Category: Buying Advice

What to do when buying real estate in Lake Oswego, Oregon

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News & Notes ~ Dec. & 2016 Numbers

Well, the latest numbers for the entire Portland area for December and 2016 are in!  This is particularly interesting because the numbers are through December 31st…therefore there are figures for December (best look at what’s happening “right now”) AND for the entire year.

Here’s a bonus piece of information (graphic) that just came out via Realtor.com indicating that land is now accounting for more of the value of a property than it used to across the United States. We don’t know what this will mean as yet, but it will likely affect how Appraisers valuate and may impact loans accordingly. Keep your eyes peeled for more information on this as the year progresses.

Land Value

I usually give our Property Blotter Readers a glimpse at the whole Portland market and how Lake Oswego fits into it below. Here you go!

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

  • There were 1,421 New Listings in December 2016 which was down 7.6% from December of 2015’s 1,548, and also down 31.7% from November of 2016’s total of 2,080.
  • At 2,621, December Closed Sales were also down 3.3% from December 2015’s 2,710, and UP 7.7% over the previous month/November 2016’s total of  2,434.
  • December Pending Sales (accepted offers), at 1,757, fell 9.2% from December of 2015’s 1,936, and were also down 22.5% from the previous month/November 2016’s total of 2,266. (Typical: Holidays… Fewer people out making offers for awhile.)
  •  The Average Sale Price in December of $399,300 was up $31,700 from December 2015’s $367,600, and also up from November 2016’s $397,000.
  • The Year-End (Year-To-Date/YTD) Average Sale Price for the Overall Portland Area was $395,000. That compares to 2015’s YTD Average Sale Price which was $354,500. and accounts for an 11.4% rise.
  • The Inventory inventory situation is not much different from last year, which was at 1.2 months as of December 31st 2015…The lowest since 1999.  ***2016 shows Inventory of 1.3 months with 3,511 Active Listings as of Dec 31st.

Average Sale Prices By Area YTD for 2016 were:

  • North Portland: $380,600    (2015: $335,000)
  • NE Portland:  $418,000    (2015: $376,700)
  • SE Portland: $364,600    (2015: $330,100)
  • Gresham/Troutdale: $297,100    (2015: $263,000)
  • Milwaukie/Clackamas: $376,500    (2015: $335,600)
  • Oregon City/Canby: $366,400    (2015: $325,200)
  • Lake Oswego/West Linn: $614,000    (2015: $541,800)
  • W Portland: $563,400    (2015: $495,100)
  • NW Washington County: $487,900    (2015: $442,700)
  • Beaverton/Aloha: $331,900    (2015: $297,300)
  • Tigard/Wilsonville: $404,200    (2015: $370,600)
  • Hillsboro/Forest Grove: $335,100    (2015: $293,900)

The combined areas of Lake Oswego and West Linn  for the month of December 2016 reported:

    •  266 Active Listings    (2015: 255)
    •  68 New Listings    (2015: 86)   
    •  77 Pending Sales    (2015: 98) 
    •  111 Closed Sales    (2015: 143)
    • Average Sale Price for December of $607,100    (2015: $567,300) 
      • 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.
    • Average Time on the Market: 69 Days    (2015: 81)
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Market Activity ~ Jan 2-8, 2017

The week of Jan 2-8, saw 5 New properties enter the market in Lake Oswego, 9 move to Pending status, and 13 “Closed”/Sold. Notably, there were a whopping *18* “refreshed properties which I removed (as usual for your viewing pleasure ; ) from the “New” category.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Jan 2-8, 2017)

Address List Price # Beds # Baths Total SF Prop Type
2734 ORCHARD HILL LN $697,000.00 4 2.1 2814 DETACHD
4182 GLACIER LILY ST $748,000.00 4 3 2799 DETACHD
1454 GLENMORRIE DR $849,900.00 4 2.1 3372 DETACHD
16672 FIR LN $1,238,000.00 4 4.1 4179 DETACHD
16793 GRAEF CIR $2,250,000.00 4 3.1 4680 DETACHD

PENDING SALES (Jan 2-8, 2017)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3433 MCNARY PKWY #703 $194,500.00 2 2 1008 CONDO 3
4000 CARMAN DR #32 $235,000.00 2 2 1083 CONDO 6
1 SAINT HELENS CIR $424,900.00 3 2.1 1422 DETACHD 74
4396 GALEWOOD ST $450,000.00 3 2.1 1672 DETACHD 0
15939 TWIN FIR RD $649,000.00 3 2 2480 DETACHD 66
3838 RIVERS EDGE DR $692,000.00 3 2.1 2849 DETACHD 28
17517 OAK MEADOW LN $709,000.00 4 2.1 2952 DETACHD 60
5124 WOODCREST LN $739,000.00 4 2.1 2923 DETACHD 2
1340 COUNTRY COMMONS $1,089,900.00 4 3 3359 DETACHD 20

SOLD (Jan 2-8, 2017)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #7 $114,900.00 $110,000.00 1 1 617 CONDO 6
12848 BOONES FERRY RD $335,000.00 $335,000.00 2 2.1 1182 CONDO 0
47 ORIOLE LN $420,000.00 $430,000.00 3 3 1958 DETACHD 2
15 MASARYK ST $548,000.00 $430,650.00 4 3 3864 DETACHD 247
4739 REMBRANDT LN $485,000.00 $465,000.00 3 2.1 1954 DETACHD 22
7 CONDOLEA DR $449,900.00 $467,000.00 3 3 2388 CONDO 4
17766 ARBOR LN $509,900.00 $468,000.00 3 2 1561 DETACHD 118
2520 SOUTHSHORE BLVD $449,900.00 $490,000.00 3 2.1 2016 DETACHD 24
4697 OAKRIDGE RD $490,000.00 $490,000.00 3 2.1 1738 ATTACHD 7
672 1st ST $659,000.00 $650,000.00 2 2.1 1986 CONDO
13050 FIELDING RD $2,100,000.00 $1,765,000.00 4 5 4777 DETACHD 258
920 WESTPOINT RD $4,025,000.00 $4,025,000.00 4 4.1 6337 DETACHD 1
3232 LAKEVIEW BLVD $5,450,000.00 $4,641,000.00 4 4.1 7925 DETACHD 280

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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Market Activity ~ Dec 12-18, 2016

tree-2015We hope your Christmas, Hanukkah and Holidays are  wondrous time with your Loved ones this year.  As we draw to a close, Dianne, Whitney and I are spending time with ours as well, and thinking of all the Blessings of 2016. Our Property Blotter readers and clients rank high on that list! Thank you so much for reading, and for your loyalty, trust and confidence.  We are here to support you.

During the holidays, we all slow down a bit (or speed up if you’re the one in charge of decorating and making the holidays happen ; ) and our lives take on a different texture.  We revel in this and welcome the longer days as we march headlong into the rest of our winter and a new year.

People are changing their lives through Buying and Selling homes even as the holidays take over so much of our attention. Families are growing, jobs and locations change; all kinds of Life Events cause people to embark on this Grande Adventure! The week of Dec 12-18, saw 8 New properties enter the market in Lake Oswego, 7 move to Pending status, and 13 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Dec 12-18, 2016)

Address List Price # Beds # Baths Total SF Prop Type
4351 WOODSIDE CIR $385,500 3 2 1532 CONDO
1225 CORNELL ST $514,999 3 2 1395 DETACHD
19477 SW 35th CT $685,000 3 2 3276 DETACHD
36 MORNINGVIEW CIR $694,900 4 3.1 2953 DETACHD
1340 COUNTRY COMMONS $1,089,900 4 3 3359 DETACHD
2757 GLEN HAVEN RD $1,590,000 4 3.1 4604 DETACHD
3458 LAKEVIEW BLVD $3,395,000 4 4.1 4647 DETACHD
15530 DIAMOND HEAD RD $4,998,000 5 4 6298 DETACHD

PENDING SALES (Dec 12-18, 2016)

Address List Price # Beds # Baths Total SF Prop Type CDOM
169 OSWEGO SMT #169 $198,000 2 2 1383 CONDO 242
4697 OAKRIDGE RD $490,000 3 2.1 1738 ATTACHD 7
5538 ROYAL OAKS DR $525,000 3 2 1899 DETACHD 15
16 CHURCHILL DOWNS $565,000 3 2.1 2056 DETACHD 9
64 TOUCHSTONE $575,000 4 2.1 3494 DETACHD 49
1350 RIDGECREST DR $799,000 4 3.1 3534 DETACHD 163
4323 SUNSET DR $1,389,900 4 3.1 3930 DETACHD 3

SOLD (Dec 12-18, 2016)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4450 THUNDER VISTA LN $298,000 $301,000 2 2.1 2040 ATTACHD 5
18307 LONGFELLOW AVE $433,000 $433,000 3 2 1457 DETACHD 45
4208 HARVEY WAY $475,000 $492,500 4 2 2132 DETACHD 3
4583 TRILLIUM WOODS $599,000 $590,000 3 2.1 2004 ATTACHD 49
1264 ROCKINGHORSE LN $599,000 $593,000 4 2.1 2293 DETACHD 22
17533 ERIN CT $629,000 $622,000 3 2.1 3039 DETACHD 72
17771 MARYLCREEK DR $765,000 $692,500 4 3.1 4398 DETACHD 123
545 EVERGREEN RD $829,900 $789,900 3 3.1 2182 DETACHD 50
17867 SUNDOWN CT $849,900 $820,000 3 3.1 2765 DETACHD 35
15985 BONAIRE AVE $835,000 $863,928 3 2.1 2910 DETACHD 0
1601 PINE ST $944,900 $889,900 4 3.1 3711 DETACHD 83
13372 FIELDING RD $1,000,000 $1,000,000 4 4.1 3556 DETACHD 119
4390 LORDS LN $1,295,000 $1,295,000 4 3.1 3693 DETACHD 5

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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Market Activity ~ Oct 24-30, 2016

Last week we saw 6 New properties enter, 20 move to Pending status, and 24 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Oct 24-30, 2016)

Address List Price # Beds # Baths Total SF Prop Type
550 2ND ST $500,000 2 2.1 1540 CONDO
64 TOUCHSTONE $585,000 4 2.1 3494 DETACHD
2399 PALISADES CREST DR $749,000 5 3.1 4452 DETACHD
2092 SUMMIT DR $1,579,000 4 4.1 4527 DETACHD
16819 GREENBRIER RD $2,250,000 4 4 3022 DETACHD
1475 SKYLAND DR $2,600,000 4 4.1 9300 DETACHD

PENDING SALES (Oct 24-30, 2016)

Address List Price # Beds # Baths Total SF Prop Type CDOM
45 EAGLE CREST DR #411 $221,900 2 2 1214 CONDO 8
5804 KENNYCROFT WAY $295,000 3 1.1 1008 DETACHD 3
4450 THUNDER VISTA LN $298,000 2 2.1 2040 ATTACHD 5
1299 BOCA RATAN DR $319,900 3 2.1 1858 ATTACHD 2
12848 BOONES FERRY RD $335,000 2 2.1 1182 CONDO 0
1875 FERNWOOD DR $349,900 3 1.1 1102 DETACHD 11
94 GREENRIDGE CT $364,900 3 2 1752 ATTACHD 57
6 SUMMIT RIDGE CT $399,000 2 2.1 1750 ATTACHD 120
1 SAINT HELENS CIR $424,900 3 2.1 1422 DETACHD 5
4208 HARVEY WAY $475,000 4 2 2132 DETACHD 3
208 ASH ST $529,500 3 2 1912 DETACHD 5
4575 OAKRIDGE RD $560,000 3 2.1 2040 ATTACHD 27
18171 BRYANT RD $625,000 3 2 2984 DETACHD 67
4328 LORDS LN $699,950 3 3 4354 DETACHD 59
17700 LEAFY LN $779,500 4 2.1 3666 DETACHD 76
878 10TH ST $879,000 2 2 1900 DETACHD 29
876 9TH ST $1,099,900 4 2.1 2699 DETACHD 0
1122 BAYBERRY RD $1,199,900 5 3 3259 DETACHD 135
13959 FOSBERG RD $1,800,000 4 5.1 5075 DETACHD 183
5405 CHILDS RD $1,899,000 5 4.1 5702 DETACHD 206

SOLD (Oct 24-30, 2016)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #13 117000 113000 1 1 617 CONDO 23
354 CERVANTES CIR #1C 158000 150000 2 1.1 912 CONDO 9
86 KINGSGATE RD #B103 158900 150000 2 2 924 CONDO 149
4628 LOWER DR #B1 149999 157500 2 1.1 1170 CONDO 3
76 GALEN ST #76 199900 199900 2 2 989 CONDO 6
76 OSWEGO SMT – Upper 199900 220000 2 2 1212 CONDO 43
38 GREENRIDGE CT 365000 365000 3 2.1 1996 ATTACHD 46
1248 ASH ST 399950 399000 2 1 1631 DETACHD 98
17 ORIOLE LN 425000 420000 3 2.1 1800 DETACHD 3
4752 REMBRANDT LN 439900 449000 3 2.1 1655 DETACHD 3
15711 BOONES WAY 499000 510500 3 2 1973 DETACHD 25
3845 TEMPEST DR 574000 530000 4 2.1 2000 DETACHD 71
1590 LARCH ST 640000 587500 5 2.1 2836 DETACHD 66
2600 PARK RD 624900 590000 3 3 2240 DETACHD 5
1837 CEDAR CT 629000 600000 5 3 2625 DETACHD 92
3180 WESTVIEW CIR 749000 675000 3 2.1 2787 DETACHD 82
2484 MARYLSHIRE LN 799000 758000 4 3.1 4283 DETACHD 64
5314 CHILDS RD 864000 775000 4 2.1 3272 DETACHD 109
17572 SHEPHERDS CT 879900 820000 4 3 2983 DETACHD 69
2527 PALISADES CREST DR 999999 885000 3 2.1 3738 DETACHD 86
13017 KNAUS RD 1075000 1075000 4 3.1 4690 DETACHD 89
683 5TH ST 1178000 1180000 4 3 2811 DETACHD 0
17313 BLUE HERON RD 2000000 1990000 4 3.1 3480 DETACHD 35
12740 FIELDING RD 2100000 2075000 4 2.1 3453 DETACHD 111

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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Market Activity ~ Sept 26-Oct 2, 2016

Ah, Fall…

It brings back memories of when I bought my Lake Oswego home.  My son was in 2nd grade many years ago, and I wanted him to be able to attend Lake Oswego schools, so we put our home on the market, sold it quickly and moved to our new home on Thanksgiving Day. I remember the leaves were flying in the breeze through my lovely new garden. I chose the Palisades Neighborhood which boasts a fabulous dog park at Luscher Farm, Palisades Market (which is just *the best*), quick access down McVey/Stafford into Portland via Hwy 43 as well as views of the valley and all the amenities… the Lake Theater & Cafe  close by where you can wait for a movie with a view of the lake, Christmas Trees every year from the Boy Scout Troop at George Rogers Park, shopping at Chico’s and the other fine shops at Lake View Village, eating on or near the lake at several fine establishments including Manzana, Stikmen & Tucci’s. I began my real estate practice in Lake Oswego, and took on the many roles of an active mom who wanted the best for my son in those days.  I served as Publicity Chair and then President of the former Waluga Jr High Booster Club, and learned to Love the community with each passing year.

Fall is a fabulous time to buy a home in Lake Oswego ; )

Happy hunting!

Linda

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Last week we saw 10 New properties enter, 18 move to Pending status, and 19 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Sept 26-Oct 2, 2016)

Address List Price # Beds # Baths Total SF Prop Type
668 MCVEY AVE/Lower $475,000 3 1.1 992 CONDO
4575 OAKRIDGE RD $560,000 3 2.1 2040 ATTACHD
1264 ROCKINGHORSE LN $599,000 4 2.1 2293 DETACHD
1175 HALLINAN CIR $735,000 4 3 3341 DETACHD
878 10TH ST $879,000 2 2 1900 DETACHD
605 COUNTRY CLUB RD $1,100,000 4 2.2 3422 DETACHD
18402 ANDUIN TER $1,185,000 4 3.1 4166 DETACHD
653 A AVE $1,339,000 3 2.1 2628 DETACHD
1968 CHERYL CT $1,599,000 4 4.3 6153 DETACHD
16538 MAPLE CIR 1150000 – 1225000 4 3.1 3174 DETACHD


SOLD (Sept 26-Oct 2, 2016)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3928 CARMAN DR $239,900 2 2.1 1130 CONDO 5
18540 KRISTI WAY $329,950 3 1.1 1246 DETACHD 50
5040 TUALATA LN $339,000 3 1 1389 DETACHD 30
94 GREENRIDGE CT $364,900 3 2 1752 ATTACHD 27
38 GREENRIDGE CT $365,000 3 2.1 1996 ATTACHD 46
9 ORIOLE LN $399,830 3 3 1928 DETACHD 318
5051 W SUNSET DR $484,000 2 2.1 1734 ATTACHD 58
1706 MEADOWS DR $499,900
Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4619 LAKEVIEW BLVD / Grnd $129,000 $120,000 1 1 753 CONDO 30
217 CERVANTES / Lower $219,000 $219,000 2 1.1 1204 CONDO 9
54 GALEN ST / Upper $248,000 $225,000 2 2 995 CONDO 32
16443 LAKE FOREST BLVD $395,000 $411,000 3 2 1474 DETACHD 4
4188 COBB WAY $575,000 $480,000 6 3 2577 DETACHD 51
19080 INDIAN SPRINGS CIR $450,000 $490,000 3 2 2235 DETACHD 4
18715 INDIAN CREEK DR $529,900 $532,000 3 2 2076 DETACHD 118
510 COUNTRY CLUB RD $655,000 $532,000 4 3 3274 DETACHD 105
4962 HARVARD CT $559,000 $535,000 4 2.1 2522 DETACHD 42
18121 PIONEER CT $648,000 $648,000 4 2.1 2310 DETACHD 41
5 CELLINI CT $788,900 $699,900 5 3.1 4659 DETACHD 178
100 LEONARD ST / Upper $749,000 $730,000 3 2.1 2734 CONDO 17
29 HILLSHIRE DR $799,000 $805,000 3 2.1 4638 DETACHD 0
1300 ANDREWS RD $1,290,000 $1,072,000 5 3 4810 DETACHD 60
14599 DORIS AVE $1,143,666 $1,132,477 5 3.1 3903 DETACHD 0
1131 NORTHSHORE RD $1,350,000 $1,200,000 4 3 3850 DETACHD 374
629 5TH ST $1,385,000 $1,295,000 4 2.1 2985 DETACHD 53
1814 Highlands LOOP $1,700,000 $1,700,000 3 4.1 5635 DETACHD 224
13600 GOODALL RD $2,295,000 $2,100,000 6 6.1 6612 DETACHD 44

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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News & Notes ~ August 2016

Here are the latest/August numbers for the entire Portland area:

According to the RMLS Market Action Report for the Portland Metro Area, June, 2016:

  • There were 4,203 New Listings in August which was down 3.9% from July, and up 8.3% from August of 2015.
  • At 3,001, August Closed Sales were up 8.1% from July’s 2,776, and down 3.1% from August of 2015’s 3,098.
  • August Pending Sales (Accepted Offers), at 3,325 were up  0.7% from July’s 3,302, and were also  0.7% lower than August of 2015’s 3,347.
  • The Average Sale Price in August of $400,100 was down $7,000 from July’s $407,100, and also up around $35,500 from August of 2015’s $364,600. 

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The combined areas of Lake Oswego and West Linn  (RMLS lumps them together) for the month of August 2016 reported:

    •  452 Active Listings (July/410)
    •  229 New Listings    (July/288)
    •  162 Pending Sales  (July/189)
    •  166 Closed Sales     (July/165)
    • Average Sale Price for August: $619,600   (July/ $650,200)
      • 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.
    • Average Time on the Market: 59 Days  (July /45)
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Market Activity ~ Sept 5-11, 2016

Last week we saw 13 New properties enter the market, 12 move to Pending status, and 13 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Sept 5-11, 2016)

Address List Price # Beds # Baths Total SF Prop Type
86 KINGSGATE RD #i204 $159,000 2 2 840 CONDO
4 TOUCHSTONE #140 $185,000 3 2.1 1351 CONDO
76 GALEN ST #76 $199,900 2 2 989 CONDO
16250 PACIFIC HWY #43 $255,000 2 2 1311 CONDO
16724 ROOSEVELT AVE $379,995 3 1.1 1270 DETACHD
31 GREENRIDGE CT $449,000 3 2.1 2002 ATTACHD
15450 KIMBALL CT $475,000 4 2 1544 DETACHD
7 SCARBOROUGH DR $754,900 4 2.1 3367 DETACHD
4265 ALBERT CIR $826,600 5 3.1 3022 DETACHD
4635 DOGWOOD DR $950,000 4 3 4327 DETACHD
716 LAKE SHORE RD $999,000 3 2 1860 DETACHD
18840 HILL TOP RD $1,195,000 3 3.1 4216 DETACHD
19371 RIVERWOOD LN $1,300,000 4 4.1 5034 DETACHD

PENDING SALES (Sept 5-11, 2016)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4619 LAKEVIEW BLVD #Grnd $119,000 1 1 753 CONDO 30
354 CERVANTES CIR #1C $158,000 2 1.1 912 CONDO 9
94 GREENRIDGE CT $369,000 3 2 1752 ATTACHD 6
17 ORIOLE LN $425,000 3 2.1 1800 DETACHD 3
6423 FROST ST $539,000 3 2.1 2548 DETACHD 304
950 LAKE FRONT RD $549,900 4 2.1 2112 DETACHD 34
5267 LAKEVIEW BLVD $879,900 4 3.1 3454 DETACHD 29
2639 PALISADES CREST DR $948,000 5 4.1 5615 DETACHD 7
13079 AMBER PL $948,000 5 3 3200 DETACHD 165
14112 HEATHROW LN $1,149,000 5 3.1 4828 DETACHD 133
1666 LAKE FRONT RD $1,279,000 4 3 3183 DETACHD 27
610 4TH ST $1,575,000 4 2.1 3394 DETACHD 31

SOLD (Sept 5-11, 2016)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
14 OSWEGO SMT $165,000 $180,000 1 1 764 CONDO 6
12824 SW BOONES FERRY RD $314,999 $300,000 2 2.1 1398 ATTACHD 7
3765 LANEWOOD ST $395,000 $405,000 3 2 1482 DETACHD 3
668 MCVEY AVE #52 $450,000 $448,000 3 1.1 992 CONDO 116
4951 BILFORD LN $469,000 $485,000 2 2 1823 DETACHD 4
653 3RD ST $575,000 $520,000 3 2 1270 DETACHD 95
14 WALKING WOODS DR $550,000 $536,000 4 3 2930 DETACHD 32
2063 RIDGEWOOD RD $699,000 $670,000 4 2.1 2532 DETACHD 28
2329 STONEHURST CT $825,000 $785,000 4 3 3622 DETACHD 23
3600 SOUTHSHORE BLVD $995,000 $1,000,000 3 2.1 2117 DETACHD 5
729 3RD ST $1,061,110 $1,052,208 3 3 2748 DETACHD 0
3119 WEMBLEY PARK RD $1,100,000 $1,100,000 4 3.1 3633 DETACHD 1
877 9TH ST $1,150,000 $1,150,000 3 2.1 2762 DETACHD 0

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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Tips & Tidbits ~ Seasonal Changes

SummerSeasonal Changes –

Sellers~The market has been unusually activated since about January of this year. In the summer (starting approx July 4th weekend) things typically slow down just a teensy bit as people leave for vacation and many have found the homes they were looking for prior to the school-year-start in September (ie the pool of Buyers lessens some).  Sellers who put their homes on the market now will still find plenty of interest as you can ascertain from our Market Activity Reports, and/but may be disappointed if they do not have a bidding war as they’ve been hearing about for awhile now.  I’m not saying the market is not still good for selling, (and, there ARE ways to encourage multiple Offers at any time of year) …just be prepared for the slight change in atmosphere, which sometimes translates to not quite as much leverage when you’re the Seller.  ***That said, it is all case-by-case. Why is the Buyer buying?  Do they need to be settled before the school year starts?  Have they lost out on other deals due to competitive bidding? You may or may not be able to find out, but if you DO know the answers to some of these questions, it can help you respond to your highest advantage. Trust your Realtor, or if you don’t have one, give me or one of us a call and we’ll be happy to help you through the changing landscape.

Buyers~A Buyer’s perspective is a little different.  If you’ve been out looking and fighting for houses and losing, now may be your moment.  As I mentioned above, the market has been hyper-active for a while now.  As we move toward Fall, a couple of factors are in your favor. The first is that the pool of Buyers is lessening a bit for the reasons I mentioned above. This means you may not  be in a competitive situation, or it may be with fewer Buyers if you are. Use the lessons you’ve learned already through trial and error. Make your Offer as strong as you are comfortable with.  Talk to your Realtor (or to myself or one of us if you do  not have a Realtor) and we can walk you through some ways to do that. Talk to your lender once again and revisit your strategy.  If you are unsure of how your Offer price would impact you as far as your monthly payment is concerned, I always suggest having 3 dollar-amount scenarios drawn up.  I find that most Buyers are surprised at how little their monthly payment is affected by making what seems to them to be a big jump in their Offer price. Bottom line: you need to be comfortable with your Offer.  AND, you may be surprised at what the possibilities are for you, and sometimes this can make a difference in getting the home you really want in a still-competitive market.

Looking GlassOther Factors~Appraisals are really becoming more of an issue than even a month or so ago when Dianne mentioned them in a post herein.  I advise my Buyer clients to talk to their lender about expediting their Appraisal in nearly every case. This costs money, so you need  to assess what you can and are willing to do, but it is often a hundred or two dollars, and can mean the difference between Closing on time or not. ***That said, I have heard multitudes of horror stories in the last few weeks about Appraisals taking **weeks or months** longer unless someone pays an exorbitant amount sometimes in the thousands of dollars.  I don’t mean to scare anyone. I just averted a near-disaster in this regard, and having a Realtor and lender with their eyes on the ball in this market is imperative, but this is apparently happening if there are any variables at all in a transaction that will limit the appropriate Appraisers who might be available/qualified etc. Sometimes the type of loan (VA, FHA, USDA) can limit the pool of Appraisers (I’m told) as can location of the property (is it outside of the metro area?).

The reasons for this mess are varied, but it apparently boils down to supply and demand, coupled with the newer regulations on mortgage companies. No longer can a mortgage company call an Appraiser they happen to know is familiar with a particular neighborhood or area of town. For everyone’s protection (to prevent collusion/nefarious behaviour/trying to get a particular value out of the Appraiser) mortgage companies now have to put the order in to an “Appraisal Scheduling” company. That company has a stable of Appraisers, and it is all handled mechanically.  There is apparently a dearth of Appraisers due to more stringent requirements for becoming an Appraiser (I’m told), and therefore the stacks on Appraisers desks are getting higher and their time and availability to run out to more rural areas or even here in town is more scarce.

Best to set a longer timeframe for Closing to be on the safe side if you can (talk to your Realtor about what makes sense in your particular situation), and order it right away. Ordering it right away may mean that you are risking the money you pay for the Appraisal (instead of waiting till after you’ve inspected enough to know you want to proceed), but, depending on your unique circumstance, it may be your best bet.

Hope this info was helpful.

Very Best,

Linda

 

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Market Activity ~ July 25-31, 2016

Beautiful homes in Lake Oswego… They come on the market… and they pass into the care of excited new owners. Its a wonderful thing ; )

Last week we saw 18 New properties enter the market, 24 move to Pending status, and 19 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (July 25-31, 2016)

Address List Price # Beds # Baths Total SF Prop Type
45 EAGLE CREST DR #211 $219,000 2 2 1046 CONDO
5432 KENNY ST $379,900 3 1 1352 DETACHD
17766 ARBOR LN $509,900 3 2 1561 DETACHD
17911 LAKE HAVEN DR $563,000 4 2.1 2136 DETACHD
905 COUNTRY CLUB RD $599,500 3 2.1 2817 DETACHD
4801 Heritage LN $627,500 3 2.1 2205 DETACHD
19 WESTRIDGE DR $659,999 4 3 3711 DETACHD
1900 GREENTREE RD $695,000 4 3 3032 DETACHD
17372 HUNTER CT $699,000 3 2.1 3292 DETACHD
952 A AVE $739,900 3 2 2900 DETACHD
17771 MARYLCREEK DR $765,000 4 3.1 4398 DETACHD
2033 RIDGEWOOD RD $775,000 4 2.1 2668 DETACHD
2329 STONEHURST CT $825,000 4 3 3622 DETACHD
737 ASH ST $825,000 4 2 2428 DETACHD
840 BOCA RATAN DR $849,900 4 3.1 4114 DETACHD
18260 River Edge CT $949,000 4 3.1 4711 DETACHD
115 3rd ST #115 $999,000 4 2.1 2453 CONDO
1515 CHERRY LN $1,350,000 5 3.1 5593 DETACHD

PENDING SALES (July 25-31, 2016)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE DR #108 $136,000 3 2.1 1351 CONDO 26
47 EAGLE CREST DR #21 $149,000 2 1 932 CONDO 767
3974 CARMAN DR $229,900 2 2.1 1107 CONDO 31
193 OSWEGO SMT $235,000 2 2 1383 CONDO 6
!B $269,000 3 2 1538 CONDO 10
2 SW MOUNTAIN CIR $299,000 2 1.1 1372 ATTACHD 16
5060 FOOTHILLS DR #96 $305,000 3 2 1252 CONDO 2
5495 TREE ST $355,000 3 1.1 1388 DETACHD 3
15422 PARTRIDGE DR $475,000 4 2.1 1872 DETACHD 17
1935 FERNWOOD DR $495,000 4 3 2100 DETACHD 26
5028 GREENSBOROUGH CT $524,900 4 2.1 2358 DETACHD 43
14 WALKING WOODS DR $536,000 4 3 2930 DETACHD 32
4 Essex CT $549,900 4 2.1 2835 DETACHD 7
4951 GALEN ST $549,900 3 2.1 2543 DETACHD 52
3845 TEMPEST DR $574,000 4 2.1 2000 DETACHD 11
13040 PRINCETON CT $674,900 4 2.1 3135 DETACHD 32
2063 RIDGEWOOD RD $679,000 4 2.1 2532 DETACHD 28
4090 BUCK BRUSH LN $699,000 4 3 3128 DETACHD 5
5955 SUNBROOK DR $780,000 4 3 3110 DETACHD 2
5350 LAKEVIEW BLVD $799,000 7 3.5 3005 DETACHD 6
17259 LOWENBERG TER $895,000 4 2.1 2955 DETACHD 5
1049 NORTHSHORE PL $939,900 3 4 2274 DETACHD 13
1774 RIDGECREST DR $1,250,000 2 2 2053 DETACHD 6
12850 FIELDING RD $2,500,000 9 9.2 19444 DETACHD 7

SOLD (July 25-31, 2016)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
20 CRESTFIELD CT/Upper $175,000.00 $175,000.00 2 1.1 923 CONDO 7
61 OSWEGO SMT #61 $215,000.00 $196,000.00 2 2 1212 CONDO 28
3930 CARMAN DR $229,900.00 $224,000.00 2 2.1 1146 CONDO 67
44 GREENRIDGE CT $369,000.00 $380,000.00 3 2.1 1996 ATTACHD 1
40 WHEATHERSTONE $389,900.00 $385,000.00 3 2.1 1692 CONDO 37
86 GREENRIDGE CT $399,000.00 $414,000.00 3 2 2652 ATTACHD 1
15393 MEADOWLARK CT $474,500.00 $474,900.00 2 2 1576 DETACHD 2
1412 MAPLE ST $475,000.00 $475,000.00 3 1.1 1540 DETACHD 1
386 LIVINGOOD LN $519,000.00 $519,000.00 4 3 2452 DETACHD 5
775 HEMLOCK ST $499,900.00 $536,000.00 3 2 2038 DETACHD 4
320 DURHAM ST #2 $569,500.00 $562,000.00 3 2.1 1876 CONDO 9
4199 FRUITWOOD CT $525,000.00 $565,000.00 3 2 2230 DETACHD 6
1641 ASH ST $575,000.00 $595,000.00 4 3 2764 DETACHD 5
3 SCARBOROUGH DR $685,000.00 $600,000.00 5 4 3778 DETACHD 35
659 4TH ST $785,000.00 $812,475.00 3 2.1 2388 DETACHD 5
13607 MELROSE PL $869,500.00 $825,000.00 4 3.1 3892 DETACHD 25
412 8TH ST $948,000.00 $888,000.00 3 2.1 2580 DETACHD 33
18360 RIVER EDGE LN $1,029,000.00 $995,000.00 4 2.1 3948 DETACHD 3
448 COUNTRY CLUB RD $1,595,000.00 $1,400,000.00 4 3.1 4873 DETACHD 41

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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News & Notes ~ June 2016

Here are the latest/June numbers for the entire Portland area:

According to the RMLS Market Action Report for the Portland Metro Area, June, 2016:

  • There were 4,501 New Listings in June which was up 8.6% from May, and up 5.2% from May of 2015.
  • At 3,158, June Closed Sales were up 9% from May’s 2,896, and down 4.4% from June of 2015’s 3,302.
  • June Pending Sales (Accepted Offers), at 3,390 down  4.9% from May’s 3,563, and were also  6% lower than June of 2015’s 3,605.
  • The Average Sale Price in June of $412,000 was up $9,500 over May’s $402,500, and also up around $42,500 from June of 2015’s $369,500. 

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The combined areas of Lake Oswego and West Linn  (RMLS lumps them together) for the month of June 2016 reported:

    •  410 Active Listings 
    •  288 New Listings   
    •  189 Pending Sales
    •  165 Closed Sales 
    • Average Sale Price for June: $650,200
      • 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.
    • Average Time on the Market: 45 Days