Author: Linda Rossi

Last week there were 15 properties New to the market in Lake Oswego. 10 received Offers and moved to Pending status, and 3 Sold/Closed. Right now there are 104 lovely homes available ranging from $199,900 to $11,500,000. Four are in “Bump-able” status meaning that they’re under some kind of contingent contract and you may view them and make an Offer of your own if you like.

Here is the breakdown according to RMLS:

NEW Jan 29-Feb 4, 2024

Address	List Price	Beds	Baths	SF	Prop Type
45 EAGLE CREST DR, #119	$299,119	$3	2	1348	CONDO
209 CERVANTES, Lower	$330,000	$2	1.1	1216	CONDO
284 CERVANTES, Lower	$345,000	$2	2	1052	CONDO
200 BURNHAM RD, #306	$359,000	$2	1	1199	CONDO
5052 FOOTHILLS DR, C	$445,000	$3	2	1252	CONDO
750 1ST ST, #26	$447,000	$2	2	1350	CONDO
1951 Greentree RD	$599,900	$3	3	2449	DETACHD
2818 POPLAR WAY	$650,000	$3	1	1056	DETACHD
2062 CEDAR CT	$898,000	$3	2	1805	DETACHD
4575 OAKRIDGE RD	$925,000	$3	2.1	1976	ATTACHD
18810 STAFFORD RD	$999,000	$2	1	1884	DETACHD
18100 BRYANT RD	$1,050,000	3	1.1	1804	DETACHD
5406 LANGFORD LN	$1,279,000	3	2.1	3415	DETACHD
18187 SIENA DR	$1,850,000	4	3.1	3908	DETACHD
17331 CANYON DR	$2,295,000	4	4	3795	DETACHD

PENDING Jan 29-Feb 4, 2024

Address	List Price	Beds	Baths	SF	Prop Type	Days
85 GALEN ST	$279,900	2	2	989	CONDO	113
4333 SILVER CT	$515,000	3	2.1	1902	CONDO	7
121 TOUCHSTONE TER	$560,000	3	2.1	1964	ATTACHD	4
5554 ROYAL OAKS DR	$850,000	3	2	1861	DETACHD	17
660 TIPPECANOE CT	$875,000	3	2	1538	DETACHD	3
939 SUNNY HILL DR	$949,900	4	2.1	3250	DETACHD	213
17890 ROYCE WAY	$1,000,000	6	3	3108	DETACHD	3
674 1ST ST	$1,175,000	2	2.1	2147	CONDO	173
18521 WAXWING CIR	$1,200,000	4	2.1	2936	DETACHD	72
1836 HIGHLANDS LOOP	$2,450,000	4	4.2	5494	DETACHD	449

SOLD Jan 29-Feb 4, 2024

Address	Opening	Closed	Beds	Baths	SF	Prop Type	Days
3433 MCNARY PKWY #407	$275,000	$275,000	2	2	1008	CONDO	41
950 TERRACE DR	$1,950,000	$1,969,000	4	3.1	4619	DETACHD	21
17132 LOWENBERG TER	$2,100,000	$2,010,000	4	4.2	3322	DETACHD	61

Last week we saw sparse activity largely attributable to the challenging weather & frozen roads inhibiting travel. Even so, however, 4 homes entered the market, 3 moved to Pending status, and 4 Closed/Sold. Two of the three Pending sales were on the market a very short period of time, one of them 4 days appearing as both New and Pending in this same report…so people are out looking for and buying homes regardless of the weather!

Here is the breakdown according to RMLS:

NEW Jan 15-21, 2024

Address	List Price	Beds	Baths	SF	Prop Type
4000 CARMAN DR #91	$295,000	$1	1	767	CONDO
45 EAGLE CREST DR #122	$315,000	$3	2	1348	CONDO
3804 BOTTICELLI ST	$330,000	$2	1.1	1132	CONDO
16184 LAKE FOREST BLVD	$510,000	$3	1	1342	DETACHD

PENDING Jan 15-21, 2024

Address	List Price	Beds	Baths	SF	Prop Type	Days
4000 CARMAN DR #91	$295,000	$1	1	767	CONDO	3
4 SW TOUCHSTONE DR #135	$345,000	$3	2.1	1303	CONDO	15
2255 GLEN HAVEN RD	$859,000	$3	3	2814	DETACHD	206

SOLD Jan 15-21, 2024

Address	Opening	Closed	Beds	Baths	SF	Prop Type	Days
11 OSWEGO #11	$332,800	$311,000	$2	2	1241	CONDO	2
4089 JEFFERSON PKWY	$445,000	$389,900	$2	2.1	1361	CONDO	446
16211 INVERURIE RD	$699,900	$725,000	$3	2.1	1819	DETACHD	26
2320 GLEN HAVEN RD	$2,169,900	$2,119,900	$3	4	3875	DETACHD	140

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)

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

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

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