It sure feels to me like summer is winding down with cooler evenings and the leaves starting to turn color. However, that is not the case in the local housing market. OK, I know it is still not as hot as it was before July of 2007, but compared to recent market activity, last week was HOT. 14 new listings, 12 pending sales, and 17 closed sales, what a relief it is to see houses selling at a greater number than they are coming on the market.
I see two particular items to make note of. Out of 17 closed sales, 6 sold in 16 days or less. That is fast. It shows that when staged properly and priced right houses are selling in this market. Buyers are smart. They really look at what’s for sale and recognize value when they see it. Also worth noting is the sale at 13237 Knaus Rd. Originally listed almost 2 years ago for $2,400,000, this house had 4909 square feet, Mt. Hood view, about an acre of land with a tennis court and a 4 car garage. It became a short sale and closed for $750,750. Wow! That sale has earned a gold star from me for being the smokin’ hot deal of the summer. Whoever bought it did very well.
So here is your market activity for last week:
(see below the tables for additional notes):
NEWLY LISTED (August 24—August 30, 2009)
| ADDRESS |
LIST PRICE
|
TOT. BEDS
|
TOT. BATHS
|
TOT. SQ FT
|
PROP TYPE |
LIST DATE
|
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | List Date | CDOM | ||
| 4615 LAKEVIEW BLVD | $127,900 | 1 | 1 | 753 | CONDO | 8/30/2009 | |||
| 4000 CARMAN DR | $128,900 | 1 | 1 | 767 | CONDO | 8/25/2009 | |||
| 4000 CARMAN DR | $129,900 | 1 | 1 | 836 | CONDO | 8/24/2009 | |||
| 210 RIDGEWAY RD | $192,500 | 1 | 1 | 778 | CONDO | 8/24/2009 | |||
| 192 RIDGEWAY RD | $235,000 | 2 | 1 | 1,659 | CONDO | 8/24/2009 | |||
| 5958 KENNYCROFT WAY | $264,900 | 3 | 2.1 | 1,450 | DETACHD | 8/27/2009 | |||
| 18690 DON LEE WAY | $325,000 | 3 | 2 | 1,136 | DETACHD | 8/24/2009 | |||
| 1630 WOODLAND TER | $399,900 | 4 | 2 | 2,131 | DETACHD | 8/25/2009 | |||
| 17366 CARDINAL DR | 444000 | 4 | 2.1 | 2,107 | DETACHD | 8/24/2009 | |||
| 13395 VERMEER DR | 485000 | 4 | 2.1 | 2,461 | DETACHD | 8/29/2009 | |||
| 1550 MAPLE ST | 486000 | 3 | 2.1 | 2,136 | DETACHD | 8/28/2009 | |||
| 2525 DELLWOOD DR | 549900 | 5 | 3 | 2,836 | DETACHD | 8/25/2009 | |||
| 460 BOCA RATAN DR | 599000 | 3 | 2 | 2,238 | DETACHD | 8/26/2009 | |||
| 2335 OSWEGO GLEN CT | 1150000 | 4 | 4 | 3,682 | DETACHD | 8/24/2009 |
PENDING SALES (August 24 -August 30, 2009)
| ADDRESS |
LIST PRICE
|
TOT. BEDS
|
TOT. BATHS
|
TOT. SQ FT
|
PROP TYPE |
DOM
|
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | CDOM | |||
| 4 TOUCHSTONE DR | $106,000 | 2 | 2 | 984 | CONDO | 227 | |||
| 48 EAGLE CREST DR | $164,900 | 2 | 2 | 1,443 | CONDO | 108 | |||
| 18121 TUALATA AVE | $246,750 | 3 | 2 | 1,766 | DETACHD | 168 | |||
| 1057 C AVE | $299,000 | 2 | 1 | 1,048 | DETACHD | 81 | |||
| 45 TANGLEWOOD DR | $330,000 | 5 | 3.1 | 3,166 | DETACHD | 165 | |||
| 28 PREAKNESS CT | $350,000 | 5 | 4 | 2,871 | DETACHD | 56 | |||
| 13899 MAJESTIC CT | $375,000 | 3 | 2 | 2,357 | DETACHD | 86 | |||
| 17760 SW CARDINAL CT | $395,000 | 3 | 2.1 | 2,147 | DETACHD | 60 | |||
| 17221 ROBB PL | 427500 | 3 | 2 | 1,812 | DETACHD | 12 | |||
| 1250 Andrews RD | 649000 | 4 | 2.1 | 3,137 | DETACHD | 277 | |||
| 5459 WESTFIELD CT | 875000 | 5 | 3.1 | 3,670 | DETACHD | 23 | |||
| 511 6TH ST | 896950 | 5 | 3.1 | 4,000 | DETACHD | 146 |
SOLD (August 24-August 30, 2009)
| ADDRESS | ORIG. PRICE | SALE PRICE |
TOT. BEDS
|
TOT. BATHS
|
TOT. SQ FT
|
PROP TYPE |
DOM
|
| Address | O/Price | Close Price | # BR | # BTHS | Total SF | Prop Type | CDOM | ||
| 15210 BOONES WAY | $175,000 | $167,500 | 2 | 2 | 1,185 | CONDO | 50 | ||
| 4 TOUCHSTONE | $179,900 | $175,000 | 3 | 2.1 | 1,351 | CONDO | 23 | ||
| 750 1ST ST | $264,500 | $185,000 | 2 | 2 | 1,350 | CONDO | 327 | ||
| 12844 BOONES FERRY RD | $257,000 | $215,000 | 2 | 2.1 | 1,136 | CONDO | 135 | ||
| 4749 FIRWOOD RD | $229,900 | $222,000 | 3 | 1.1 | 1,440 | DETACHD | 13 | ||
| 6137 CHILDS RD | $240,000 | $236,500 | 3 | 1 | 946 | DETACHD | 10 | ||
| 17570 MARDEE AVE | $324,950 | $256,250 | 3 | 1 | 1,050 | DETACHD | 284 | ||
| 655 HEMLOCK ST | $314,900 | $307,000 | 3 | 1.1 | 1,352 | DETACHD | 16 | ||
| 802 SUNNY HILL DR | 429000 | 410000 | 4 | 2.1 | 2,508 | DETACHD | 16 | ||
| 20 HOTSPUR ST | 425000 | 417000 | 4 | 2.1 | 2,456 | DETACHD | 5 | ||
| 5807 RIDGETOP CT | $589,900 | 474400 | 4 | 2.1 | 2,650 | DETACHD | 190 | ||
| 16439 LEXINGTON CT | $514,950 | 479900 | 2 | 2 | 1,563 | DETACHD | 237 | ||
| 686 SUNNY HILL DR | 569500 | 569500 | 4 | 2.1 | 2,300 | DETACHD | 67 | ||
| 2130 HILLSIDE CT | 675000 | 675000 | 5 | 2.2 | 3,954 | DETACHD | 8 | ||
| 13237 KNAUS RD | $2,400,00 | 750750 | 3 | 3.1 | 4,909 | DETACHD | 560 | ||
| 17178 CEDAR RD | 1195000 | 1049000 | 5 | 3.1 | 4,209 | DETACHD | 92 | ||
| 16359 CHAPIN WAY | 1429000 | 1259000 | 4 | 3.1 | 4,158 | DETACHD | 404 |
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.
Great blog! I came here from move2westlin.com Jody and Ron’s site. Jody recommended this site after I posted a question about LO prices.
Do you ladies how roughly what percentage of the sales in the 500+K range involve people who recently moved here from California? California expats drove up the prices here. Local salaries cannot support such high prices unless the couple both work in professionals area (engineers or lawyers making combined 200K a year). But those kinds households are very few percentage wise.
I’m just surprised that LO is holding up pretty well in the high end market better than west linn.
David
Hi David,
Good question. My opinion is that the 500+K sales are more local buyer than people coming in from out ot state. That is not to say that there are not buyers from California. It’s just that, in my current experience, out of state buyers are taking a beating when they sell. They just simply aren’t coming into town with the big piles of cash that was so common prior to 2007. I am currently working with 2 different buyers from California. One has a house to sell that’s been on the market for a long time with no offers. One has sold and moved here but is renting while they watch and wait to see what prices will do.
Most of what is selling is 500k or less. That part of the market appears to be fairly strong. But this past summer we’ve seen quite a few million dollar homes sell, including one that closed a couple of weeks ago for $2,000,000+, full price, in just 13 days.
If I had to take a guess at percentage of buyers that are from California, I think I would guess about 10%. If I combined other out of state buyers that percentage would go to 50% (by my guess). And all of that means that at least 50% of the buyers are local. And I do mean local. It is just really, really common for people to buy into LO and then stay here and move up as their careers advance.
I hope this answers your question. Thanks for reading the blotter!
Dianne