Author: Dianne Gregoire

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Market Activity for Nov. 7-13, 2011

It feels like we are falling into a pattern for the fall and winter. Sales are not gangbuster, but they are steady with about the same number of sales this week as last, and as the week before. New listings seem to be falling off, which is normal at this time of year. Last week Lake Oswego had 10 houses come onto the market, 13 houses go pending, and 7 closed sales. See below for further details:

NEWLY LISTED (Nov. 7-13, 2011)

Address Type Price Sq FT BR Baths
47 Eagle Crest Dr #37 Condo $49,900 672 1 1
4 Touchstone #67 Condo $99,000 984 2 2
4214 Woodside Circle Attached $234,900 1841 3 2.5
6380 Washington Ct Detached $249,500 1720 3 2
13120 Thoma Rd Detached $345,000 3116 3 2
12 Walkingwoods Dr Detached $369,000 2177 3 3
4573 Oakridge Rd Lot33 Attached $369,900 1835 3 2.5
4571 Oakridge Rd Lot32 Attached $419,680 2092 3 2.5
4076 Coltsfoot Ln Detached $639,900 3882 4 3.5
17475 Canal Circle Detached $895,000 2290 3 3

PENDING SALES (Nov. 7-13, 2011)

Address Type Price Sq Ft BR Baths CDOM
5056 Foothills Dr G Condo $179,900 1252 2 2 363
16211 Inverurie Rd Detached $196,100 1819 4 2.5 22
3300 Wembly Park Rd Detached $200,000 2094 2 1 11
668 McVey Ave #70 Condo $299,000 992 3 1.5 5
589 Ridgeway Rd Detached $400,000 1736 3 2 41
4575 Oakridge Rd Lot34 Attached $401,836 1927 3 2.5 2
52 Condolea Ct Condo $485,000 2958 2 2.5 60
40 Condolea Ct Condo $485,000 2958 3 3 227
13354 Twin Creek Ln Detached $535,000 3134 5 2.5 65
14231 Dolph Ct Detached $650,000 2580 4 2 172
13048 Knaus Rd Detached $749,000 3715 4 3.5 198
13124 Knaus Rd Detached $789,000 3016 3 2.5 188
18284 Meadowlark Ln Detached $1,249,000 5833 5 5.5 468

SOLD (Nov. 7-13, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
191 Oswego Summit #191 $199,000 $189,000 Condo 1506 115
16700 Gary Ln $319,000 $289,000 Detached 1529 37
1637 Laurel St $399,000 $330,000 Detached 1792 453
17071 Rebecca Ln $399,900 $369,000 Detached 2230 129
18180 Pioneer Ct $405,000 $377,250 Detached 2380 107
15601 Manchester Dr $449,950 $424,000 Detached 3302 150
13223 Deerfield Ct $614,900 $598,000 Detached 4008 423

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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Open Houses for 11/13/11

There are 7 houses scheduled to be held open this Sunday. Enjoy.

Address Price Bedrooms Baths Open
4050 Virginia Way $359,000 3 2 1 to 3
4793 Auburn Ln $377,900 3 2.5 12 to 3
15633 Fieldstone Dr $618,950 4 2.5 12 to 2
5533 Fieldstone Ct $628,950 4 2.5 12 to 2
17110 Lowenberg Terr $649,900 4 2.5 1 to 3
15622 Fieldstone Dr $668,950 3 2.5 12 to 2
4767 Dogwood Dr $799,900 4 2.5 2 to 4
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Celebrating Veterans and VA loans

With Veteran’s Day occurring this Friday, 11/11/11, it seems appropriate to take a moment to look at the benefits that our Veterans have earned as a result of serving our Country.

VA loans are one of the few remaining sources of 100% financing. The veteran still has to qualify their income and their credit. And the amount of the loan can not exceed the appraised value. The seller can pay up to 4% of the sales price towards the Veteran’s closing costs. And the loan can be as much as $417,000. The Veteran’s credit score must be 620 or greater, which is pretty generous as compared to conventional financing which often requires a score of 650 or higher.

The house must also qualify for the loan by being in structurally sound condition. It does not have to be updated or new. It simply has to be in good enough condition to move right in with no broken windows, peeling paint, or that sort of thing.

This loan is available to Veteran’s for the rest of their lives. It can be used over and over again (only one loan at a time, however). So it is not just for the first-time purchase.

Who is eligible? Veterans, active-duty personnel, certain reservists and National Guard members, surviving spouses of persons who die on active duty or die as a result of service-connected disabilities, spouses of active duty personnel who are missing in action, captured in the line of duty, or forcibly detained by a government or power.

How does it work? The VA guarantees to the lender that if the veteran does not pay his loan the lender will be reimbursed. This means that there is no monthly mortgage insurance on this loan. There is what is called a VA Funding Fee that is usually added to the loan amount. This fee is waived if the Veteran or Service Member is disabled in the line of duty.

In addition to the VA loan, there are a couple of other great programs for Veterans. I highly recommend that if you or one of your relatives are a Vet that you visit HOWNW.com, a website devoted to military homeownership resources. There are many, many programs including the Dreammakers Grant which provides 3 to 1 downpayment assistance up to $5000.

If you are looking for a good lender to help you obtain a VA loan, I want to recommend Naida Paris at Northwest Mortgage Group. I have known and worked with Naida my entire real estate career, 24 years. She is probably the most ethical person in the mortgage lending business. And she is an expert about VA loans.

If you are currently on Active Duty, or if someone you know and care about is on Active Duty, I highly recommend you share with them this link. It is a 5 minute video that explains the Service Members Civil Relief Act. This Act requires that Active Duty military can not be charge more than 6% on their debt. That’s right, even on credit cards, they can not be charged more than 6%. It also protects them from eviction or foreclosure.

Why are VA loans so important to me? Well, I’m the Mom of a Marine (wounded in Afghanistan 5/2010), the wife of a Marine, the daughter of a Sailor, the grand daughter of a Soldier, the daughter-in-law of an Airman, the sister-in-law of an Airwoman, the sister-in-law of 4 Marines, and the Aunt of both a Marine and an Airman. Yep, my family is pretty strongly committed to the values of serving our Country.

If you are a Veteran, I would love to help you obtain your next home.
Dianne

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Market Activity for Oct. 14-30, 2011

In Lake Oswego there were 9 New properties entering the market, 14 in Pending status, and 6 marked as Sold during the last week according to RMLS.
See below for further details:

NEWLY LISTED (Oct. 24-30, 2011)

Address Type Price Sq FT BR Baths
5332 Tualata Ct Detached $199,000 1658 3 1.5
5220 Firwood Rd Detached $234,900 1300 3 2
15275 Boones Way Attached $275,000 1321 2 2
1401 Greentree Circle Detached $325,000 1683 3 2
13125 Vermeer Dr Detached $327,000 2046 4 2.5
1850 Egan Way Detached $543,900 4543 6 3.5
872 Country Commons Detached $599,000 2800 4 2.5
103 Garibaldi St Detached $724,997 3262 4 3.5
507 Ash St Detached $1,100,000 3100 3 3

PENDING SALES (Oct. 24-30, 2011)

Address Type Price Sq Ft BR Baths CDOM
200 Burnham Rd Condo $93,500 959 1 1 12
159 Oswego Summit Condo $159,900 1506 2 2 385
1764 Conifer Dr Detached $295,000 1200 3 1 53
5755 Windfield Loop Detached $324,900 1561 2 2 107
755 5th St Detached $349,000 927 2 1 163
1050 Sunningdale Rd Detached $365,000 1616 3 1.5 62
5192 Coventry Ct Detached $365,000 2259 4 2.5 2
4660 Black Forest Ct Detached $390,000 2157 4 2.5 15
19443 Kokanee Ct Detached $397,000 2807 4 2.5 364
18180 Pioneer Ct Detached $399,500 2380 4 2.5 107
5843 Ridgetop Ct Detached $475,000 2897 4 3 196
16925 Depot St Detached $499,950 2631 4 2.5 150
17665 Kelok Rd Detached $949,500 1820 3 2 66
17554 Greenbluff Detached $999,000 5042 4 4.5+.5 239

SOLD (Oct. 24-30, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
86 Kingsgate Rd F106 $99,000 $78,000 Condo 849 867
3676 Spring Ln 2C $139,900 $130,000 Condo 1762 36
18207 Westminster Dr $409,900 $409,900 Detached 2258 24
3149 Douglas Circle $1,195,000 $950,000 Detached 5237 80
17255 Canal Circle $1,200,000 $1,165,000 Detached 4256 5
2936 Lakeview Blvd $2,100,000 $1,700,000 Detached 4179 120

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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Open Houses for Oct. 30, 2011

This Halloween weekend Lake Oswego has 16 open houses currently scheduled. Enjoy the weekend and have a safe and Happy Halloween.

Address Price Bedrooms Baths Open
221 Cervantes $125,000 2 1.5 1 to 3
6929 Montauk Circle $134,900 2 1 1 to 3
16212 Lake Forest Blvd $249,000 3 2 2 to 4
7 Britten Ct $249,000 4 2 1 to 3
4793 Auburn Ln $377,900 3 2.5 12 to 3
1278 Hide A Way Ln $399,000 4 2.5 1 to 3
13020 Princeton Ct $444,000 4 2.5 12 to 2
6 Sherwood Ct $539,900 4 3 1 to 3
580 Weidman Ct $599,000 5 3.5 1 to 3
14231 Dolph Ct $650,000 4 2 1 to 4
17110 Lowenberg Ter $689,000 4 2.5 2 to 4
17090 Chapin Way $775,000 4 3 12 to 3:30
2650 Glen Eagle Rd $875,000 3 4 12:30 to 2:30
1427 Horseshoe Curve $879,000 2 2 1 to 3
17282 Lake Haven Dr $1,199,000 4 2.5 1:30 to 4
112 Northshore Circle $1,695,000 4 3.5+.5 1 to 5
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Buying A Condo

Condos appeal to buyers for a couple of very specific reasons. First is the appeal of having all of the exterior maintenance taken care of for them. If you travel a lot, are physically unable to do yard work, or simply prefer having someone else take care of things, a condo might be a good fit in your life. The other significant reason people may choose a condo is it is a great first purchase. Condos can often be bought for significantly less than a detached home.

Lake Oswego has a very large assortment of condos. Mountain Park was one of the first planned communities in the U.S. and a big part of that plan was an assortment of condominiums. At the very top of Mountain Park is Oswego Summit with it’s 2 swimming pools and views of Mt. Hood. Then there are the luxury condos that have been built on the Willamette River, on the Lake, and in First Addition. These complexes are located in highly desirable areas and have features such as secured parking and large terraces.

Some quick stats:
There are currently 68 condos for sale in Lake Oswego priced from a low of $43,500 (932 square feet with 2 bedrooms and 1 bath) to a high of $1,895,000 (on the Willamette River with 4784 square feet, 3 bedrooms and 3 1/2 baths).

21 Condos are in escrow with accepted offers waiting to be closed.

54 condos have sold in the last 6 months.

At any given time you’ll find a good selection to choose from.

There are some specific things you need to think about if you are considering a condo purchase. When you make an offer, make sure it is subject to review of these items:

Ask to read the last 12 months of minutes from the Home Owner Association meetings. If there are problems in the complex, people will be talking about them at these meetings. This is probably the easiest way to find out issues.

Make your offer subject to obtaining and approving of financial statements for the HOA (Home Owner’s Association). You want to see that the HOA has been doing maintenance and upkeep. That they have reserves being built up on account for significant repairs such as roof replacement or paving. And you want to see that they are projecting future expenses and not just working on an emergency basis.

Ask the seller for full disclosure of any upcoming special assessments or any litigation that the HOA may be involved in.

When you have your home inspection done, have the inspector walk the complex and inspect it as well. Does he/she see dry rot on decks or worn roofing shingles? If so, find out if the HOA has plans to address correcting these issues.

Buying a condo is different from buying a house. You are buying into a community with shared responsibilities and obligations. You want to make sure the HOA will be a good fit for you and not throw any surprises your way after you move in.

There is a tendency to want to buy a condo with small HOA dues. The HOA dues are paid monthly, in most cases, and cover things like landscape maintenance and repair of the exterior of buildings. Sure, it’s nice to have small monthly expenses. But the problem with small HOA dues is that money is then not collected for future expenses. And when those expenses arise and there is not enough money in reserve, then all of the members of the HOA have to pony up and pay a special assessment. These assessments can be in the thousands of dollars. So do your homework and get to know the HOA before you buy. Don’t necessarily opt to buy a condo just because the HOA dues are small. Small monthly dues can mean big special assessments later.

Please let us know if you have any questions about condos. Linda and I are here to help.
Dianne

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Open Houses for October 22, 2011

22 homes are scheduled to be held open this Sunday in Lake Oswego. Enjoy!

Address Price Bedrooms Baths Open
16250 Pacific Hwy #55 $175,000 2 2 1 to 3
6016 Bonita Rd $229,999 4 2 1 to 4
6263 Childs Rd $264,900 4 2 2 to 4
16695 Glenwood Ct $379,000 4 3 12 to 2
4660 Black Forest Ct $390,000 4 2.5 1 to 4
19443 Kokanee Ct $397,000 4 2.5 1 to 4
1657 Campus Way $399,900 4 3 1 to 4
14361 Sherbrook Pl $429,900 3 2.5 1:30 to 4
7 Del Prado St $435,000 4 3 12 to 3
13020 Princeton Ct $444,000 4 2.5 1 to 3
5698 La Mesa Ct $600,000 4 2.5 1 to 3:30
15633 Fieldstone Dr $618,950 4 2.5 1 to 3
5533 Fieldstone Ct $628,950 4 2.5 1 to 3
17601 Woodhurst Pl $649,000 3 2.5+.5 1 to 3
5056 Denton Dr $649,900 4 2.5 2 to 6
14231 Dolph Ct $650,000 4 2 1 to 4
15622 Fieldstone Dr $668,950 3 2.5 1 to 3
5604 Grand Oaks Dr $685,000 5 3 1 to 4
17406 Brookhurst $689,900 5 3.5 1 to 3
17930 Blue Heron Dr $799,000 5 4.5 1:30 to 4
18308 Meadowlark Ln $1,395,000 4 3.5+.5+.5 1 to 3
17700 Upper Cherry Ln $2,375,000 5 5.5 1 to 3
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Market Activity for Oct. 10-16, 2011

In Lake Oswego there were 17 New properties entering the market, 8 in Pending status, and  10 marked as Sold during the last week according to RMLS.
See below for further details:

NEWLY LISTED (Oct. 10-16, 2011)

Address Type Price Sq FT BR Baths
4629 Lakeview Blvd C2 Condo $94,900 1178 2 2
203 Cervantes Condo $119,900 1100 2 2
16494 Inverurie Rd Detached $155,000 1064 3 1
247 Cervantes Condo $161,200 1384 2 2
5830 SW Burma Rd Detached $189,000 1186 3 1
5786 Washington Ct Detached $194,400 1876 3 2
19010 Longfellow Ave Detached $199,900 1732 3 1
135 Kingsgate Rd Detached $264,900 1720 3 2.5
765 Maple St Detached $380,000 1998 3 2
120 Condolea Dr #45 Condo $383,790 2958 3 3
4660 Black Forest Ct Detached $390,000 2157 4 2.5
13750 Shireva Dr Detached 399,900 3294 4 3
12 Yorick St Detached $416,000 2428 4 3.5
4367 Haven St Detached $578,000 3617 5 3.5
3000 Upper Dr Detached $695,000 2851 3 3
19363 SW Riverwood Detached $719,000 2984 4 3
1623 Glenmorrie Dr Detached $925,000 5894 5 4.5

PENDING SALES (Oct. 9-16, 2011)

Address Type Price Sq Ft BR Baths CDOM
99 Oswego Summit #99 Condo $89,900 1116 2 1.5 45
45 Eagle Crest Dr $508 Condo $169,000 1046 2 2 206
17025 Denney Ct Detached $209,900 1429 3 2 7
1674 Fircrest Dr Detached $249,500 1998 4 2 114
140 Touchstone Ct Attached $284,900 1964 3 2.5 8
15601 Manchester Dr Detached $424,000 3302 5 3.5 150
5428 Southwood Dr Detached $575,000 3302 4 3 172
427 9th St Detached $649,500 3250 5 3.5 123

SOLD (Oct. 10-16, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
3311 Fir Ridge Rd $359,000 $359,000 Detached 2112 91
4734 Lakeview Blvd $439,950 $366,500 Detached 2787 155
4677 Oakridge Rd Lt4 $369,900 $369,900 Attached 1738 97
4663 Trillium Woods Lt 9 $433,275 $418,275 Attached 2232 0
5842 Meadowcreek Ct $449,900 $440,000 Detached 2309 7
2235 Glen Haven Rd $549,000 $479,000 Detached 2778 714
5686 Charles Circle $499,900 $499,900 Detached 3246 6
4184 Sunset Dr $569,000 $500,000 Detached 2932 169
5035 Woodcrest Ln Lt 19 $585,300 $604,894 Detached 3174 0
5088 Woodcrest Ln $599,900 $607,500 Detached 3056 219

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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Changes in New Construction

Housing starts in new construction have always been a leading indicator of what is happening in the housing market. It can be a real roller coaster for builders. So I thought it would be interesting to compile some information that allows you to easily see what has happened to new construction in Lake Oswego in the years 2006-2011.

Here is a summary:

Year # Houses Sold Low Price High Price Average Price Square feet
2006 30 $449,900 $1,980,000 $1,068,000 3,743
2007 33 $825,000 $2,610,000 $1,435,000 4,450
2008 11 $670,000 $1,815,000 $990,000 3,746
2009 11 $519,000 $2,025,000 $1,002,000 3,623
2010 13 $510,000 $1,115,000 $697,000 3,635
2011 18 to date $375,000 $959,000 $683,000 3,131
2011 Pending 13 $379,900 $1,199,000 $619,800 3,071
Active 39 $379,950 $3,400,000 $662,000 2,924

It’s pretty incredible to see how heady things got in 2007. In just one year the average sales price went up from $1,068,000 to $1,435,000. And the size of the houses being built went from an average of 3743 square feet to 4450 square feet. I remember seeing million dollar mansions being built and sold as spec houses on Southshore! I have always been able to appreciate a big, gorgeous new house at top dollar if it also has a nice location and setting, but on a busy street? Even then it seemed crazy to me. But there is so little undeveloped land in Lake Oswego that the buyers were willing to buy on a busy street. The demand for large, luxury homes was that high.

Then the economy turned. Very few homes were built and sold 2008-2010.

What got me to thinking about writing on this topic is that I have been seeing quite a lot more new construction. The builders have learned and adapted to the economy. I was surprised to see that the average size of a new home is still right around 3000 square feet. So they are smaller, especially when compared to the 4450 average size in 2007, but 3000 square feet is still a good sized house. The big change is in the pricing. Averages prices of 2011 solds, pending sales and active listings are all in the $600,000’s. There are 18 closed sales year to date but 13 in escrow. With escrow times running 45-60 days, it’s fair to say that most of the pending sales will close by the end of the year. So we could potentially see new construction sales up around 30 for the year, which is where they were before the recession.

I think this is a time of opportunity in Lake Oswego housing. There are 13 brand new homes for sale in LO right now that are priced under $500,000.

Please let us know if you want further information. Linda and I would love to be of help.
Dianne

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Market Activity for 9/26 to 10/2, 2011

In Lake Oswego last week there were 14 new listings, 16 pending sales, and 10 closed sales.
See below for further details:

NEWLY LISTED (Sept. 26 to Oct. 2, 2011)

Address Type Price Sq FT BR Baths
18914 Longfellow Ave Detached $235,000 1232 3 1.5
16212 Lake Forest Blvd Detached $249,000 1267 3 2
3500 Red Cedar Way Detached $250,000 1769 3 2
6263 Childs Rd Detached $279,900 1600 3 2
113 Touchstone Attached $289,000 1838 2 2.5
589 Ridgeway Rd Detached $450,000 1736 3 2
13880 Knaus Rd Detached $520,000 3532 4 3.5
17160 Kelok Rd Detached $549,900 4650 4 4
3811 Carman Dr Detached $580,000 3028 4 2
17952 Cardinal Dr Detached $599,999 1702 4 2
15633 Fieldstone Dr Detached $618,950 3047 4 2.5
17601 Woodhurst Pl Detached 699,000 3272 3 2.5+.5
4767 Dogwood Dr Detached $839,900 3964 4 2.5
12900 Fielding Rd Detached $4,395,000 7527 6 7.5

PENDING SALES (Sept 26 to Oct 2, 2011)

Address Type Price Sq Ft BR Baths CDOM
12 Crestfield Ct Condo $44,900 552 1 1 74
48 Eagle Crest Dr 3B Condo $134,900 1489 2 2 37
5064 Foothills Dr H Condo $185,000 1252 3 2 203
4760 Lower Dr Detached $229,900 2324 3 3 44
3305 Upper Dr Detached $299,999 1484 3 2 172
1286 Rockinghorse Ln Detached $309,000 1883 3 2.5 316
18715 Indian Creek Dr Detached $339,825 1976 3 2 244
1214 Hallinan Circle Detached $342,000 1748 3 2 7
17071 Rebecca Ln Detached $379,900 2230 4 3 129
4693 Lakeview Blvd Detached $429,950 2021 3 2 120
4729 Firwood Rd Detached $489,500 2594 3 2.5 127
18462 Anduin Terr Detached $524,900 2982 4 2.5 71
215 Chandler Pl Detached $895,000 3118 3 2.5 355
1066 Northshore Rd Detached $1,195,000 4224 4 5.5 239
1715 Edgecliff Terr Detached $1,295,000 4929 4 4.5 475
2936 Lakeview Blvd Detached $1,888,000 4179 5 3.5 120

SOLD (Sept 26 to Oct 2, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
4454 Thunder Vista Ln $170,000 $157,000 Condo 2060 158
16443 Lake Forest Blvd $249,900 $206,000 Detached 1474 47
5139 Tualata Ln $257,900 $262,000 Detached 1524 6
55 Northshore Rd #4 $289,000 $289,000 Condo 1554 18
17095 Rebecca Ln $399,900 $375,000 Detached 2350 84
19285 Megly Ct $539,900 $479,900 Detached 3275 203
605 4th St $525,000 $518,000 Detached 1880 30
5511 Fieldstone Ct $638,950 $615,000 Detached 3037 629
17460 Wren Ct $995,900 $850,000 Detached 3305 180
3328 Lakeview Blvd $3,750,000 $2,565,000 Detached 6675 471

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