Category: General

Overview/Fluctuations ~ January 2023 Market Data:                

Inventory has risen again which is a hopeful sign for 2023. Though we show some activity decreases from last January, we’re rising in New & Pending Sales over December. Prices took a hit during December as Sellers looked to secure Buyers toward the end of the year. Time will tell how prices will be affected as the year progresses, but all signs on the street are of a heating market even in these cold temperatures with Buyers out making offers, & sometimes competing, which can move prices higher. NAR is predicting lower rates this year. So, essentially, there is a promising waft in the air with prices stabilizing somewhat and Buyers moving on with their lives.                                                                       

Rates: “We have seen upward pressure on rates with inflation data coming in higher than expected, but thankfully no big move with rates staying in the lower 6% range.”          Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-Jan 2023:

• There were 1,938 New Listings in Jan– down 16% from 2,307 in Jan 2022 and up 80.6% from the previous month/Dec’s 1,073.
• At 1,088 Jan 2023’s Closed Sales (Solds) are down 41.3% from Jan 2022’s 1,853, and decreased 25.7% from the previous month/Dec 2022’s total of 1,464.
• At 1,771 Jan 2023’s Pending Sales (accepted Offers) are down 22.6% from Jan 2022’s 2,287, and rose 46.8% from the previous month/Dec’s total of 1,206.
• The Average Sale Price for January 2023 of, $532,900 is down $53,700 from last year/Jan 2022’s $586,600, and down $33,800 from the previous month/Dec’s $566,700. 
• The “Median” Sale Price (the price smack dab in the middle of all sales) in January 2023 of $489,500 dropped $22,500 from Jan 2022’s $512,000, and down $18,000 from December 2022. 

NEIGHBORHOODS/AREAS OF PORTLAND:

LAKE OSWEGO (January 2023):

132 Active Listings (Dec 142)
81 New Listings  (Dec 40)
75 Pending Sales (Dec 35)
38 Closed Sales  (Dec 59)
Average Sale Price for Nov: $1,005,400 (Dec $820,200)
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.
58 Days on the Market   (Dec 58)

Here’s my pick this week for a free & fun adventure in Lake Oswego this week~

Here you’ll find the overall Monthly Report plus year-end details and Neighborhood Stats as of Dec 31st, 2022, with Lake Oswego broken out below:

Rates: “Rates are still hovering in the lower 6% range. There has been less volatility lately which is a positive sign.” Gary Boyer, Regional VP, Directors Mortgage

The twelve months of 2022 compared to 2021: New Listings, (36,210) decreased 10.7%. Sales (26,852) decreased 24.2%, and Closed Sales (27,985) decreased 20.5%.         By Comparison, Twelve months of 2021 as compared to 2020 from last year’s December Report read: New Listings, (40,531) increased 5.4%. Pending Sales (35,405) increased 7.8%, and Closed  Sales (35,182) increased 9.8%.

According to the RMLS Market Action Report  for the Portland Metro Area-Dec 2022:

• There were 1,073 New Listings in Dec 2022 – down 32.9% from 1,599 in Dec 2021 and down 35.6% from the previous month/Nov’s 1,666.
• At 1,464 Dec 2022’s Closed Sales (Solds) are down 43.3% from Dec 2021’s 2,582, and down 9.7% from the previous month/Nov 2022’s total of 1,621.
• At 1,206 Dec 2022’s Pending Sales (accepted Offers) are down 37.9% from Dec 2021’s 1,942, and also down 19.5% from the previous month/Nov’s total of 1,498.
• The Average Sale Price for December 2022 of, $566,700 is down $16,200 from last year/Dec 2021’s $582,900, and down $17,900 from the previous month/Nov’s $584,600.  YTD Average is 610,900, up 6.8%  (+15.8% in 2021)
• The “Median” Sale Price (the price smack dab in the middle of all sales) in December 2022 of $507,500 is down $3,500 from last year/Dec 2021’s $511,000, and down $18,400 from the previous month’s $525,900.  YTD Median is 548,400, up 7.7%   (+15.7% in 2021)                    

Neighborhoods/Areas of Portland:

LAKE OSWEGO (December 2022):

142 Active Listings (Nov 173)
40 New Listings  (Nov 73)
35 Pending Sales (Nov 48)
59 Closed Sales  (Nov 69)
Average Sale Price for Nov: $820,200 (Nov $1,003,400)
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.
58 Days on the Market   (Nov 42)

May we all carry forward the Dream & the deeds to make it real for ourselves and our children.

This is our monthly look at the overall Portland area and neighborhoods including Lake Oswego broken out below:

Rates: “Inflation is showing signs of peaking which is good news for mortgage rates. 30-year fixed rates are in the mid 6’s right now.” Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-Oct 2022:

• There were 2,513 New Listings in Oct 2022 – down 22.2% from 3,232 in Oct 2021 and down 20.2% from the previous month/Sept’s 3,151.
• At 1,955 Oct 2022’s Closed Sales (Solds) are down 37.5% from Oct 2021’s 3,129, and down 12.6% from the previous month/Sept 2022’s total of 2,237.
• At 1,835 Oct 2022’s Pending Sales (accepted Offers) are down 42.4% from Oct 2021’s 3,187, and also down 8.4% from the previous month/Sept’s total of 2,003.
• The Average Sale Price in October 2022 of, $592,000 is up $16,800 from last year/Oct 2021’s $575,200, and down $6,700 from the previous month/Sept’s $598,700.  
• The “Median” Sale Price (the price smack dab in the middle of all sales) in October 2022 of $537,000 is up $21,000 over last year/Oct 2021’s $516,000, and down $11,000 from the previous month’s $548,000.

LAKE OSWEGO (October 2022):

177 Active Listings (Sep 208)
101 New Listings  (Sep 143)
93 Pending Sales (Sep 102)
96 Closed Sales  (Sep 104)
Average Sale Price for Aug: $933,800 (Sep $959,100)
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.
38 Days on the Market   (Sep 37)

Once again, I feel that the market is balance. I say this when the number of new listings, pending sales, and closed sales are very close.

Last week in Lake Oswego there were 10 new listings, two of which sold quickly and moved to pending status. There were 13 pending sales and 9 closed sales.

See below for details of RMLS data.

New on the Market Oct 24-30, 2022

Address	Type	Price	Bedrooms	Baths	Sq Feet
86 Kingsgate Rd B101	Condo	$340,000	2	2	938
236 Ridgeway Rd 16A	Condo	$360,000	2	1	914
5062 Foothills Dr H	Condo	$459,900	3	2	1252
1612 Lake Front Rd	Detached	$950,000	3	2	1831
2350 Southshore Blvd	Detached	$996,000	3	2.5	2236
141 Furnace St	Condo	$1,750,000	2	2.5	2249
1745 Mapleleaf Rd	Detached	$1,800,000	5	3.5	3661
1836 Highlands Loop	Detached	$2,695,000	4	4.5+.5	5494

Pending Sales Oct 24-30, 2022

Address	Type	Price	Bedrooms	Baths	Sq Feet	DOM
86 Cervantes Cir 10-B	Condo	$235,000	2	1.5+.5	912	30
15235 Boones Way	Attached	$624,900	3	2	1686	5
12 Walking Woods Dr	Detached	$749,950	3	3	2224	2
17608 Sydni Ct	Attached	$775,000	4	2.5	2466	126
18706 Bryant Rd	Detached	$789,900	3	2.5	2489	6
14400 Trillium Ct	Detached	$839,000	4	2.5	3193	4
17810 Kelok Rd	Detached	$845,000	3	2	1557	9
314 2nd St	Condo	$850,000	3	3.5	1814	9
4051 Virginia Way	Detached	$999,000	4	2	1903	7
5550 Jean Rd	Detached	$1,499,000	4	4.5	3001	107
853 E Ave	Detached	$1,850,000	3	3.5	2839	22
17312 Bergis Farm Dr	Detached	$1,920,000	4	4.5+.5	4804	0
1625 Cloverleaf Rd	Detached	$2,199,000	4	4	3853	67

Closed/Sold Oct 24-30, 2022

Address	Type	List Price	Sold Price	Sq Feet	CDOM
48 Eagle Crest Dr 2A	Condo	$169,000	$215,000	1623	5
4724 Lamont Ct	Detached	$649,000	$633,000	1698	6
27 Partridge Ln	Detached	$699,000	$680,000	2317	15
17721 Overlook Cir	Detached	$890,000	$815,000	3172	71
4704 Cambridge Ct	Attached	$985,000	$1,008,000	2856	5
4360 West Bay Rd	Detached	$1,185,000	$1,175,000	2636	32
3763 Tempest Dr	Detached	$1,395,000	$1,300,000	2895	73
14383 Fosberg Rd	Detached	$2,250,000	$1,799,000	4543	152
15784 Twin Fir Rd	Detached	$2,200,000	$2,194,000	3471	20

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.