Property Blotter

The first week of 2024 in Lake Oswego saw 7 New properties enter the market, 8 move to accepted Offer/Pending status, and 2 Closed/Sold. Right now there are 107 homes available in Lake Oswego ranging from $199,900 to $11,500,000.

Here is the breakdown according to RMLS:

NEW Jan 1-7, 2024

Address	List Price	Beds	Baths	SF	Prop Type
100 KERR PKWY #32	$199,900	$1	1	617	CONDO
4 TOUCHSTONE #68	$275,000	$2	2	984	CONDO
4 SW TOUCHSTONE DR #135	$345,000	$3	2.1	1303	CONDO
16724 ROOSEVELT AVE	$599,000	$3	1.1	1270	DETACHD
12123 ORCHARD HILL WAY	$874,900	$4	2.1	2841	DETACHD
950 TERRACE DR	$1,950,000	$4	3.1	4619	DETACHD
1515 CHERRY LN	$2,675,000	$5	5.1	5719	DETACHD

PENDING Jan 1-7, 2024

Address	List Price	Beds	Baths	SF	Prop Type	Days
4 TOUCHSTONE #68	$275,000	$2	2	984	CONDO	3
18017 TUALATA AVE	$595,500	$3	2	1124	DETACHD	18
14232 KIMBERLY CIR	$1,250,000	$4	3	3672	DETACHD	84
322 2ND ST	$1,250,000	$3	3.1	1974	ATTACHD	68
670 1ST ST	$1,399,900	$3	2.1	2767	CONDO	133
17104 CANAL CIR	$1,895,000	$4	3.1	3473	DETACHD	325
12790 S FIELDING RD	$4,990,000	$6	7.1	9124	DETACHD	143
4745 DOGWOOD DR	AUCTION	$4	4	3920	DETACHD	43

SOLD Jan 1-7, 2024

Address	Opening	Closed	Beds	Baths	Prop Type	SF	Days
1720 FERNWOOD DR	$579,000	$667,500	$3	2	DETACHD	1560	5
4740 LAMONT CT	$825,000	$794,900	$3	2	DETACHD	1776	52

I think last week, the week between Christmas and New Year’s, is probably the slowest week of the year for real estate activity. Yet, real estate still happens. In Lake Oswego there were 2 new listings, one of which sold quickly, and appears in this report as a pending sale. There were 3 pending sales, and, impressively, there were 10 closed sales.

The reason that real estate still happens, even on the slowest week of the year, is because life still happens. People get married, get new jobs, have babies, life goes on. There is literally no time of the year that isn’t a good time to buy a house or to sell a house.

See below for RMLS data.

New Listings Dec 25-31, 2023

Address	Type	Price	Bedrooms	Baths	Sq Feet
4 Touchstone #143	Condo	$270,000	3	2.5	1350

Pending Sales Dec 25-31, 2023

Address	Type	Price	Bedrooms	Baths	Sq Feet	DOM
1621 Ash St	Detached	$699,900	3	2	1887	3
2348 Overlook Dr	Detached	$963,000	5	3	2567	83
4360 Westbay Rd	Detached	$1,245,000	4	3	2636	30

Sold/Closed Dec 25-31, 2023

Address	Type	List Price	Closed Price	Sq Feet	CDOM
86 Kingsgate Rd #22	Condo	$335,000	$299,500	924	125
4621 Lakeview Blvd C3	Condo	$329,900	$331,500	1178	12
141 Touchstone Ct	Attached	$589,000	$575,000	2066	90
16240 Parker Rd	Detached	$679,000	$650,000	1454	269
5270 Red Leaf Rd	Detached	$700,000	$670,000	1330	47
6050 Childs Rd	Detached	$900,000	$850,000	2129	17
18368 Tamaway Dr	Detached	$1,150,000	$1,130,000	3741	40
3324 Sabina Ct	Detached	$1,250,000	$1,212,500	2550	7
4974 Cascara Ln	Detached	$1,285,000	$1,285,000	3476	2
5309 Denton Dr	Detached	$1,620,000	$1,465,000	3626	26

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.

Well, as we come right up on the end of the year, things are still moving right along for those of us involved in the life-changing activities of real estate! Yes, a little slowed down last week, but we have 2 homes entering the market, 4 moving into Pending status and 4 that Sold/Closed! Right now there are 106 properties available in Lake Oswego ranging from $250,000 to 2 at $11,500,000. I’m posting pics of those two on the high end below. Under that you’ll find the breakdown for last week per RMLS:

NEW Dec 18-24, 2023

Address	List Price	Beds	Baths	SF	Prop Type
18017 TUALATA AVE	$595,500	$3	2	1124	DETACHD
310 CHANDLER PL	$2,895,000	$4	3.1	3866	DETACHD

PENDING Dec 18-24, 2023

Address	List Price	Beds	Baths	SF	Prop Type	Days
640 SOUTH SHORE BLVD	$675,000	$3	2	2391	DETACHD	85
5453 WILLOW CT	$762,000	$3	2.1	2446	ATTACHD	91
12 INDEPENDENCE AVE	$839,500	$4	4	2994	DETACHD	23
6040 LAKEVIEW BLVD	$1,349,000	$5	3	3701	DETACHD	10

SOLD Dec 18-24, 2023

Address	Opening	Closed	Beds	Baths	SF	Prop Type	Days
86 KINGSGATE RD #1202	$298,000	$285,000	$2	2	849	CONDO	10
4 TOUCHSTONE #119	$318,900	$301,425	$3	2.1	1351	CONDO	69
13349 HIDDEN BAY CT	$1,100,000	$940,000	$3	3	3012	DETACHD	7
2248 SUMMIT CT	$2,450,000	$2,390,000	$4	2	3024	DETACHD	100

Last week in Lake Oswego 6 new listings came onto the market, one of which sold quickly and appears in this report as a pending sale. 9 properties accepted offers and moved to pending status. 9 properties sold/closed so that 9 families could move in before Christmas.

See below for RMLS data.

New on the Market Dec 11-17, 2023

Address	Type	Price	Bedrooms	Baths	Sq Feet
3433 McNary Pkwy #407	Condo	$275,000	2	2	1008
869 10th St	Detached	$849,900	2	1	1220
6040 Lakeview Blvd	Detached	$1,349,000	5	3	3701
5320 Childs Rd	Detached	$2,100,000	6	3	4765
2121 Wembley Park Rd	Detached	$2,999,900	5	5.5	5025

Pending Sales Dec 11-17, 2023

Address	Type	Price	Bedrooms	Baths	Sq Feet	DOM
4 Touchstone #128	Condo	$250,000	3	2.5	1350	18
11 Oswego #11	Condo	$314,800	2	2	1241	26
4089 Jefferson Pkwy	Condo	$384,900	2	2.5	1361	140
2031 Bonniebrae Dr	Attached	$479,000	3	2	1611	119
16237 Lake Forest Blvd	Detached	$525,000	3	1	1132	8
6 The Grotto	Detached	$550,000	3	2	1381	9
16211 Inverurie Rd	Detached	$699,900	3	2.5	1819	2
4740 Lamont Ct	Detached	$799,900	3	2	1776	52
12 Independence Ave	Detached	$839,500	4	4	2992	16

Sold/Closed Dec 11-17, 2023

Address	Type	List Price	Sold Price	Sq Feet	CDOM
45 Eagle Crest Dr #402	Condo	$279,000	$220,000	768	71
159 Oswego Summit	Condo	$395,000	$320,000	1506	218
16131 Lindsay Ct	Detached	$680,000	$680,000	1832	28
2979 Dellwood Dr	Detached	$939,000	$750,000	3216	144
13990 Shireva Ct	Detached	$789,000	$755,000	1702	19
1 Creekside Terr	Detached	$1,185,000	$1,040,000	4230	42
4904 Parkhill St	Detached	$1,195,000	$1,200,000	3433	7
17393 Grandview Ct	Detached	$1,275,000	$1,243,548	3772	4
1120 Crestline Ct	Detached	$4,950,000	$4,350,000	6440	101

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.

Here is your breakdown from the previous month for Portland and surrounding areas including LO broken out at the bottom~

Overview/Fluctuations ~ November 2023 Market Data: 

This time of year Inventory tends to go up a bit, but it’s notable that this is the most Inventory we’ve seen in November since 2013.  I just sat in on an annual presentation of forward projections for the coming year, and the experts participating, which included Lawrence Yun, Chief Economist for NAR, expect rates to drop several times and land  around 5.75% by July. There is a lot of pent-up desire to sell among people who have been waiting for rates to drop a bit, and of course plenty of pent-up demand in Home-Buyers waiting for the same. For this reason, it is expected that we will see increasing activity starting in the spring & building as the year progresses.

Rates: “Rates have stabilized in the high sixes and I expect more good news going forward.” Gary Boyer, Regional VP, Directors Mortgage

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

• There were 1,828 New Listings in November which is up 9.7% from 1,666 in Nov 2022 and down 17.2% from the 2,207 in the previous month/October.
• At 1,344 Nov 2023’s Closed Sales (Solds) are down 17.1% from Nov 2022’s 1,621, and decreased 19.5% from the previous month’s total of 1,670.
• At 1,441 Nov 2023’s Pending Sales (Accepted Offers) are down 3.8% from Nov 2022’s 1,498, and also down 11.3% from the previous month/October’s total of 1,625.
• The Average Sale Price for Nov 2023 of, $596,100 is up$11,500. from last year/Nov 2022’s $584,600, and up $3,400 from the p­­revious month/Oct’s $592,700. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Nov 2023 of $527,600 is up $1,700 from Nov 2022’s $525,900, & up $2,600 from Oct’s $525,000.

NEIGHBORHOODS:

LAKE OSWEGO: (Nov ’23)

199 Active Listings (Oct 248)
75 New Listings  (Oct 98)
73 Pending Sales (Oct 85)
81 Closed Sales  (Oct 85)
Average Sale Price for Nov: $1,068,800 (Oct $954,500)
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.
68 Days on the Market   (Oct 47)

The data listed above is as reported by the Regional Multiple Listing Service (RMLS)

Last week Lake Oswego had 3 New Listings, 5 moving to Pending/Accepted Offer status, and 10 that Closed/Sold. We like your info to be accurate and therefore try to remove properties that are not really “new” on the market, but rather “refreshed” and often with no other change than the ML#. It’s interesting to me that while we had 3 truly “New” properties entering the market, there were 5 that fell into the “not truly new on the market” category, and here is the breakdown:

• 1 was reduced by $10,000 and had been on the market 95 days – switched Agents.
• 1 was reduced $10,000 and been on the market 208 days – switched Agents.
• 1 was reduced $20,000 and had been on the market 40 days.
• 1 was reduced $27,900 and had been on the market 77 days – switched Agents.
• 1 was simply given a new ML# and no other changes made.

Most of the time people decide to change their representation, there is a dramatic lowering of price accompanying that decision. I will say that, anecdotally, lowering the price is very often something they were advised to do by their original Agent, while of course there can sometimes just be a desire for a change for a variety of reasons. I have no personal knowledge of any of these situations, and am of course not making any assertions here in any way in that regard. I just find this particular array interesting.

In the interest of giving you some data on newly reduced and refreshed listings (changes outlined in the same order above), I’ll make a holiday exception : ) These are the 5:

Address	List Price	Beds	Baths	SF	Prop Type
4316 BOTTICELLI ST	$485,000	$2	2.1	2098	CONDO
6 THE GROTTO	$550,000	$3	2	1381	DETACHD
5 PHEASANT RUN	$649,000	$3	2	1420	DETACHD
5453 WILLOW CT	$762,000	$3	2.1	2446	ATTACHD
3520 LAKE GROVE AVE	$2,598,000	$4	3.1	3624	DETACHD

Right now there are 124 properties available in Lake Oswego ranging from $250,000 to $11,500,000. Here is the breakdown according to RMLS:

NEW Dec 4-10, 2023

Address	List Price	Beds	Baths	SF	Prop Type
16237 LAKE FOREST BLVD	$525,000	$3	1	1132	DETACHD
15 BRITTEN CT	$619,900	$3	2.1	1973	ATTACHD
3857 Carman DR	$1,095,000	$3	2.1	2531	DETACHD

PENDING Dec 4-10, 2023

Address	List Price	Beds	Baths	SF	Prop Type	Days
4 TOUCHSTONE #119	$318,900	$3	2.1	1351	CONDO	7
1724 OAK ST	$870,000	$3	2	2689	DETACHD	17
3853 Carman DR	$1,075,000	$3	2.1	2531	DETACHD	5
3324 SABINA CT	$1,250,000	$3	2.1	2550	DETACHD	7
17312 BERGIS FARM DR	$1,999,000	$4	4.2	4804	DETACHD	39

SOLD Dec 4-10, 2023

Address	Opening	Closed	Beds	Baths	SF	Prop Type	Days
45 EAGLE CREST DR #506	$199,900	$183,550	$1	1	600	CONDO	44
45 EAGLE CREST DR #208	$219,900	$219,900	$2	2	1046	CONDO	14
5053 FOOTHILLS DR, A	$445,000	$425,000	$3	2	1252	CONDO	19
3672 SPRING LN / Upper	$439,900	$440,000	$2	2	1117	CONDO	49
1525 IVY CT	$875,000	$670,000	$4	2.1	2163	DETACHD	116
8 HOTSPUR ST	$865,000	$779,999	$3	2.1	1966	DETACHD	54
16020 KIMBALL ST	$974,500	$900,000	$5	3.1	2426	DETACHD	42
1177 C AVE	$1,100,000	$950,000	$3	2	1957	DETACHD	34
5330 CARMAN GROVE LN	$1,100,000	$985,000	$3	2.1	2493	DETACHD	43
2020 WEMBLEY PARK RD	$1,078,000	$1,050,000	$3	2	1712	DETACHD	369