2023 In Review ~ Stats for Portland Area + LO

It’s that time of year when our numbers have come in for the previous 12 months and we get to compare. I try to give a comprehensive look at the various areas or “Neighborhoods” (see Neighborhood Report graph below) that make up the Portland Metro area which includes Lake Oswego and breaks out our monthly comparison for LO also at the bottom. Here is the way it ended up!

Overview/Fluctuations ~ December 2023 – YEAR END Market Data:                                 

It’s been an interesting and atypical year in real estate overall. What we can see is that the market seems to be stabilizing with Inventory on it’s way to normalizing and prices stabilizing somewhat, ie still up over last year, while down seasonally from the month prior. We’ve seen a decreasing trend in Activity since the beginning of the Fed’s rate-hiking spree in Fall of 2022, and/but that seems to be turning around now based on 2024’s start and coinciding with the Fed backing off and anticipated/stated continuance of that. All in all, the experts are predicting a flourishing 2024 real estate market, and that’s what we’re seeing on the ground in Portland, OR. 

As for Lake Oswego: Lake Oswego is the standout that continues to see healthy appreciation through thick & thin!

 Rates: “Despite volatility with inflation numbers, rates are holding under 7% and looking great!”          Gary Boyer, Regional VP, Directors Mortgage

The twelve months of 2023 compared to 2022: New Listings, (29,689) decreased 18.%. Pending Sales (21,363) decreased 20.4%, and Closed Sales (20,941) decreased 25.2%. By Comparison, Twelve months of 2022 as compared to 2021 from last year’s December Report: New Listings, (36,210) decreased 10.7%. Pending Sales (26,852) decreased 24.2%, and Closed Sales (27,985) decreased 20.5%.

                                                                                                                                                                                                            

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

  • There were 1,026 New Listings in December which is down 4.4% from 1,073 in Dec 2022 and down 43.9% from the 1,828 in the previous month/November.
  • At 1,330 Dec 2023’s Closed Sales (Solds) are down 9.2% from Dec 2022’s 1,464, and  decreased 1.0% from the previous month’s total of 1,344.
  • At 1,309 Dec 2023’s Pending Sales (Accepted Offers) are up 8.5% from Dec 2022’s 1,206, and down 9.2% from the previous month/November’s total of 1,441.
  • The Average Sale Price for Dec 2023 of, $586,800 is up$20,100. from last year/Dec 2022’s $566,700, and dropped $9,300 from the p­­revious month/Nov’s $596,100. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Dec 2023 of $525,000 is up $17,500 from Dec 2022’s $507,500, & dropped $2,600 from Nov’s $527,600.

LAKE OSWEGO: (Month of Dec ’23)

171 Active Listings (Nov 199)
45 New Listings  (Nov 75)
46 Pending Sales (Nov 73)
60 Closed Sales  (Nov 81)
Average Sale Price for Dec: $1,095,500 (Nov $1,068,800,500)
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.
71 Days on the Market   (Nov 68)

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

Market Activity ~ Jan 1-7, 2024

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

AddressList PriceBedsBathsSFProp Type
100 KERR PKWY #32$199,900$11617CONDO
4 TOUCHSTONE #68$275,000$22984CONDO
4 SW TOUCHSTONE DR #135$345,000$32.11303CONDO
16724 ROOSEVELT AVE$599,000$31.11270DETACHD
12123 ORCHARD HILL WAY$874,900$42.12841DETACHD
950 TERRACE DR$1,950,000$43.14619DETACHD
1515 CHERRY LN$2,675,000$55.15719DETACHD

PENDING Jan 1-7, 2024

AddressList PriceBedsBathsSFProp TypeDays
4 TOUCHSTONE #68$275,000$22984CONDO3
18017 TUALATA AVE$595,500$321124DETACHD18
14232 KIMBERLY CIR$1,250,000$433672DETACHD84
322 2ND ST$1,250,000$33.11974ATTACHD68
670 1ST ST$1,399,900$32.12767CONDO133
17104 CANAL CIR$1,895,000$43.13473DETACHD325
12790 S FIELDING RD$4,990,000$67.19124DETACHD143
4745 DOGWOOD DRAUCTION$443920DETACHD43

SOLD Jan 1-7, 2024

AddressOpeningClosedBedsBathsProp TypeSFDays
1720 FERNWOOD DR$579,000$667,500$32DETACHD15605
4740 LAMONT CT$825,000$794,900$32DETACHD177652
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) .

Metro Area Snapshot

I had to share this graphic. Look at the Portland Metro area. There are only 3 parts of the community that did not loose value in the last year: Tigard/Wilsonville and Lake Oswego/West Linn. And appreciation in LO/WL has been a healthy 5.9%. You should feel very good about choosing Lake Oswego as a place to live or to aspire to live. Not only is it a terrific community, but it’s a great investment.

Market Activity Dec 25-31, 2023

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

AddressTypePriceBedroomsBathsSq Feet
4 Touchstone #143Condo$270,00032.51350

Pending Sales Dec 25-31, 2023

AddressTypePriceBedroomsBathsSq FeetDOM
1621 Ash StDetached$699,9003218873
2348 Overlook DrDetached$963,00053256783
4360 Westbay RdDetached$1,245,00043263630

Sold/Closed Dec 25-31, 2023

AddressTypeList PriceClosed PriceSq FeetCDOM
86 Kingsgate Rd #22Condo$335,000$299,500924125
4621 Lakeview Blvd C3Condo$329,900$331,500117812
141 Touchstone CtAttached$589,000$575,000206690
16240 Parker RdDetached$679,000$650,0001454269
5270 Red Leaf RdDetached$700,000$670,000133047
6050 Childs RdDetached$900,000$850,000212917
18368 Tamaway DrDetached$1,150,000$1,130,000374140
3324 Sabina CtDetached$1,250,000$1,212,50025507
4974 Cascara LnDetached$1,285,000$1,285,00034762
5309 Denton DrDetached$1,620,000$1,465,000362626

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.

Happy New Year 2024!

Linda and I want to wish you and yours a very Happy New Year filled with success, health, happiness, and everything you are striving for in the months ahead.

Market Activity ~ Dec 18-24, 2023

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:

The property on the left is on Northshore Rd (.66 Ac/ 13,462SF), and the one on the right is on S Fielding Rd (2.95 Ac/ 19,444SF) on the Willamette.

NEW Dec 18-24, 2023

AddressList PriceBedsBathsSFProp Type
18017 TUALATA AVE$595,500$321124DETACHD
310 CHANDLER PL$2,895,000$43.13866DETACHD

PENDING Dec 18-24, 2023

AddressList PriceBedsBathsSFProp TypeDays
640 SOUTH SHORE BLVD$675,000$322391DETACHD85
5453 WILLOW CT$762,000$32.12446ATTACHD91
12 INDEPENDENCE AVE$839,500$442994DETACHD23
6040 LAKEVIEW BLVD$1,349,000$533701DETACHD10

SOLD Dec 18-24, 2023

AddressOpeningClosedBedsBathsSFProp TypeDays
86 KINGSGATE RD #1202$298,000$285,000$22849CONDO10
4 TOUCHSTONE #119$318,900$301,425$32.11351CONDO69
13349 HIDDEN BAY CT$1,100,000$940,000$333012DETACHD7
2248 SUMMIT CT$2,450,000$2,390,000$423024DETACHD100
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) .

Peace and Joy to You and Yours

On this Christmas Day, Dianne and I wish you and your loved ones a holiday filled with all the cozy things you associate with this time of year. In this big world, we are grateful for so many things, and we wish you more of exactly what fills your home with Joy. Happy Holidays and Merry Christmas to you!  

Christmas Tree Recycling

While we are all looking forward to celebration of the holidays, it’s not too early to start figuring out how to recycle your Christmas tree, if you have one to recycle.

Republic Services allows trees to be recycled in the normal curbside collection via your yard debris. Please remember that the tree must fit completely within the bin, and that may mean that you need to cut it up. They also offer tree pick up, for a fee, if you do not have yard debris collection as part of your normal service. You can call them at 503-636-3011, to make arrangements.

Local Scout Troop 221 will be recycling Christmas trees and wreaths between 9 a.m. and 4 p.m. on Saturday, January 6 and Sunday, January 7. The drive-up recycling service will be located at the Mountain Park Church overflow parking lot (SW Jefferson Ave. & SW McNary Pkwy). The suggested donation is $12 per tree, $10 for wreath, and $15 for pick up in area codes 97219, 97034, 97035. Flocked trees are not accepted. This troop chips and mulches on site to help beautify the neighborhood. To schedule pick up, visit http://www.bsatroop221.us

Local Lake Oswego Girl Scout Troop 40343 will be recycling trees and wreaths from 9 a.m. to 4 p.m. at the upper parking lot of George Rogers on the following dates: December 29, 30, 31 and January 1, 6, 7. Suggested starting donation is $20. If you have any questions, please email troop40343@gmail.com(link sends e-mail)

Lake Osweg Scout Troop 555 will be recycling Christmas trees and wreaths between 9 a.m. and 4 p.m. on Saturday, January 6, and Sunday, January 7. The drive up recycling service will be in the Yakima parking lot at 4101 Kruse Way in Lake Oswego. The suggested donation is $10 per tree and $8 per wreath. For questions, please email Keith Morris, Scoutmaster, at kpmorris@centurylink.net

They also make for a very nice fire in outdoor fireplaces, which is what my husband and I will be doing.

Happy Holidays!

Dianne

Market Activity Dec 11-17, 2023

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

AddressTypePriceBedroomsBathsSq Feet
3433 McNary Pkwy #407Condo$275,000221008
869 10th StDetached$849,900211220
6040 Lakeview BlvdDetached$1,349,000533701
5320 Childs RdDetached$2,100,000634765
2121 Wembley Park RdDetached$2,999,90055.55025

Pending Sales Dec 11-17, 2023

AddressTypePriceBedroomsBathsSq FeetDOM
4 Touchstone #128Condo$250,00032.5135018
11 Oswego #11Condo$314,80022124126
4089 Jefferson PkwyCondo$384,90022.51361140
2031 Bonniebrae DrAttached$479,000321611119
16237 Lake Forest BlvdDetached$525,0003111328
6 The GrottoDetached$550,0003213819
16211 Inverurie RdDetached$699,90032.518192
4740 Lamont CtDetached$799,90032177652
12 Independence AveDetached$839,50044299216

Sold/Closed Dec 11-17, 2023

AddressTypeList PriceSold PriceSq FeetCDOM
45 Eagle Crest Dr #402Condo$279,000$220,00076871
159 Oswego SummitCondo$395,000$320,0001506218
16131 Lindsay CtDetached$680,000$680,000183228
2979 Dellwood DrDetached$939,000$750,0003216144
13990 Shireva CtDetached$789,000$755,000170219
1 Creekside TerrDetached$1,185,000$1,040,000423042
4904 Parkhill StDetached$1,195,000$1,200,00034337
17393 Grandview CtDetached$1,275,000$1,243,54837724
1120 Crestline CtDetached$4,950,000$4,350,0006440101

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.

Portland Metro Neighborhood Stats + LO

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)