    •  54 Average Days on the Market   (May 59)

 

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Market Activity ~ July 6-12, 2020

Last week in Lake Oswego there were 19 New listings, 26 properties that went into Pending status, and 20 Closed sales.  There are currently 233 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (July 6-12, 2020)

Address List Price # Beds # Baths Prop Type Total SF
4000 CARMAN DR, C39 $229,000 2 2 CONDO 866
207 OSWEGO SMT #207 $289,000 2 1.1 CONDO 1506
12844 BOONES FERRY RD / Grnd $409,900 2 2.1 CONDO 1177
7 SUMMIT RIDGE CT $449,000 2 2.1 ATTACHD 1704
200 BURNHAM RD #311 $599,000 3 2 CONDO 1894
4890 INDIAN CREEK CT $699,000 3 2 DETACHD 2064
16969 ALDER CIR $729,000 3 2 DETACHD 1676
3102 DUNCAN DR $785,000 4 3.1 DETACHD 3910
15677 FIELDSTONE DR $798,950 3 2.1 DETACHD 2527
2782 TOLKIEN LN $799,000 4 3.1 DETACHD 3207
12986 KNAUS RD $1,249,000 5 4 DETACHD 3242
2126 WEMBLEY PL $1,425,000 4 3.1 DETACHD 3531
14190 SUNDELEAF DR $1,459,900 5 4 DETACHD 3688
12812 ALTO PARK RD $1,500,000 4 3.1 DETACHD 4040
3244 UPPER DR $1,575,000 5 4.1 DETACHD 3730
1225 OAK TER $1,600,000 5 4 DETACHD 3771
883 8th ST $1,699,000 5 4.1 DETACHD 4546
16865 GREENBRIER RD $2,595,000 5 5 DETACHD 6404
16649 MAPLE CIR $3,095,000 4 3 DETACHD 2714

Pending Sales (July 6-12, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
104 OSWEGO SMT / Grnd $195,000 1 1 943 CONDO 12
59 OSWEGO SMT / Upper $237,900 2 2 1140 CONDO 59
4626 LOWER DR / Main $239,000 2 1.1 1260 CONDO 57
82 OSWEGO SMT / Upper $239,000 2 2 1212 CONDO 14
4000 CARMAN DR #31 $245,000 3 2 993 CONDO 184
6301 ALYSSA TER $400,000 3 2.1 1546 ATTACHD 4
5881 FERNBROOK CIR $419,000 4 1 1416 DETACHD 2
76 KINGSGATE RD $434,900 2 2 1201 ATTACHD 6
121 WILBUR ST $537,500 3 2 1631 CONDO 117
6221 NOKOMIS CT $565,000 3 2 1870 DETACHD 1
19101 REDWING CT $629,000 3 2 1434 DETACHD 5
4260 CHAPMAN WAY $630,000 4 3 2301 DETACHD 16
4962 HARVARD CT $649,900 4 2.1 2522 DETACHD 24
28 WESTRIDGE DR $724,900 4 2.1 2580 DETACHD 4
1069 TIMBERLINE DR $725,000 4 3 2173 DETACHD 7
5 WESTMINSTER DR $729,900 5 3 3104 DETACHD 97
14321 CAMDEN LN $759,900 4 2.1 2553 DETACHD 3
17610 WESTVIEW DR $839,900 5 3 2924 DETACHD 2
4991 HARTFORD PL $859,950 3 3.1 3098 DETACHD 5
24 DEL PRADO ST $969,000 5 3.1 3357 DETACHD 22
5996 SUNCREEK DR $995,000 4 3 3596 DETACHD 2
3938 EDENS EDGE DR $1,199,990 4 3.1 3882 DETACHD 18
749 SOUTHVIEW RD $1,325,000 4 3.1 3123 DETACHD 36
2130 WEMBLEY PL $1,395,000 4 3.1 3651 DETACHD 442
18218 MEADOWLARK LN $1,499,000 5 6.1 8320 DETACHD 397
4660 UPPER DR $1,695,000 5 3.1 3898 DETACHD 209

Sold/Closed (July 6-12, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
9 OSWEGO SMT $180,000 $165,000 1 1 764 CONDO 181
209 OSWEGO SMT / Upper $250,000 $250,000 2 2 1383 CONDO 2
120 KINGSGATE RD $519,800 $512,000 3 2.1 1699 DETACHD 15
1032 LAUREL ST $609,900 $595,000 4 2 2426 DETACHD 109
6438 Frost ST $625,000 $610,000 4 2.1 2269 DETACHD 39
17410 WREN CT $749,900 $750,000 3 2.1 2550 DETACHD 4
173 FURNACE ST / Upper $819,900 $775,000 2 2.1 2090 CONDO 18
1338 TIMBERLINE DR $874,900 $810,000 3 3 3754 DETACHD 6
19681 PERCH CT $923,000 $820,000 4 3 3307 DETACHD 82
4360 UPPER DR $915,000 $895,000 3 2.1 2613 DETACHD 13
18483 RAY RIDGE DR $925,000 $900,000 3 2.1 3245 DETACHD 9
2575 PALISADES CREST DR $1,250,000 $975,000 4 4.1 5251 DETACHD 82
1267 MAPLE ST $1,098,000 $1,050,000 4 2.1 3388 DETACHD 56
1225 LAKE GARDEN CT $1,295,000 $1,162,500 4 3.2 3558 DETACHD 38
749 7TH ST $1,385,000 $1,350,000 4 3.1 4651 DETACHD 28
839 F AVE $1,450,000 $1,358,725 4 3.1 3780 DETACHD 109
475 IRON MOUNTAIN BLVD $1,379,000 $1,390,000 4 2.2 3254 DETACHD 2
3040 STONEBRIDGE WAY $1,590,000 $1,450,000 4 4.1 5829 DETACHD 100
17435 WREN CT $1,750,000 $1,668,000 4 3 2960 DETACHD 443
4245 WEST BAY RD $2,350,000 $2,250,000 4 3.1 2958 DETACHD 8

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.

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Real Estate in a Pandemic

Having been a licensed Oregon Realtor since 1987, I kinda thought I’d seen it all, but then what do you know? A Pandemic happens. I had no idea what to expect. I think mostly I was worried. How do you sell houses in a pandemic? Well, I’ve been pleasantly surprised. The market is booming.

As I pointed out in this week’s market activity report, out of 20 closed sales last week, 6 sold OVER the asking price and 4 sold AT the asking price. That’s 50% of what sold. Then look at the fact that 13 properties went on the market and 31 went pending. That is a classic scenario of supply not meeting demand. This creates bidding and competitive buying.

In this environment, how do Realtors keep everyone safe? Everyone is paying attention. National Association of Realtors, the Oregon Association of Realtors, and my company, Oregon First, have all given pretty strict protocols. At a minimum everyone must wear masks and socially distance. The next step is to talk to our clients. Find out their concerns and what their preferences are. If a person has health issues that put them at higher risk, we can take the procedures further. This includes wearing gloves, wiping down surfaces, having the listing agent meet Realtors with their clients at the front door and give instructions that they may not touch anything. If they want to see inside a cupboard, ask and the listing agent will open the cupboard. I showed a house on Sunday in which my clients and I did not touch one single surface or knob. It went smoothly.

I am asking my clients to wear masks but then I am also providing single use plastic gloves. I put them out at the entrance to my listings and I carry them in my car for my buyers. It is one pair for each house so that we don’t cross contaminate between properties. I felt pretty lucky when I found 2000 pairs for about 40 bucks. I am prepared!

I also provide booties to cover shoes. However, I don’t make them keep the booties on going up stairs that are not carpeted. Those booties can be slippery on stairs.

What I am not doing is sharing my car with my clients or holding open houses.

I really want to assure you that Realtors are working very hard to keep everyone safe in a time when the demand for housing is so high. There may be a pandemic but it’s a great time to buy or sell a house.

As always, thanks for reading the blotter,
Dianne

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Market Activity ~ June 22-28, 2020

Last week in Lake Oswego there were 21 New listings, 27 properties that went into Pending status, and 14 Closed sales.  There are currently 212 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (June 22-28, 2020)

Address List Price # Beds # Baths Total SF Prop Type
104 OSWEGO SMT /Grnd $195,000 1 1 943 CONDO
3930 LAKE GROVE AVE #3A $210,800 2 1 956 CONDO
4 TOUCHSTONE #81 $224,950 3 2.1 1350 CONDO
82 OSWEGO SMT / Upper $239,000 2 2 1212 CONDO
200 BURNHAM RD #303 $257,000 2 1 1200 CONDO
4260 CHAPMAN WAY $630,000 4 3 2301 DETACHD
4403 OAKRIDGE RD $760,000 3 2.1 2052 ATTACHD
19398 RIVER RUN DR $799,900 4 3 2790 DETACHD
1953 SUMMIT DR $889,000 4 3 3312 DETACHD
14360 TRILLIUM CT $927,000 5 3 3558 DETACHD
15371 TWIN FIR RD $1,050,000 4 2.1 2876 DETACHD
2085 RIDGE POINTE DR $1,199,000 5 4.2 6575 DETACHD
17281 LOWENBERG TER $1,225,000 4 3.1 3792 DETACHD
900 FAIRWAY RD $1,295,000 5 3.1 3508 DETACHD
14480 KRUSE OAKS BLVD $1,325,000 4 3.1 4661 DETACHD
827 8TH ST $1,549,900 5 3.1 3852 DETACHD
3109 DOUGLAS CIR $1,950,000 5 4.2 4880 DETACHD
1217 Lake Front RD $2,195,000 3 2.1 2628 DETACHD
17253 KELOK RD $2,659,000 5 4.1 4429 DETACHD
757 LAKE SHORE RD $3,089,000 4 3.1 4098 DETACHD
3214 LAKEVIEW BLVD $4,500,000 4 5 5922 DETACHD

Pending Sales (June 22-28, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #2 $170,000 2 2 822 CONDO 9
4 TOUCHSTONE #71 $198,000 2 2 984 CONDO 49
44 EAGLE CREST DR #41 $224,900 2 1 908 CONDO 30
200 BURNHAM RD #304 $329,000 2 2 1305 CONDO 25
5225 JEAN RD #304 $329,500 3 2 1400 CONDO 23
4324 BOTTICELLI ST $339,000 2 2.1 2260 CONDO 89
1373 BONNIEBRAE DR $370,000 3 2 1477 ATTACHD 3
4386 THUNDER VISTA LN $399,900 2 2.1 1980 CONDO 41
111 TOUCHSTONE TER $420,000 2 2 1341 ATTACHD 16
5071 TUALATA LN $449,000 3 2 1540 DETACHD 5
16111 LINDSAY CT $558,000 3 2.1 1840 DETACHD 34
13188 VERMEER DR $589,000 3 2.1 1862 DETACHD 6
21 BECKET ST $629,900 4 2.1 3070 DETACHD 93
1100 OAK TER $635,000 4 2 1518 DETACHD 40
125 FURNACE ST #125 $799,000 2 2.1 1927 CONDO 78
17502 ERIN CT $799,900 4 3 3014 DETACHD 13
2201 OVERLOOK DR $825,000 4 2.1 3360 DETACHD 3
13751 CAMEO CT $990,000 5 4 3350 DETACHD 97
815 OAK ST $1,035,000 4 3.1 3836 DETACHD 6
14260 UPLANDS DR $1,284,000 4 3 2831 DETACHD 5
18026 SKYLAND CIR $1,399,000 5 3.1 4117 DETACHD 102
18965 Pilkington RD $1,439,000 4 3 3926 DETACHD 19
157 6TH ST $1,498,000 4 3.1 3614 DETACHD 953
17435 WREN CT $1,699,000 4 3 2960 DETACHD 443
16645 GRAEF CIR $1,825,000 4 3.2 3187 DETACHD 16
17537 CARDINAL DR $1,880,000 5 4 5383 DETACHD 137
3124 LAKEVIEW BLVD $2,950,000 5 4 3825 DETACHD 16

Sold/Closed (June 22-28, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
3918 CARMAN DR $299,900 $298,150 2 2.1 1107 CONDO 77
200 BURNHAM RD #205 $320,000 $310,000 2 2 1305 CONDO 10
16675 BONAIRE AVE $450,000 $450,000 3 1 1020 DETACHD 40
59 TOUCHSTONE $450,000 $527,000 4 3 2924 DETACHD 4
16229 Lake Forest BLVD $549,900 $535,000 4 3 2094 DETACHD 26
19026 ARROWWOOD AVE $572,000 $578,900 3 2 1850 DETACHD 3
3 GARIBALDI ST $749,900 $675,000 3 3 3137 DETACHD 153
1771 CAMPUS WAY $668,000 $678,000 3 3 3247 DETACHD 3
6351 BURMA RD $829,000 $820,000 4 4 3500 DETACHD 196
5364 LANGFORD LN $869,000 $869,000 4 2.1 3022 DETACHD 25
5680 LA MESA CT $975,000 $975,000 5 3.1 3405 DETACHD 3
1 DOVER WAY $975,000 $1,075,000 4 3 3559 DETACHD 1
671 5TH ST $1,285,000 $1,280,000 4 2.1 2781 DETACHD 20
16895 CHAPIN WAY $1,495,000 $1,300,000 4 3.2 5182 DETACHD 304

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.

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News & Notes ~ May 2020 Numbers

Here is your look at the most recent data for the entire Portland area (May 2020) and how Lake Oswego fits in to this picture just below.

Inventory is down but only slightly from April. Overall we’re seeing an adjustment down in numbers overall as they relate to last year in May, and/but look at the numbers and how they’ve all risen from April, Closed Sales being down a slight 2.6% (fewer Offers made in March). You may remember my prediction that COVID and some freezing/panic in March were affecting April numbers. Now, as I suspected, we see what we’re all seeing anecdotally in the marketplace, which is people adapting to safety protocols and getting out there to buy and sell houses suiting their individual circumstances. So, down over May 2019, and up over April 2020. Look at the 52.5% rise in Pending sales over April!

My trusted Mortgage Advisors tell me:

According to the RMLS Market Action Report for the Portland Metro Area, May 2020:

  • There were 3,419  New Listings in May 2020 which decreased 30.3%  from May of 2019’s 4,902, and/but increased 20.1% over the previous month/April’s 2,847.
  • At 1,963, May 2020’s Closed Sales are down 33.9% from May 2019’s 2,969, and also decreased by 2.6% from the previous month/April 2020’s total of 2,015
  • At 3,112, May 2020’s Pending Sales are down 5.5% from May 2019’s 3,292, and are up a whopping 52.5% from the previous month/April 2020’s total of 2,041.
  • The Average Sale Price in May 2020 of $467,500 is down $3,700 from last year/May 2019’s $471,200, and is also down $9,900 from the previous month/April 2020’s $477,400.   YTD increase is 2.8%, however.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in May 2020 of $425,000 rose from last year/May 2019’s $420,000 by $5,000, and is up by $1,000 from the previous month/April 2020’s $424,000.   YTD increase is 4.1%.

Neighborhoods: May’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $442,900              1.9%   (Apr $448,500 )
    •                                                     YTD Median: $410,000
  • NE Portland:  $479,900                   2.9%   (Apr $491,200)
    •                                                     YTD Median: $429,900
  • SE Portland:  $448,300                   1.3%   (Apr $449,200)
    •                                                     YTD Median: $389,500
  • Gresham/Troutdale:   $358,800     2.3%   (Apr $371,900)
    •                                                     YTD Median: $360,000
  • Milwaukie/Clackamas:  $435,200  3.8%   (Apr $457,600)
    •                                                     YTD Median: $429,900
  • Oregon City/Canby:   $454,500      3.5%   (Apr $445,200)
    •                                                     YTD Median: $431,700
  • Lake Oswego/West Linn:$698,500  4.1%  (Apr $772,500 )
    •                                                      YTD Median: $604,500
  • West Portland:    $616,200             -1.3%  (Apr $642,000 )
    •                                                     YTD Median: $536,000
  • NW Wash County:  $520,400          0.8%   (Apr $587,400 )
    •                                                      YTD Median: $492,000
  • Beaverton/Aloha:     $407,800       2.9%   (Apr $431,100  )
    •                                                     YTD Median: $410,000
  • Tigard/Wilsonville:   $502,400        2.7%   (Apr $474,600 )
    •                                                      YTD Median: $460,000
  • Hillsboro/Forest Grove: $422,100  5.9%   (Apr $422,100)
    •                                                      YTD Median: $394,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of May 2020 reported:

    •  324 Active Listings (Apr 340)
    •  209 New Listings     (Apr 149)
    •  169 Pending Sales    (Apr  81)
    •   92 Closed Sales       (Apr 89)
    • Average Sale Price for May: $698,500  (Apr $772,500)
      • 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.
    •  59 Average Days on the Market   (Apr 76)

 

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Market Activity ~ June 8-14, 2020

Last week in Lake Oswego there were 14 New listings, 20 properties that went into Pending status, and 32 Closed sales.  There are currently 220 Properties for sale in Lake Oswego!

Following is the breakdown for you according to RMLS:

New on the Market (June 8-14, 2020)

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #126 $219,900 2 2 984 CONDO
5064 FOOTHILLS DR #19 $317,000 2 2 1252 CONDO
111 TOUCHSTONE TER $420,000 2 2 1341 ATTACHD
71 TANGLEWOOD DR $625,000 3 3 2616 DETACHD
17020 SW Denney CT $650,000 2 2 2500 DETACHD
18706 BRYANT RD $655,000 3 2.1 2489 DETACHD
7 BECKET ST $785,000 4 3.1 4329 DETACHD
12562 SW ORCHARD HILL RD $789,000 4 2.1 2574 DETACHD
17502 ERIN CT $799,900 4 3 3014 DETACHD
18253 SIENA DR $1,395,000 5 4 4375 DETACHD
3933 EDENS EDGE DR $1,400,000 4 3.1 4436 DETACHD
4688 UPPER DR $1,795,000 4 3.1 3962 DETACHD
16645 GRAEF CIR $1,825,000 4 3.2 3187 DETACHD
3124 LAKEVIEW BLVD $2,950,000 5 4 4011 DETACHD

Pending Sales (June 8-14, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
65 CHURCH ST $293,000 2 2 1040 CONDO 38
2101 WEMBLEY PARK RD $320,000 5 3 3410 DETACHD 2
12806 SW BOONES FERRY RD $415,000 3 2.1 1174 CONDO 26
6050 FERNBROOK ST $434,900 4 2 1546 DETACHD 65
4292 GALEWOOD ST $549,900 3 2.1 1644 DETACHD 3
19211 INDIAN SPRINGS RD $585,000 4 3 2132 DETACHD 1
5465 CHILDS RD $589,900 4 2 1487 DETACHD 18
1268 SPRUCE ST $665,000 4 2 2220 DETACHD 3
2388 OVERLOOK DR $678,000 4 3 2765 DETACHD 5
14799 UPLANDS DR $699,000 4 2 2150 DETACHD 110
1405 CEDAR ST $749,900 3 2 2178 DETACHD 4
5950 HARRINGTON AVE $795,000 4 3.1 2867 DETACHD 16
15119 QUARRY RD $795,000 3 2 2086 DETACHD 16
64 CONDOLEA TER $799,000 3 3 2958 CONDO 3
1338 TIMBERLINE DR $874,900 3 3 3754 DETACHD 6
828 7TH ST $898,900 3 4 2418 DETACHD 64
16 BERNINI CT $1,150,000 6 5 4786 DETACHD 92
14414 PFEIFER DR $1,248,000 4 3.1 3744 DETACHD 5
4245 WEST BAY RD $2,350,000 4 3.1 2958 DETACHD 8
1415 SKYLAND DR $3,995,000 5 4.1 6085 DETACHD 130

Sold/Closed (June 8-14, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE $170,000 $145,900 3 2.1 1351 CONDO 243
8 CERVANTES CIR $209,900 $205,000 2 1.1 912 CONDO 17
35 OSWEGO SMT $235,000 $240,000 2 2 1212 CONDO 3
5225 JEAN RD $265,000 $255,000 2 2 1100 CONDO 56
200 OSWEGO SMT $260,000 $265,000 2 2 1383 CONDO 2
4455 THUNDER VISTA LN $330,000 $330,000 2 2.1 2002 CONDO 5
4270 WOODSIDE CIR $357,500 $357,000 3 2 1944 CONDO 3
16870 CORTEZ CT $449,900 $415,000 3 2 1800 DETACHD 80
5237 SW DAWN ST $494,800 $474,000 3 1.1 1412 DETACHD 42
668 MCVEY AVE $510,000 $482,000 3 2 1184 CONDO 221
100 KINGSGATE RD $515,000 $508,000 3 2.1 1960 DETACHD 5
2091 COUNTRY CLUB RD $618,000 $545,000 5 2 2112 DETACHD 109
16824 SW Inverurie RD $565,000 $565,000 3 3 1945 DETACHD 1
3721 TEMPEST DR $615,000 $583,500 4 2.1 2572 DETACHD 46
905 YORK RD $649,000 $634,000 3 2 1657 DETACHD 10
383 ASH ST $639,000 $639,000 3 2.1 1825 DETACHD 1
8 PARTRIDGE LN $659,000 $659,000 4 2.1 3583 DETACHD 5
15773 SPRINGBROOK CT $649,900 $662,000 3 2 1616 DETACHD 200
55 AQUINAS ST $774,900 $743,200 5 3 3720 DETACHD 43
1590 COUNTRY CLUB RD $950,000 $770,000 4 3.1 3799 DETACHD 251
5623 BAY CREEK DR $845,000 $830,000 5 2.1 3042 DETACHD 20
3996 TEMPEST DR $849,900 $849,900 4 2.2 3397 DETACHD 5
16792 QUAIL CT $900,000 $875,000 4 2.1 3222 DETACHD 91
2535 GLENMORRIE DR $899,900 $890,000 4 4 3134 DETACHD 87
4121 CHILDS RD $956,000 $896,800 4 3.1 3396 DETACHD 76
1535 Pine ST $879,900 $899,000 3 2.1 2390 DETACHD 0
5015 DENTON DR $950,000 $940,000 4 2.1 3131 DETACHD 32
16495 GLENWOOD CT $1,195,000 $1,160,000 5 3.1 4533 DETACHD 23
4720 FIRWOOD RD $1,395,000 $1,310,000 4 3 3605 DETACHD 59
12822 ALTO PARK RD $1,495,000 $1,460,000 4 4.1 3426 DETACHD 91
17281 KELOK RD $1,875,000 $1,800,000 4 3 2699 DETACHD 4
2860 GLEN EAGLES RD $2,748,000 $2,700,000 5 4.1 6800 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.

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Market Activity ~ May 25-31, 2020

Last week in Lake Oswego, 11 New properties entered the market, 19 moved to Pending status, and 11 were “Closed”/Sold. We also have 225 homes for sale here, right now.

Following is the breakdown for you according to RMLS:

NEW on Mkt (May 25-31, 2020)

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #70 $279,950 3 2.1 1351 CONDO
200 BURNHAM RD #304 $329,000 2 2 1305 CONDO
4851 MADRONA ST $585,000 4 2 1500 DETACHD
1601 ASH ST $629,999 3 2 2045 DETACHD
13366 AUBURN CT $689,000 3 2.1 2432 ATTACHD
5950 HARRINGTON AVE $795,000 4 3.1 2867 DETACHD
15119 QUARRY RD $795,000 3 2 2086 DETACHD
1985 COUNTRY CLUB RD $1,050,000 4 4 3630 DETACHD
3131 WEMBLEY PARK RD $1,395,000 4 3.1 3597 DETACHD
4423 WEST BAY RD $2,399,900 4 3.1 2975 DETACHD
1730 NORTHSHORE RD $4,500,000 4 3.1 4173 DETACHD

PENDING SALES (May 25-31, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
35 OSWEGO SMT / Main $235,000 2 2 1212 CONDO 3
4626 LOWER DR / Main $245,000 2 1.1 1260 CONDO 12
3918 CARMAN DR $299,900 2 2.1 1107 CONDO 77
59 TOUCHSTONE $450,000 4 3 2924 DETACHD 4
16229 Lake Forest BLVD $544,900 4 3 2094 DETACHD 26
19232 PILKINGTON RD $599,900 3 2.1 1735 CONDO 250
19200 REDWING CT $599,900 4 3 2128 DETACHD 2
5474 BAY CREEK DR $674,900 4 2.1 2322 DETACHD 3
16251 REESE RD $745,000 3 2.1 2555 DETACHD 21
3778 RIVERS EDGE DR $799,000 4 3.1 3012 DETACHD 4
19681 PERCH CT $849,900 4 3 3307 DETACHD 82
14003 CHELSEA DR $895,000 4 2.1 3270 DETACHD 2
950 CEDAR ST $1,079,900 4 3.1 3266 DETACHD 79
16495 GLENWOOD CT $1,195,000 5 3.1 4533 DETACHD 23
4190 CHAPMAN WAY $1,249,000 3 3.1 3624 DETACHD 67
815 E AVE $1,379,000 3 2.1 2796 DETACHD 3
2260 SUMMIT CT $1,798,000 4 4.1 3797 DETACHD 436
931 ATWATER RD $2,695,000 4 4.1 5059 DETACHD 58
1633 LESLIE LN $2,725,000 5 4.2 5921 DETACHD 15

SOLD (May 25-31, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
1731 ASPEN CT $489,000 $489,000 3 2 1440 DETACHD 6
77 kingsgate RD $529,900 $542,000 3 2.1 1739 DETACHD 3
4900 INDIAN CREEK CT $624,900 $595,000 4 3 2124 DETACHD 33
4257 LORDS LN $600,000 $600,000 4 2 2097 DETACHD 0
1448 CEDAR ST $649,000 $605,000 4 3 2544 DETACHD 244
4007 BASS LN $699,000 $655,000 4 3 2648 DETACHD 14
15569 VILLAGE PARK CT $729,000 $729,000 3 2.1 2850 DETACHD 4
620 1ST ST $750,000 $745,000 3 3.1 1916 ATTACHD 34
259 PINE VALLEY RD $850,000 $775,000 3 2 2010 DETACHD 16
4500 WEST RD $899,000 $899,000 3 2.1 2479 DETACHD 17
1251 FOREST MEADOWS WAY $2,125,000 $1,930,000 3 3.1 5000 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.

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News & Notes ~ April 2020 Numbers

On this Memorial Day weekend, here is your look at the most recent data for the entire Portland area (April 2020) and how Lake Oswego fits in to this picture just below.

Inventory is up a bit in April, so we’ll see how that plays out in May numbers. As for April overall, this is the first month we’re really seeing the market take a bit of a hit since COVID19. Prices are still holding their own & rising while volume in all aspects of real estate dropped in April: Fewer New Listings, Pending Sales & SOLD’s than both the previous month & last year.  All areas are appreciating, however, save West Portland, and/but those prices have risen a bit in April (by $61,000 over March), so things seem likely to be leveling out there. Lake Oswego also saw an $85,000 Average Sale Price increase, and/but that can happen in an environment with such a wide span of prices from low/mid to upper end.

My trusted Mortgage Advisors tell me: Mortgage Rates are in the low 3’s for good borrowers on Conventional loans as of this writing, and Government loans (VA & FHA) have recently gone as low as 2.875% on good days.

According to the RMLS Market Action Report for the Portland Metro Area, April 2020:

  • There were 2,847  New Listings in April 2020 which decreased 32.4%  from April of 2019’s 4,210, and also dropped 17.9% from the previous month/March’s 3,468.
  • At 2,015, April 2020’s Closed Sales are down 16.4% from April 2019’s 2,409, and also down 14.5% from the previous month/March 2020’s total of 2,536
  • At 2,041, April 2020’s Pending Sales are down 34.2% from April 2019’s 3,102, and also fell 13.0% from the previous month/March 2020’s total of 2,347.
  • The Average Sale Price in April 2020 of $477,400 is up $25,300 from last year/April 2019’s $452,100, and is also up $11,900 from the previous month/March 2020’s $465,500.   YTD increase of 4.3%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2020 of $424,000 rose from last year/April 2019’s $405,000 by $19,000, and is almost the same/down by $1,000 from the previous month/March 2020’s $425,000.   YTD increase of 3.9%.

Neighborhoods: April’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $448,500              1.9%   (Mar $441,300)
    •                                                     YTD Median: $410,000
  • NE Portland:  $491,200                   4.8%   (Mar $470,500)
    •                                                     YTD Median: $425,000
  • SE Portland:  $449,200                   1.8%   (Mar $442,600)
    •                                                     YTD Median: $385,000
  • Gresham/Troutdale:   $371,900     3.5%   (Mar $355,000)
    •                                                     YTD Median: $358,000
  • Milwaukie/Clackamas:  $457,600  4.3%   (Mar $466,100 )
    •                                                     YTD Median: $430,200
  • Oregon City/Canby:   $445,200      3.7%   (Mar $447,000)
    •                                                     YTD Median: $430,000
  • Lake Oswego/West Linn:$772,500  3.4%  (Mar $687,400)
    •                                                      YTD Median: $599,900
  • West Portland:    $642,000             -0.4%  (Mar $580,400 )
    •                                                     YTD Median: $527,300
  • NW Wash County:  $587,400          0.4%   (Mar $544,200 )
    •                                                      YTD Median: $492,300
  • Beaverton/Aloha:     $431,100       3.8%   (Mar $445,100)
    •                                                     YTD Median: $412,000
  • Tigard/Wilsonville:   $474,600        2.3%   (Mar $487,200 )
    •                                                      YTD Median: $459,500
  • Hillsboro/Forest Grove: $422,100  6.4%   (Mar $406,900)
    •                                                      YTD Median: $391,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of April 2020 reported:

    •  340 Active Listings (Mar 305)
    •  149 New Listings     (Mar 183)
    •   81 Pending Sales    (Mar  87)
    •   89 Closed Sales      (Mar 103)
    • Average Sale Price for April: $772,500  (Mar $687,400)
      • 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.
    •  76 Average Days on the Market   (Mar 106)