Moving into the full logistics of the holidays, market activity slowed down significantly last week. We had 7 new listings, 2 pending sales, and 6 closed sales.
We receive a weekly accounting of lockbox activity every Monday. It consists of a tally of the number of times that lockboxes were opened and the percentage change from the week prior. Last week saw a 39% decrease. So showings are way down. Having said that, I always like to point out that while there may be fewer buyers out looking, those that are doing so at the holidays are serious buyers. People don’t take the time to look at this time of year unless they are motivated to buy.
See below for further details:
NEWLY LISTED (Nov 29-Dec 5, 2010)
| Address | Price | Type | BR | Bath | Sq Feet |
| 4000 Carman Dr #108 | $109,900 | Condo | 1 | 1 | 767 |
| 4305 Silver Ct | $339,000 | Attached | 3 | 2.5 | 1835 |
| 4198 Glacier Lily St | $389,000 | Detached | 4 | 3 | 2806 |
| 17 Hidalgo | $429,000 | Detached | 4 | 3.5 | 3428 |
| 1217 Tyndall Ct | $699,000 | Detached | 4 | 4 | 5181 |
| 15622 Fieldstone Dr | $725,000 | Detached | 3 | 2.5 | 3113 |
| 582 9th St | $838,950 | Detached | 2 | 3.5 | 2841 |
PENDING SALES (Nov 29-Dec 5, 2010)
| Address | Type | Price | BR | Bath | Sq. Feet |
| 156 Greenwood Rd | Detached | $309,900 | 2 | 2 | 3722 |
| 4114 Casey Ct | Detached | $785,000 | 4 | 2.5 | 3405 |
SOLD (Nov 29-Dec 5, 2010)
| Address | Orig. Price | Sold Price | type | Sq Feet | CDOM |
| 692 2nd St | $299,000 | $255,000 | Detached | 1700 | 213 |
| 5188 Madrona St | $549,000 | $514,500 | Detached | 3183 | 36 |
| 1704 Glenmorrie Terr. | $599,000 | $575,000 | Detached | 3885 | 124 |
| 5001 Denton Dr | $759,000 | $753,000 | Detached | 3303 | 2 |
| 14089 Edenberry Dr | $840,000 | $840,000 | Detached | 3276 | 0 |
| 15446 Boones Way | $998,500 | $936,000 | Attached | 3364 | 84 |
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
Market Activity Report ~ Nov. 22-28, 2010
Thanksgiving Week Lake Oswego saw 7 New listings, 8 Pending sales, and 6 Closed sales according to RMLS.
I notice that there are several properties re-entering the market after several months. The one on Cardinal is described as a total remodel, and I am looking forward to seeing it in particular! “Cumulative Days on Market” seems to have leveled out a bit with a few exceptions.
See below for further details:
NEWLY LISTED (Nov 22-28, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 16546 BONAIRE AVE | $219,900 | 3 | 1 | 1064 | DETACHD |
| 72 GREENRIDGE CT | $224,900 | 2 | 3 | 1825 | ATTACHD |
| 240 4TH ST | $289,000 | 2 | 1.1 | 1080 | DETACHD |
| 16942 CHERRY CREST DR | $410,000 | 4 | 2.1 | 2363 | DETACHD |
| 17471 CARDINAL DR | $899,900 | 4 | 3.1 | 2636 | DETACHD |
| 3136 DOUGLAS CIR | $968,950 | 4 | 3.1 | 4132 | DETACHD |
| 17787 KELOK RD | $1,079,900 | 3 | 2 | 3085 | DETACHD |
PENDING SALES (Nov 22-28, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 668 MCVEY AVE 14 | $99,000 | 1 | 1 | 627 | CONDO | 123 |
| 18244 PILKINGTON RD | $254,900 | 3 | 1.1 | 1200 | DETACHD | 35 |
| 2000 GREENTREE RD | $349,000 | 4 | 3 | 2548 | DETACHD | 135 |
| 864 6TH ST | $350,000 | 5 | 2.1 | 2403 | DETACHD | 182 |
| 1600 WOODLAND TER | $399,000 | 3 | 2 | 1674 | DETACHD | 115 |
| 4859 SAGE HEN WAY | $415,000 | 4 | 3 | 2417 | DETACHD | 215 |
| 611 IRON MOUNTAIN BLVD | $510,000 | 2 | 1 | 1322 | DETACHD | 149 |
| 610 CABANA LN | $895,000 | 3 | 2 | 1729 | DETACHD | 108 |
SOLD (Nov 22-28, 2010)
| Address | O/Price | Close Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 100 KERR PKWY 23 | 99990 | 90000 | 1 | 1 | 617 | CONDO | 179 |
| 3433 MCNARY PKWY 408 | 124900 | 113500 | 2 | 2 | 1008 | CONDO | 49 |
| 200 BURNHAM RD 404 | 264000 | 115000 | 2 | 2 | 1325 | CONDO | 1119 |
| 17787 BLUE HERON DR | 469950 | 445000 | 4 | 3 | 2448 | DETACHD | 59 |
| 13596 STREAMSIDE DR | 579900 | 562000 | 4 | 2.1 | 3430 | DETACHD | 129 |
| 2111 HAZEL RD | 1089000 | 991200 | 4 | 4.1 | 4894 | DETACHD | 382 |
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
Market Activity Report Nov. 15-21, 2010
Woke up this morning to a dusting of snow and very cold temperatures. Brrrrrrr…….
Last week had just 4 new listings, 11 pending sales, and 15 closed sales. Recent media reports are sounding ever so slightly more positive. That combined with people wanting to move before Christmas has the market moving.
See below for further details:
NEWLY LISTED (Nov 15-21, 2010)
| Address | Price | Type | BR | Bath | Sq Feet |
| 104 Oswego Summit | $89,900 | Condo | 1 | 1 | 764 |
| 6319 Washington Ct | $219,000 | Detached | 3 | 1.5 | 1274 |
| 19010 Longfellow Ave | $284,900 | Detached | 3 | 1 | 1732 |
| 18222 Siena Dr | $1,189,000 | Detached | 4 | 3.5 | 3998 |
PENDING SALES (Nov 15021, 2010)
| Address | Price | Type | BR | Bath | Sq. Feet |
| 3433 McNary Pkwy #204 | $99,900 | Condo | 2 | 2 | 1008 |
| 6447 McEwan Rd | $154,900 | Detached | 2 | 1 | 912 |
| 18462 Don Lee Way | $179,900 | Detached | 4 | 2 | 1904 |
| 5057 Foothills Dr C | $189,900 | Condo | 3 | 2 | 1252 |
| 464 5th St | $197,715 | Condo | 2 | 1.5 | 1092 |
| 1416 Cherry Crest Dr | $259,000 | Detached | 5 | 3 | 2559 |
| 16105 Inverurie Rd | $429,900 | Detached | 3 | 2 | 2356 |
| 13819 Provincial Hill Dr | $445,000 | Detached | 4 | 2.5 | 2096 |
| 1235 Chandler | $865,000 | Detached | 5 | 3.5 | 3717 |
| 13322 Leslie Ct | $1,098,000 | Detached | 5 | 3.5 | 4449 |
| 13795 Cameo Ct | $1,400,000 | Detached | 4 | 5.5+.5 | 7190 |
SOLD (Nov 15-21, 2010)
| Address | Orig. Price | Sold Price | type | CDOM | Sq Feet | |
| 44 Crestfield Ct | $75,500 | $75,500 | Condo | 11 | 923 | |
| 20 Cervantes Cir | $79,900 | $80,000 | Condo | 8 | 912 | |
| 212 Ridgeway Rd | $189,900 | $153,000 | Condo | 483 | 778 | |
| 6120 Shakespeare St | $185,000 | $197,000 | Detached | 177 | 999 | |
| 15139 Quarry Rd | $250,000 | $225,000 | Detached | 402 | 1328 | |
| 37 Bloch Terr. | $300,000 | $280,000 | Attached | 142 | 1972 | |
| 1073 Hallinan St | $359,000 | $338,000 | Detached | 124 | 1828 | |
| 1255 Bayberry Rd | $390,000 | $355,000 | Detached | 335 | 1901 | |
| 1899 Woodland Terr | $389,000 | $360,000 | Detached | 130 | 3031 | |
| 5717 Bonita Rd | $400,000 | $370,000 | Detached | 53 | 2572 | |
| 3541 Red Cedar Way | $404,900 | $385,000 | Detached | 14 | 1963 | |
| 17890 Kelok Rd | $417,900 | $417,000 | Detached | 753 | 3095 | |
| 5916 Sulnbrook Dr | $459,900 | $463,000 | Detached | 9 | 2617 | |
| 15915 Waluga Dr | $598,950 | $550,000 | Detached | 261 | 2939 | |
| 3151 Douglas Cir | $1,349,000 | $1,090,000 | Detached | 125 | 4400 |
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
Market Activity Report – Nov 8-14, 2010
It seems to be slowing down a bit as we inch closer to Thanksgiving.
Last week Lake Oswego had 10 New listings, 8 Pending sales, and 2 Closed sales according to RMLS.
See below for further details:
NEWLY LISTED (Nov 8-14, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 47 EAGLE CREST DR 4 | $65,000 | 2 | 1 | 932 | CONDO |
| 99 OSWEGO SMT 99 | $109,900 | 2 | 1.1 | 1116 | CONDO |
| 5057 FOOTHILLS DR C | $189,900 | 3 | 2 | 1252 | CONDO |
| 19431 SW TUALAMERE AVE | $255,900 | 3 | 1.1 | 1308 | DETACHD |
| 928 LAKE FRONT RD | $345,000 | 4 | 3 | 2300 | DETACHD |
| 5682 LANGFORD LN | $349,500 | 2 | 2 | 1559 | DETACHD |
| 17121 WALL ST | $424,900 | 3 | 2.1 | 2187 | DETACHD |
| 1677 LAUREL ST | $450,000 | 4 | 3.1 | 2481 | DETACHD |
| 13960 SHIREVA CT | $489,900 | 5 | 3 | 2864 | DETACHD |
| 1872 PALISADES TERRACE DR | $821,500 | 6 | 5 | 5083 | DETACHD |
PENDING SALES (Nov 8-14, 2010)
| Address | List Price | # Beds | #Baths | Total SF | Prop Type | CDOM |
| 668 MCVEY AVE 81 | $129,900 | 2 | 1.1 | 992 | CONDO | 32 |
| 668 MCVEY AVE 32 | $184,900 | 3 | 1.1 | 985 | CONDO | 6 |
| 5060 FOOTHILLS DR E | $275,000 | 2 | 2 | 1252 | CONDO | 111 |
| 32 CHURCHILL DOWNS | $379,900 | 4 | 2.1 | 3016 | DETACHD | 272 |
| 4208 ALBERT CIR | $400,950 | 4 | 3 | 2777 | DETACHD | 15 |
| 942 CLARA CT | $405,000 | 4 | 2.1 | 3123 | DETACHD | 122 |
| 17555 REDFERN AVE | $599,000 | 4 | 3.1 | 3007 | DETACHD | 256 |
| 3140 DOUGLAS CIR | $861,000 | 4 | 3.1 | 3489 | DETACHD | 10 |
SOLD (Nov 8-14, 2010)
| Address | O/Price | Close Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 72 CONDOLEA WAY | $375,000 | 375000 | 2 | 2.1 | 2958 | CONDO | 13 |
| 1740 YARMOUTH CIR | $550,000 | 485000 | 2 | 2.1 | 1960 | DETACHD | 127 |
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
Market Activity Report November 1-7, 2010
Last week Lake Oswego had 14 New listings, 14 Pending sales, and 10 Closed sales, according to RMLS.
See below for further details:
NEWLY LISTED (Nov. 1-7, 2010)
| Address | Price | Sq Feet | BR | Baths | Type | ||||
| 57 Galen St | $77,000 | 689 | 1 | 1 | Condo | ||||
| 16250 Pacific Hwy #47 | $109,900 | 1305 | 2 | 1 | Condo | ||||
| 194 Ridgeway Rd 11B | $205,000 | 1659 | 2 | 1 | Condo | ||||
| 5056 Foothills Dr G | $225,000 | 1252 | 2 | 2 | Condo | ||||
| 4314 Botticelli St | $229,000 | 2098 | 2 | 2.5 | Condo | ||||
| 18530 Pilkington Rd | $244,900 | 1925 | 3 | 2 | Detached | ||||
| 1818 Country Club Rd | $269,000 | 1596 | 4 | 2 | Detached | ||||
| 18700 Wood Duck Way | $429,900 | 2158 | 4 | 2 | Detached | ||||
| 4705 Lakeview Blvd | $539,990 | 2700 | 3 | 2.5 | Detached | ||||
| 5836 Suncreek Dr | $599,000 | 2500 | 4 | 2 | Detached | ||||
| 17157 Blue Heron Rd | $689,000 | 2749 | 5 | 3 | Detached | ||||
| 3056 Wembly Park Rd | $695,000 | 2611 | 4 | 2.1 | Detached | ||||
| 2990 Glen Eagles | $795,000 | 3650 | 4 | 2.5 | Detached | ||||
| 12512 Shelby Ct | $799,999 | 4975 | 4 | 4.5 | Detached |
PENDING SALES (Nov. 1-7, 2010)
| Address | Price | Type | BR | Baths | Sq Feet | ||
| 37 Crestfield Ct | $69,900 | Condo | 2 | 1 | 923 | ||
| 45 Eagle Crest #320 | $109,900 | Condo | 1 | 1 | 768 | ||
| 3433 McNary Pkwy #408 | $119,900 | Condo | 2 | 2 | 1008 | ||
| 464 5th St | $197,715 | Condo | 2 | 2 | 1092 | ||
| 692 2nd St | $259,000 | Detached | 3 | 1 | 1700 | ||
| 2602 Orchard Hill Pl | $399,000 | Detached | 3 | 3 | 2568 | ||
| 17187 Carlson Ct | $405,000 | Detached | 4 | 3 | 2082 | ||
| 17640 Treetop Way | $447,000 | Detached | 4 | 3 | 2718 | ||
| 14370 Pfeiffer Dr | $629,000 | Detached | 4 | 3 | 3318 | ||
| 1225 Lake Garden Ct | $699,995 | Detached | 4 | 3.5+.5 | 3558 | ||
| 15578 Village Dr | $799,000 | Detached | 3 | 3 | 3630 | ||
| 3155 Douglas Circle | $925,000 | Detached | 5 | 3.5+.5 | 4517 | ||
| 2111 Hazel Rd | $1,089,000 | Detached | 4 | 5 | 4894 | ||
| 670 Iron Mt. Blvd | $1,250,000 | Detached | 4 | 3.5+.5 | 5208 |
SOLD (Nov. 1-7, 2010)
| Address | Original Price | Closed Price | Type | Sq Feet | CDOM | |
| 668 McVey #54 | $140,000 | $140,000 | Condo | 992 | 5 | |
| 3508 Red Cedar Way | $249,000 | $220,000 | Detached | 1386 | 3 | |
| 1462 Greentree | $435,000 | $362,500 | Detached | 2507 | 123 | |
| 17670 Marylbrook Dr | $499,000 | $500,000 | Detached | 3067 | 77 | |
| 550 Middlecrest Rd | $624,900 | $550,000 | Detached | 2240 | 187 | |
| 571 2nd St #307 | $739,500 | $559,000 | Condo | 1561 | 626 | |
| 18263 Anduin Terrace | $625,000 | $565,000 | Detached | 3100 | 92 | |
| 17467 Westview Dr | $727,900 | $695,000 | Detached | 3774 | 4 | |
| 844 5th St | $829,000 | $795,000 | Detached | 2590 | 32 | |
| 16772 Alder Circle | $1,995,000 | $1,799,000 | Detached | 3151 | 154 |
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
Market Activity Report Oct 25-31, 2010
Last week Lake Oswego had 17 New listings, 11 Pending sales, and 15 Closed sales according to RMLS.
See below for further details:
NEWLY LISTED (Oct 25-31, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 4000 CARMAN DR 102 | $119,950 | 2 | 2 | 866 | CONDO |
| 1547 BOCA RATAN DR | $198,000 | 2 | 1.1 | 1008 | CONDO |
| 186 OSWEGO SMT 186 | $212,000 | 2 | 2 | 1506 | CONDO |
| 1659 OAK ST | $299,900 | 3 | 2.1 | 2224 | DETACHD |
| 18407 DEER OAK CIR | $319,000 | 4 | 2 | 1812 | DETACHD |
| 16990 LOWER MEADOWS DR | $379,000 | 3 | 2.1 | 2000 | DETACHD |
| 1960 MAPLELEAF RD | $379,900 | 3 | 2 | 1426 | DETACHD |
| 4208 ALBERT CIR | $400,950 | 4 | 3 | 2777 | DETACHD |
| 36 NORTHVIEW CT | $449,000 | 3 | 3.1 | 2573 | ATTACHD |
| 1711 HIGHLAND DR | $459,000 | 3 | 2.1 | 1926 | DETACHD |
| 775 BOCA RATAN DR | $469,000 | 4 | 3.1 | 2727 | DETACHD |
| 19443 KOKANEE CT | $499,900 | 4 | 2.1 | 2812 | DETACHD |
| 5035 ROSEWOOD ST | $549,900 | 4 | 3.1 | 3206 | DETACHD |
| 14674 RAINBOW DR | $618,000 | 4 | 3 | 3058 | DETACHD |
| 15459 VILLAGE DR | $695,000 | 4 | 3.1 | 3059 | DETACHD |
| 19575 35TH CT | $1,195,000 | 4 | 3 | 4181 | DETACHD |
| 163 IRON MOUNTAIN BLVD | $1,200,000 | 4 | 3.1 | 4314 | DETACHD |
PENDING SALES (Oct 25-31, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 33 CRESTFIELD CT 33 | $64,900 | 1 | 1 | 689 | CONDO | 282 |
| 20 CERVANTES CIR | $79,900 | 2 | 1.1 | 912 | CONDO | 8 |
| 6120 SHAKESPEARE ST | $185,000 | 3 | 1.1 | 999 | DETACHD | 177 |
| 4717 FIRWOOD RD | $229,000 | 8 | 3 | 2502 | DETACHD | 277 |
| 4948 MEADOWS RD | $259,900 | 3 | 2 | 2491 | DETACHD | 72 |
| 1520 LABURNUM WAY | $299,000 | 4 | 2 | 1724 | DETACHD | 464 |
| 28 PREAKNESS CT | $349,000 | 5 | 4 | 2871 | DETACHD | 452 |
| 17712 CARDINAL CT | $368,000 | 4 | 3 | 2146 | DETACHD | 203 |
| 17890 KELOK RD | $417,900 | 4 | 2.1 | 3095 | DETACHD | 753 |
| 3943 TEMPEST DR | $599,000 | 4 | 2.1 | 3714 | DETACHD | 119 |
| 5001 DENTON DR | $759,000 | 4 | 2.1 | 3303 | DETACHD | 2 |
SOLD (Oct 25-31, 2010)
| Address | Orig Price | Closed Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 2 MOUNTAIN CIR | $160,000 | $110,000 | 2 | 1.1 | 1504 | ATTACHD | 21 |
| 200 BURNHAM RD 103 | $174,900 | $115,000 | 1 | 1 | 752 | CONDO | 162 |
| 5225 JEAN RD 104 | $155,000 | $136,000 | 2 | 2 | 1400 | CONDO | 118 |
| 34 CONDOLEA DR | $228,000 | $187,500 | 2 | 2 | 1420 | CONDO | 174 |
| 848 6th ST | $425,000 | $250,000 | 2 | 1 | 1648 | DETACHD | 413 |
| 743 10th ST | $325,000 | $290,000 | 2 | 1 | 1019 | DETACHD | 16 |
| 1070 HALLINAN | $379,900 | $314,000 | 3 | 1.1 | 1653 | DETACHD | 65 |
| 19242 TERRY AVE | $395,000 | $325,000 | 4 | 2 | 1872 | DETACHD | 185 |
| 5376 ROSEWOOD ST | $394,900 | $339,498 | 3 | 2.1 | 2457 | ATTACHD | 150 |
| 1000 ATWATER RD | $389,900 | $378,000 | 4 | 3 | 2200 | DETACHD | 3 |
| 5747 VICTORIA CT | $489,950 | $460,000 | 4 | 2.1 | 2432 | DETACHD | 0 |
| 14246 KIMBERLY CIR | $615,000 | $605,000 | 4 | 2.1 | 3520 | DETACHD | 52 |
| 1641 ENGLEWOOD DR | $775,000 | $665,000 | 4 | 2.1 | 4204 | DETACHD | 59 |
| 4123 CHAD DR | $769,950 | $675,000 | 4 | 3.1 | 3836 | DETACHD | 155 |
| 16461 CHAPIN WAY | $779,900 | $708,000 | 4 | 2.1 | 4271 | DETACHD | 488 |
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
More Market Data
- A comparison of Sept ’10 and the previous month in Portland Metro shows an increase in Closed Sales of 1.3%
- Average sales price in Portland Metro fell by 3.5% comparing Sept. 2009 with Sept 2010.
- Comparing the 3rd quarter of 2009 with 3rd quarter 2010, Closed Sales in Portland Metro dropped 24.7%
- Comparing the 3rd quarter of 2009 with 3rd quarter 2010, Metro Listings increased by 1.2%
- Average Metro Closed Price in Sept 2010 was $279,900
- Average Lake Oswego/West Linn Closed Price in Sept 2010 was $432,200
- Metro “Time on Market” for Sept 2010 was 131 days
- Lake Oswego/West Linn “Time on Market” for Sept 2010 was 186 days
- Metro Active Listings as of Sept 2010 was 14, 714
- Lake Oswego/West Linn Active Listings as of Sept 2010 were 1,025
- From Oct 1, ’09 to Sept 30 ’10, Lake Oswego/West Linn Average Sale Prices declined by 9.3%
- Portland Metro saw 1,399 Closed Sales in Sept. 2010
- Lake Oswego and West Linn saw 71 Closed Sales in Sept 2010
- All data derived from RMLS Market Action Report
Market Activity for October 18-24, 2010
I can really feel the change of seasons. With that it always seems like the market starts to slow. I am seeing a slow down of new listings with just 14, but 14 pending sales and 8 closed sales is on pace with what we have been seeing since the end of summer.
See below for further details:
NEWLY LISTED (Oct 18-24, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 20 CERVANTES CIR | $79,900 | 2 | 1.5 | 912 | CONDO | ||
| 5061 FOOTHILLS DR | $199,000 | 2 | 2 | 991 | CONDO | ||
| 18244 PILKINGTON RD | $254,900 | 3 | 1.5 | 1,200 | DETACHD | ||
| 5852 LAKEVIEW CT | $259,000 | 3 | 1 | 1,032 | DETACHD | ||
| 1 EAGLE CREST DR | $259,900 | 3 | 2 | 1,265 | DETACHD | ||
| 4141 COBB WAY | $279,900 | 3 | 2 | 1,236 | DETACHD | ||
| 3684 RED CEDAR WAY | $289,900 | 3 | 2.5 | 1,830 | DETACHD | ||
| 4281 CHAPMAN WAY | $301,907 | 3 | 2.5 | 2,010 | DETACHD | ||
| 4500 GALEWOOD ST | 420000 | 3 | 3 | 2,408 | DETACHD | ||
| 13819 PROVINCIAL HILL DR | 449000 | 4 | 2.5 | 2,096 | DETACHD | ||
| 875 PALISADES TERRACE DR | 499000 | 4 | 3 | 2,165 | DETACHD | ||
| 19019 BRYANT RD | 739900 | 4 | 3.5 | 3,326 | DETACHD | ||
| 16847 GREENBRIER RD | 1595000 | 3 | 2.5+.5 | 2,315 | DETACHD | ||
| 939 TERRACE DR | 1850000 | 4 | 3.5 | 4,780 | DETACHD |
PENDING SALES (Oct 18-24, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 16 MOUNTAIN CIR | $129,900 | 2 | 2 | 1,065 | ATTACHD | ||
| 200 BURNHAM RD | $139,000 | 2 | 2 | 1,325 | CONDO | ||
| 221 CERVANTES | $144,000 | 2 | 1.5 | 1,180 | CONDO | ||
| 1416 CHERRY CREST DR | $259,000 | 5 | 3 | 2,559 | DETACHD | ||
| 37 BLOCH TER | $300,000 | 3 | 2.5 | 1,972 | ATTACHD | ||
| 743 10th ST | $325,000 | 2 | 1 | 1,019 | DETACHD | ||
| 1899 WOODLAND TER | $369,000 | 5 | 3.5 | 3,031 | DETACHD | ||
| 72 CONDOLEA WAY | $375,000 | 2 | 2.5 | 2,958 | CONDO | ||
| 3885 UPPER DR | 469000 | 4 | 2.5 | 3,122 | DETACHD | ||
| 5758 CHARLES CIR | 479900 | 3 | 2 | 2,371 | DETACHD | ||
| 4709 Lakeview BLVD | 549900 | 4 | 2.5 | 2,725 | DETACHD | ||
| 4685 UPPER DR | 550000 | 3 | 2 | 3,341 | DETACHD | ||
| 563 2ND ST | 635000 | 2 | 2.5 | 1,748 | CONDO | ||
| 16990 ALDER CIR | 640000 | 3 | 2.5 | 1,926 | DETACHD |
SOLD (Oct 18-24, 2010)
| Address | Original Price | Close Price | CDOM | Sq Feet | Prop Type | BR | BTHS | ||
| 200 BURNHAM RD | $264,000 | $137,500 | 866 | 1,335 | CONDO | 2 | 2 | ||
| 1496 BOCA RATAN DR | $249,000 | $249,000 | 3 | 1,403 | ATTACHD | 3 | 1.5 | ||
| 2634 ORCHARD HILL PL | $449,500 | $423,500 | 13 | 2,573 | DETACHD | 3 | 2.5 | ||
| 5553 KILCHURN AVE | $679,900 | $640,000 | 25 | 3,274 | DETACHD | 4 | 2.5 | ||
| 5657 VICTORIA CT | $689,900 | $645,000 | 45 | 3,421 | DETACHD | 4 | 3 | ||
| 490 COUNTRY CLUB RD | $999,999 | $750,000 | 115 | 3,052 | DETACHD | 5 | 4 | ||
| 17537 CARDINAL DR | $895,000 | $800,000 | 407 | 5,282 | DETACHD | 5 | 4 | ||
| 2569 GLEN EAGLES PL | $1,349,000 | $1,115,000 | 114 | 4,591 | DETACHD | 5 | 4.5+.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
Foreclosure Freeze/Shortsales/Market Conditions
The news has been full of headlines about the new crisis in the mortgage industry, this time affecting foreclosures. So it seems like an opportune time to look at not only foreclosures, but also shortsales and the latest market update from RMLS.
The Foreclosure Freeze
There is now discussion that the foreclosure process, which has pretty much swamped the big lenders like Bank of America and Wells Fargo, has been mishandled. The accusation is that the paperwork involved in the foreclosures was often reviewed and processed by unqualified people and by people who did not read what they were signing. I do not know if this is true or not, but I do know that I have counseled people who are in foreclosure who have not only felt powerless, but have felt that the bank was not answering their letters, returning their phone calls, or being responsive. Obviously there is going to be anger for a person in this position. That combined with the current media coverage does make me feel that we will see litigation.
Gregor Watson, a principal with McKinley Partners, recently gave a best to worst case assessment of what this means:
Best case: this is only a technical glitch. It will require some re-tooling of the process, but the process will get back on track and foreclosures will resume. This is needed to allow the glut of foreclosures to work their way through the market and then be out of the inventory.
Medium case: people will enter into significant litigation that could take years to sort out. This could slow and extend the downturn of the housing market.
Worst case: the housing market is brought to a halt because Title Companies refuse to insure mortgages involving foreclosed homes. (This would not bring the entire market to a halt: simply the foreclosures. Still, a big problem)
On the positive side the Philidelphia Inquirer reported yesterday that Bank of America intends to begin resuming foreclosure proceedings stating that they have a legal right to do so despite accusations that documents used in the process are flawed. This bodes well for the possibility that the better scenario may result. We shall see….
Shortsales
When the whole shortsale phenomenon began a few years ago I will admit that I was a skeptic. It reminded me of the buy-a-house-with-credit-cards schemes. Just too simple to be true. Really? You could just ask your bank to forgive part of your mortgage so that you could sell it for less? Really? As time has gone by I have come to see that not only are shortsales here to stay, they are a significant part of the market.
I think shortsales do present remarkable opportunity, as do foreclosures. It allows a house to be sold for market value and not have an asking price that is based upon a value/debt that is several years old. But shortsales are not for everyone. I want to make if very clear that if you are a homeowner considering a shortsale, you need professional and legal advice far beyond the scope of what I am discussing here. So I want to directly address buyers.
The buyer best suited to benefit from a shortsale is the investor. This is because the shortsale is so uncertain and the process takes months. A buyer who is shopping for a home may have the patience for this, but is usually not in a position to wait 3-5 months and then learn that they lost the house to another bid or that the shortsale was not approved. Whereas an investor is not waiting with a moving truck full of furniture. If it works, it works. If not, that’s OK too. For the investor able to be patient, it can present real opportunity. I have personally seen several homes here in Lake Oswego that sold for values that made my jaw drop in the shortsale scenario. Just know what you are getting into.
Keeping it Local
Here in Lake Oswego we currently have an active listing inventory of 626 listings (condos and houses). Of those 37 are Bank-owned Foreclosures and 70 are shortsales. And this means that about 82% of the market is neither a foreclosure nor a shortsale. It’s a home owned by someone who is not in it upside down and who has perhaps even taken loving care of it. So there is a house out there for you whether you are an investor, a home buyer looking for a personal residence, or even a home buyer looking for a personal residence with the patience of an investor.
Also keeping it local, the latest RMLS Market Action Report offers the following information about area 147, which is Lake Oswego and West Linn Combined
Total active listings = 1025
Total pending sales = 84, a decrease of 24.3% over the same time one year ago
Average sales price = $432,200
Average days on the market = 186
Change in values over the same time last year = -9.3%
Change is closed sales, year to date = -22.3%
I consider myself to be a very positive person. The thing to do in this economy is look for how it can work in your favor. That may mean waiting, but that may also mean pouncing on opportunity. The subject today is pretty complex. Please contact Linda or myself for more information, to ask questions, or to get property information. We are here to be of help.
Dianne
Lake Oswego Market Activity ~ Oct 11-17, 2010
Pretty robust activity last week. Lake Oswego saw 17 New listings, 19 Pending sales, and 8 Closed sales according to RMLS.
See below for further details:
NEWLY LISTED (Oct 11-17, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 3433 MCNARY PKWY #204 | $107,500 | 2 | 2 | 1008 | CONDO |
| 73 GALEN ST #73 | $115,950 | 2 | 2 | 995 | CONDO |
| 4000 CARMAN DR #3 | $119,900 | 1 | 1 | 836 | CONDO |
| 221 CERVANTES | $144,000 | 2 | 1.1 | 1180 | CONDO |
| 6120 SHAKESPEARE ST | $185,000 | 3 | 1.1 | 999 | DETACHD |
| 12802 BOONES FERRY RD | $287,500 | 3 | 2.1 | 1548 | DETACHD |
| 7 BLOCH TER | $292,000 | 3 | 2.1 | 2062 | ATTACHD |
| 17350 KELOK RD | $379,000 | 3 | 1.2 | 1415 | DETACHD |
| 15824 BOONES WAY | $384,900 | 3 | 2 | 1895 | DETACHD |
| 5490 ROYAL OAKS DR | $425,000 | 3 | 2 | 1761 | DETACHD |
| 1094 ERICKSON ST | 424900 – 474876 | 4 | 3 | 2769 | DETACHD |
| 3210 FIR RIDGE RD | $499,000 | 4 | 3.2 | 2832 | DETACHD |
| 1132 TROON RD | $569,000 | 3 | 2.1 | 1585 | DETACHD |
| 13711 FIELDING RD | $719,000 | 3 | 4 | 4649 | DETACHD |
| 754 5TH ST | $775,000 | 3 | 2 | 2186 | DETACHD |
| 18260 RIVER EDGE CT | $835,000 | 3 | 3.1 | 4711 | DETACHD |
| 199 FURNACE ST (Upper) | $2,590,000 | 3 | 3.1 | 5772 | CONDO |
PENDING SALES (Oct 11-17, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 16250 PACIFIC HWY #77 | $139,000 | 2 | 2 | 1327 | CONDO | 1115 |
| 200 BURNHAM RD #204 | $149,000 | 2 | 2 | 1313 | CONDO | 890 |
| 85 OSWEGO SMT #85 | $159,000 | 2 | 2 | 1212 | CONDO | 290 |
| 212 RIDGEWAY RD | $169,900 | 1 | 1 | 778 | CONDO | 483 |
| 18462 DON LEE WAY | $179,900 | 4 | 2 | 1904 | DETACHD | 369 |
| 848 6th ST | $262,000 | 2 | 1 | 1648 | DETACHD | 413 |
| 5713 SW KENNY ST | $279,900 | 3 | 2 | 1384 | DETACHD | 42 |
| 427 9TH ST | $299,900 | 4 | 2 | 2130 | DETACHD | 30 |
| 1073 HALLINAN ST | $349,000 | 3 | 2.1 | 1828 | DETACHD | 124 |
| 2021 CEDAR CT | $350,000 | 4 | 3.1 | 4114 | DETACHD | 205 |
| 32 CHURCHILL DOWNS | $379,900 | 4 | 2.1 | 3016 | DETACHD | 247 |
| 3541 RED CEDAR WAY | $404,900 | 3 | 3 | 1963 | DETACHD | 14 |
| 5916 SUNBROOK DR | $459,900 | 3 | 2.1 | 2617 | DETACHD | 9 |
| 17930 MEADOWLARK LN | $539,900 | 4 | 4 | 3300 | DETACHD | 282 |
| 5188 MADRONA ST | $549,000 | 3 | 3 | 3183 | DETACHD | 36 |
| 17455 BLUE HERON RD | $575,000 | 3 | 2 | 2572 | DETACHD | 519 |
| 15915 WALUGA DR | $598,950 | 3 | 2.1 | 2939 | DETACHD | 261 |
| 444 6TH ST | $899,000 | 4 | 4.1 | 4541 | DETACHD | 314 |
| 15444 Boones WAY | $998,500 | 3 | 2.1 | 3364 | ATTACHD | 0 |
SOLD (Oct 11-17, 2010)
| Address | O/Price | Close Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 47 EAGLE CREST DR #59 | $105,000 | $76,500 | 3 | 1 | 1024 | CONDO | 203 |
| 200 BURNHAM RD #200 | $229,000 | $90,000 | 1 | 1 | 897 | CONDO | 1362 |
| 4000 CARMAN DR #A5 | $117,500 | $102,000 | 2 | 2 | 973 | CONDO | 202 |
| 2245 GLEN HAVEN RD | $328,500 | $270,000 | 3 | 1.1 | 1276 | DETACHD | 346 |
| 16149 PEARCY ST | $329,000 | $305,000 | 3 | 2 | 1250 | DETACHD | 35 |
| 13045 PRINCETON CT | $429,000 | $417,000 | 3 | 2.1 | 2900 | DETACHD | 5 |
| 3188 S GLENMORRIE DR | $519,750 | $495,000 | 3 | 3 | 3066 | DETACHD | 133 |
| 3114 DOUGLAS CIR | $1,350,000 | $1,145,000 | 4 | 4 | 5542 | DETACHD | 700 |
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