Hello from the Property Blotter!
Ok, here’s the news of the week….. It’s hot and sunny in Lake Oswego, and Dianne and I are busy selling real estate! : )
Just leaving you with an image of Lake Oswego Tomatoes for now, and encouraging you to enjoy your own harvests! Ours are overflowing here…. Tomato recipes are welcome in comments from our readers below!
Analysis of the Higher Price Ranges
I think that there is a general perception that the market has picked up a bit of steam. I have personally seen this in multiple offer situations and short market times. But I have to say that I’ve seen it in the more affordable price ranges.
I did have a sale recently for a $625,000 house that sold in 1 day with multiple offers. But I found myself wondering, was that a fluke? Is that really happening in the higher price ranges? So I took some time today to compare the more expensive homes (purely arbitrarily I chose $500,000 and higher) today versus what was happening a year ago in the same 6-month time period. Here are the results:
| Price Range | Sold 2/11-8/11 | Active Today | Pending Today | Sold 2/12-8/12 | Current Months of Inventory |
| $500,000-$600,000 | 29 | 36 | 17 | 53 | 4 |
| $600,000-$700,000 | 25 | 32 | 3 | 27 | 7 |
| $700,000-$800,000 | 23 | 35 | 7 | 17 | 12 |
| $800,000-$900,000 | 17 | 18 | 4 | 18 | 6 |
| $900,000-$1,000,000 | 9 | 18 | 2 | 11 | 9 |
| $1,000,000-$1,500,000 | 19 | 38 | 6 | 15 | 15 |
| $1,500,000-$3,000,000 | 3 | 22 | 4 | 5 | 26 |
| $3,000,000-$20,000,000 | 0 | 11 | 2 | 1 | 55 |
Pretty interesting. The $500,000 to $600,000 is selling strongly. So is the $800,000 to $900,000. 4 to 6 months of inventory is a pretty healthy market. Pricing over a million is where it really hits the skids. And that way tip-top price point of $3,000,000 and more is barely moving. This is when we look at the closed sales. But then when you factor in the pending sales, and there are several, it looks a bit better. When the pending sales in the top price bracket close, and this should happen in 45-60 days, the inventory drops from 55 months to 22 months. In the $1,500,000 to $3,000,000 it drops the inventory from 26 months to 14.
Bottom line, it’s still too soon to tell. And it can still be said that the higher priced homes just take longer to sell as there are fewer people financially qualified to buy them.
So what are these high priced houses like?
The most expensive, recently-closed sale was a house on the Willamette River. It sold for $3,600,000 and went pending in just 33 days (seriously!).
The most expensive pending sale is on the North shore of Oswego Lake. Priced at $4,695,000, it took 428 days to receive an accepted offer.
The most expensive house currently for sale is NOT Jantzen Island. That house has been withdrawn from the market. It was price reduced from $19,500,000 to $15,000,000. The new king of the most-expensive- house-fo-sale-in-Lake-Oswego-pageant is a house on Northshore that is listed for $11,600,000. It was built in 2009 and has 13,462 square feet, 5 bedrooms, 6 full baths and 2 half baths.
I hope you find this information of interest. It’s always a kick to try and figure out the market and its trends. Let me know if you have any questions.
Dianne
News & Notes
* Summertime Fun – Wondering what to do in Lake Oswego this summer? CLICK HERE for a “Summer Catalog”!
* Pre-Register for “After School” – Junior High is a time for our kids to spread their wings a little bit. It also can be a time of testing newfound freedoms, and for parents to begin to look at things from a bit of a different perspective. CLICK HERE for information on the After School program that offers junior high school kids lots of fun activities after school! Its a great way to meet new friends, learn and engage in familiar, and maybe some unfamiliar activies during that time in between school and dinner! Snacks, clubs, competitions and parties… sounds like fun!
* Farmers Market… Want to Participate? – Have you ever pondered bringing yourself and your particular passion to the fabulous Lake Oswego Farmer’s Marekt? CLICK HERE for more information on just what that might entail for YOU!
* Lake Oswego Review – We have lots of out-of-state readers who look to us to keep them abreast of all things “Oswego” : ) For these readers, please also visit the local paper ONLINE to catch news snippets and to get a glimpse inside our beloved community.
News & Notes
We hope you are enjoying your summertime, and that if you are in the market for a new home, or looking to sell yours and make a change, you will think of us here in Lake Oswego! Dianne and I are here to serve you.
Concerts Galore! It’s summertime in Lake Oswego and Outdoor Concert Season is in full swing! Click HERE for details on who, where & when!
Lake Oswego Wiki Looking for information on all things Oswego? Check out THIS LINK for a massive reservoir of data.
Greater Portland Area Real Estate Trends Click HERE for a recent article on current market activity in Portland and surrounding areas.
Mortgage Notes You may have heard that Wells Fargo recently announced its departure from the wholesale mortgage market. This will not affect any loan currently in progress as far as we understand it. Talk to your Wells Fargo representative to check on your loan status if you are in process of closing a home mortgage. Click HERE for a recent Business Journal article.
LO Named One of 10 Best Towns for Families
Family Circle Maganzine has named Lake Oswego one of the Nation’s 10 best towns for families. This came as no surprise to me. It’s why I moved here. I think it’s why many people move here. This is simply a great place to raise kids.
Here is what Family Circle had to say:
Lake Oswego, Oregon
Population: 36,396
Median Income: $83,397
Median Home Price: $361,317
Households with Kids: 30%
Student/Teacher Ratio: 22:1
Great Schools Rating: 10
Beth Taylor, 53, rarely travels far from this scenic Portland suburb for family vacations. She and husband Mitch, a 52-year-old tech firm executive, along with kids Grant, 18, and Margaret, 9, have hiked in the Cascades, skied at Mount Hood and floated down the McKenzie River—all just a two- or three-hour drive away. The Taylors can also get their nature fix by walking out the front door, since their home borders a 645-acre forest known as Tryon Creek State Park. “When you’re on the trails, it’s easy to forget that you live anywhere near a city,” says Beth. But what she appreciates most about Lake Oswego is its caring citizens. To make up for school budget cuts, parents raised more than $2 million last year to hire teachers and keep classes small. And when Grant was hurt during a football game last October, two neighborhood doctors met Beth and Mitch in the ER for moral support and stayed with them through the night; when Grant returned home, the family’s voicemail and e-mail boxes were filled with hundreds of good wishes and their fridge had been stocked with food. “Not unusual at all,” says Beth. “People here go all out to support each other.”
Good Deeds: Every year students at Lake Oswego High spend one of their days off from school doing volunteer work, from cleaning the local library to mucking out stalls at a horse stable for disabled youth. In April 700 kids stepped up; next year’s goal is for all 1,200 to take part.
News & Notes
Here are some Market Notes for You~
According to the RMLS Market Action Report for June 2012 fo the Portland Metro Area “Every measure of real estate activity is positive when comparing June 2012 with June 2011”:
- There were 21.7% more accepted offers,
- There was an increase of 14.6% ,
- The Median Sales Price rose 8.6%,
- ***AND… This is the third month in a row that the Median Sales Price has risen.
The combined area of Lake Oswego and West Linn reported:
- 627 Active Listings
- 225 New Listings
- 146 Pending Sales
- 160 Closed Sales
- An average Sale Price of $422,500.
- Average Time on the Market: 135 Days
News & Notes
* City offices will be closed on July 4th. Have a fantastic holiday!!!
* 4th of July celebrations begin on July 3rd in Lake Oswego with Millenium Park Plaza Concert & Presentation of the Colors by Police Honor Guard. On the 4th there is a pie-eating contest, Star Spangled Parade, and of course Fireworks! CLICK HERE for more details.
* For 4th of July Parade Road Closures CLICK HERE. For Fireworks Road Closures CLICK HERE.
* First Fridays enjoy art from talented artists, wonderful cuisine and beverages from Mayher’s Pub at Millenium Plaza Park as well as live musical performances fom 5:00-8:30PM.
* A Avenue Summer Construction is slated for July – Sept. For more info CLICK HERE.
News & Notes
Here are some Market Notes for You~
According to the RMLS Market Action Report for May 2012, the combined area of Lake Oswego and West Linn reported:
- 615 Active Listings
- 201 New Listings
- 169 Pending Sales
- 112 Closed Sales
- An average Sale Price of $482,500.
- Average Time on the Market: 167 Days
Also:
For the Portland Metro Area…………….
- April 2012: Unsold inventory is at its lowest since March 2007
- If you compare May to the previous month of April 2012, Closed Sales grew by 15.1%
- Pending Sales (2522) representing highest in May since May 2007when there were 3054.
- Closed Sales numbered 2098mwhich is a 20.4% increase over May 2011.
- Aveage Sales Price rose 7.2% over May of 2011
June 10th Open Houses
This Sunday there are 28 scheduled open houses. Enjoy.
5880 Rockwood Ct, detached, $255,000, 3 BR, 2 Bths, open 1 to 4
18863 Indian Springs Rd, detached, $315,000, 4 BR, 3 Bths, open 2 to 4
19060 Indian Springs Circle, detached, $349,900, 3 BR, 2 Bths, open 2 to 4
352 A St, attached, $388,000, 2 BR, 2.5 Bths, open 1 to 3
5365 Lakeview Blvd, detached, $389,000, 4 BR, 2.5 Bths, open 1 to 4
1611 Lee St, detached, $429,900, 3 BR, 2.5 Bths, open 12 to 3
3220 Duncan Dr, detached, $499,900, 4 BR, 2.5 Bths, open 1 to 4
3838 River Edge Dr, detached, $525,000, 3 BR, 3 Bths, open 1 to 4
7 Mountain View Ln, detached, $535,000, 5 BR, 2.5 Bths, open 1 to 4
355 6th St, attached, $549,900, 3 BR, 3.5 Bths, open 2 to 4
17802 Treetop Ln, detached, $550,000, 4 BR, 3.5 Bths, open 1 to 3
13226 Rogers Rd, detached, $589,000, 4 BR, 2.5 Bths, open 1 to 3
6479 McDuff Ct, detached, $589,900, 3 BR, 2.5 Bths, open 12 to 3
15655 Fieldstone Dr, detached, $595,000, 3 BR, 2.5 Bths, open 12 to 2
15633 Fieldstone Dr, detached, $615,000, 4 BR, 2.5 Bths, open 12 to 2
5533 Fieldstone Ct, detached, $620,000, 4 BR, 2.5 Bths, open 12 to 2
17980 Meadowlark Ln, detached, $689,000, 3 BR, 2.5 Bths, open 1 to 4
18035 Skyland Circle, detached, $725,000, 4 BR, 2.5 Bths, open 1 to 3
5680 La Mesa Ct, detached, $769,900, 4 BR, 2.5 Bths, open 1 to 3
330 Northshore Rd, detached, $789,000, 4 BR, 3 Bths, open 1 to 4
2348 Oswego Glen Ct, detached, $875,000, 4 BR, 3.5 Bths, open 1 to 4
18231 Siena Dr, detached, $928,500, 4 BR, 3.5 Bths, open 1 to 3
16805 Scott Ct, detached, $979,000, 4 BR, 3.5 Bths, open 2 to 4
18202 Bella Terra Dr, detached, $1,075,000, 4 BR, 3.5 Bths, open 1 to 3
18132 Siena Dr, detached, $1,125,000, 4 BR, 3.5 Bths, open 1 to 3
4033 Westbay Rd, detached, $1,195,000, 4 BR, 3.5 Bths, open 12 to 3
18110 Siena Dr, detached, $1,198,950, 4 BR, 3.5 Bths, open 1 to 3
17282 Lake Haven Dr, detached, $1, 199,000, 4 BR, 2.5 Bths, open 1:30 to 4
1655 Edgecliff Terrace, detached, $1,250,000, 4 BR, 3.5 Bths, open 1 to 3
News & Notes
Here are some Market Notes for You~
According to the RMLS Market Action Report for April 2012, the combined area of Lake Oswego and West Linn reported:
- 618 Active Listings
- 188 New Listings
- 132 Pending Sales
- 114 Closed Sales
- An average Sale Price of $361,000.
- Average Time on the Market: 142 Days
Also:
For the Portland Metro Area…………….
- April 2012: Unsold inventory is at its lowest since June 2007
- If you compare April to the previous month of March 2012, Closed Sales grew by 7.6%
- Pending Sales are higher thn any month since August 2007
- New Listings rose 5.3% compared to March 2012
- Accepted offers rose by 4.1% compared to March 2012
- The first 4 months of 2012 compared to 2011 show a rise in Closed Sales to the tune of 13.1%