Portland Metro Neighborhood Stats + LO

Here is your monthly look at what’s happening in Portland metro and how it relates to Lake Oswego (broken out at the bottom)

Overview/Fluctuations ~ Sept 2023 Market Data

Activity is down as you’d expect in Fall (New, Pending & Closed categories dropped), Inventory is up & prices are down. If you’re a Buyer this is your season!  If you’re a Seller, pricing right will draw out the activity & potential multiple Offers putting you in a good position. The bulk of overall sales are narrowed between the $400,000 – $700,000 price range.

Rates: “Geopolitical events are tempering the pressure on rates. Currently rates are in your  mid 7% range.”       Gary Boyer, Regional VP, Directors Mortgage

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

  • There were 2,713 New Listings in Sept which is down 13.9% from 3,151 in Sept 2022 and down 7.2% from the 2,923 in the previous month/August.
  • At 1,717 Sep­t 2023’s Closed Sales (Solds) are down 23.2% from Sept 2022’s 2,237, and decreased 20.3% from the previous month’s total of 2,155.
  • At 1,809 Sept 2023’s Pending Sales (Accepted Offers) are down 9.7% from Sept 2022’s 2,003, and also down 11.9% from the previous month/August’s total of 2,053.
  • The Average Sale Price for Sept 2023 of, $595,900 is down  $2,800. from last year/Sept 2022’s $598,700, and down $12,400 from the previous month/August’s $608,300. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Sept 2023 of $537,400 dropped $10,600 from Sept 2022’s $548,000, & up just $500 from August’s $536,900.

LAKE OSWEGO: (Sept ’23)

279 Active Listings (Aug 290)
137 New Listings  (Aug 151)
98 Pending Sales (Aug 93)
75 Closed Sales  (Aug 111)
Average Sale Price for Sept: $1,076,600 (Aug $1,184,900)
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.
51 Days on the Market   (Aug 44)

The data listed above is as reported by the Regional Multiple Listing Service (RMLS

Return on Investment: Your Yard

People certainly think about doing improvements to get their house ready to sell. Here at the blotter both Linda and I have written about what to expect from the money you spend and that the highest rates of return are, currently, on front doors and garage doors. You’ll get more out of those improvements than it costs to do them. However, I don’t think that we’ve talked about the return on investment for your yard. As it turns out, it’s quite good and certainly worth doing.

According to the National Association of Realtor, there are 5 outdoor projects that pay of the most.

  1. Standard lawn care service. Complete 6 standard applications of fertililzer and weed control on a 5,000 square foot lawn. Estimated cost = $415. Estimated return = $900
  2. Landscape maintenance. Mulch, mow, prune shrubs and plant about 60 annuals or perennials. Estimated cost = $4800. Estimated return = $5000.
  3. Outdoor kitchen. Install or inset grill, stainless steel drawers, ice chest sink, and concrete countertop with veneered masonry stone. Estimated cost = $15,000. Estimated return = $15,000.
  4. Overall landscape upgrade. Install front walkway of natural flagstone, add two stone planters, five flowering shrubs and a 15 foot tall tree. Estimated cost = $9000. Estimated return = $9000.
  5. New patio. Install a 18′ x 16′ concrete paver patio. Estimated cost = $10,500. Estimated return = $10,000.

There is also a lot to be said about doing your own weeding, watering, and bark dusting. This is labor intensive, but something many homeowners can do themselves. I think that the basic premise is that the more move-in-ready a house feels, the more appealing it will be to potential buyers.

I will also caution that there is a segment of the buying population who is intimidated by an overly elaborate garden. They know that it looks too labor intensive and will pass on a house that they don’t feel that they can maintain. So, yes, topiaries of the seven dwarfs is probably not a good idea.

Personally, outdoor spaces a super important to me. That patio that costs $10,500 but only returns $10,000, in my opinion, is pretty essential. Without a place to put some chairs and a barbeque, a yard becomes unusable. That patio, or a deck, is essential.

I hope that you have found this information useful. Happy gardening.

Dianne

Market Activity Oct 2-8, 2023

Last week in Lake Oswego there were 12 new listings, 2 of which sold very fast and appear in this report as pending sales. There were a total of 15 properties that accepted offers and moved to pending status (pretty good for October!), and there were 8 closed sales.

See below for RMLS data.

New on the Market Oct 2-8, 2023

AddressTypePriceBedroomsBathsSq Feet
45 Eagle Crest #220Condo$250,00011768
750 1st St E29Condo$350,00011986
16394 Lake Forest BlvdDetached$599,00021.51112
17903 Ridge Lake DrDetached$854,99942.52540
1177 C AveDetached$1,100,000321957
1 Creekside TerrDetached$1,185,000544230
14210 Amberwood CirDetached$1,200,000433391
4854 Upper DrDetached$1,375,000532879
13052 Knaus RdDetached$1,690,000433026
915 Cedar StDetached$1,695,00043.53219

Pending Sales Oct 2-8, 2023

AddressTypePriceBedroomsBathsSq FeetDOM
3433 McNary Pkwy #601Condo$325,00022.5128520
5225 Jean Rd #106Condo$400,00032140029
4093 Jefferson PkwyCondo$419,00022.5140348
114 Greenridge CtAttached$519,90032182474
668 McVey Ave #57Condo$549,00031.599239
2818 Poplar WayDetached$550,00031105634
15370 Twin Fir RdDetached$560,0003215468
51 Oriole LnDetached$589,0003212163
2834 Glenmorrie DrDetached$895,0002324593
13851 Verte CtDetached$939,00043292515
17144 Warren CtDetached$999,00042.528046
740 Pebble Beach CtDetached$1,050,0003217456
14205 Edenberry DrDetached$1,100,00032.5321916
1633 Maple StDetached$1,190,000333448122
503 Laurel StDetached$1,349,00043.53169115

Sold/Closed Oct 2-8, 2023

AddressTypeList PriceClosed PriceSQ FeetCDOM
4323 Lakeview BlvdDetached$550,000$561,000148335
5051 W Sunset DrAttached$620,000$620,000173412
4 Adams CtDetached$699,900$640,000228750
17503 Schalit WayDetached$759,900$755,15018014
4840 Dogwood DrDetached$1,125,000$800,000271695
1714 Greentree RdDetached$920,000$808,0003110190
14051 Chelsea DrDetached$1,300,000$1,350,00030221
650 1st StCondo$1,595,000$1,435,0002767101

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.

This Week in Lake Oswego

Here are my picks of what to do in Lake Oswego this week ~

Mon, Oct 9, 2023 – 4:00 PMPlanning Commission Marylhurst Commons/Mercy Greenbrae Tour– The offsite meeting is for the purpose of learning more about this development in order to inform the City’s work to develop a Housing Production Strategy (HPS) in compliance with state House Bill 2003 (2019) (PP 22-0005) . Mercy Greenbrae Apartments: Greenbrae INFO HERE , INFO ON TOUR: CLICK HERE

Tues, Oct 10, 2023 – 1:00 PM – GRIEF RELIEF-Recover & Rebuild After Loss Series ~ Get help navigating through grief with tips, tools and discussion. This class is led by Georgena Grace, MA, RSCP, CRS who is a Trauma Specialist, Grief Guide, and the owner of the Integrated Wellbeing Institute. – ACC, 505 G Avenue Lake Oswego More Info: CLICK HERE

Wed, Oct 11, 2023 – 6:00 PM Historic Resources Advisory Board ~  Review the Historic Preservation Grant from Lakewood Neighborhood, Revisions to the Historic Preservation Code, Parks Plan & More ~ Lake Oswego City Hall, 380 A Avenue ~ More Info :  CLICK HERE

Thurs, Oct 12, 2023 – 6:00 PMTeen Advisory Board! ~Be a part of planning programs including book groups, movie nights and more! ~ Lake Oswego Library, Lower Level, 706 Fourth St. – More Info:  CLICK HERE

Fri, Oct 13, 2023 – 7:00-9:00 PM – Living Well Dance featuring the Millennium Dance Band ~ Come dance to big band music of the 30’s, 40’s & 50’s with an occasional ballroom favorite. (Under 14 requires adult accompaniment.) ~ CCP, 1060 Chandler Rd ~ More Info: CLICK HERE

Sat, Oct 14, 2023 – 10:00 AM-2:00 PMLake Oswego & West Linn Wellness Fair – All are welcome to this Free event dedicated to poviding a fun, educational day for people to learn more about health, wellness and sustainability opportunities throughout our surrounding communities. ~ Millennium Plaza Park, 200 1st Street ~ More Info :  CLICK HERE

Market Activity Sept 25-Oct 1, 2023

With all of the jitters about the economy that is currently filling the news cycle, I am finding these market activity reports particularly important. The biggest trend I am seeing is that houses are simply taking a little longer to sell, but they are selling. And this week’s report I find encouraging. A healthy real estate market has balanced numbers: as many houses are coming on the market as a going pending and as are selling. Last week in Lake Oswego this was solidly the case. There were 13 new listings, 2 of which sold quickly and appear in this report as pending sales. There were 13 pending sales and there were 11 closed sales. This is extremely balanced. It’s not a seller’s market, it’s not a buyer’s market, it’s a solid market.

See below for RMLS data.

New on the Market Sept 25-Oct 1, 2023

AddressTypePriceBedroomsBathsSq Feet
207 Oswego SummitCondo$390,000221497
3672 Spring LnCondo$439,900221117
668 McVey Ave #42Condo$499,90021852
15370 Twin Fir RdDetached$560,000321546
640 Southshore BlvdDetached$760,00022.52391
17144 Warren CtDetached$999,00042.52804
740 Pebble Beach CtDetached$1,050,000321745
5330 Carman Grove LnDetached$1,100,00032.52493
16850 Cortez CtDetached$1,900,000443650
15112 Quarry RdDetached$1,950,00054.53953
13799 Atwater LnDetached$3,995,000344700

Pending Sales Sept 25-Oct 1 2023

AddressTypePriceBedroomsBathsSq FeetDOM
5054 Foothills Dr ACondo$445,0002212522
1720 Fernwood DrDetached$579,0003215605
15930 Waluga DrDetached$599,90031.5104010
18351 Wood Thrush WayDetached$690,0003217624
16266 Parker RdDetached$765,00042201466
1481 Greentree CircleDetached$875,00043270419
10 Independence AveDetached$1,150,00043.5419270
5955 Clairmont CtDetached$1,250,0005332921
3894 Tamarack LnDetached$1,499,00043.5403523
5220 Firwood RdDetached$1,999,00032.525075
611 Ridgeway RdDetached$2,099,00045.5484744
4247 Lords LnDetached$2,399,00043.53840102
956 Westpoint RdDetached$8,950,00044.5+.5+.55235111

Sold/Closed Sept 25-Oct 1, 2023

AddressTypeList PriceSold PriceSq FeetCDOM
16200 Pacific Hwy #29Condo$500,000$500,00012079
17825 Tualata AveDetached$535,000$540,000118211
47 GreenridgeCtAttached$534,900$550,00011762
1368 Boca Ratan DrAttached$610,000$592,5001683109
89 Kingsgate RdDetached$675,000$640,000171329
6062 Burma RdDetached$650,000$649,000187596
16 Aquinas StDetached$699,000$675,000172027
529 Livingood LnDetached$800,000$800,00021244
21 Aquinas StDetached$799,900$930,00025787
13880 Knaus RdDetached$1,500,000$1,375,000376258
2600 Glenmorrie DrDetached$2,298,000$2,175,000423213

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.

Featured Neighborhood: Rosewood

Lake Oswego has 25 unique neighborhoods, each of which has a panel of volunteers who help steer the direction of the neighborhood with the city and with the county. Today, I want to tell you about Rosewood.

Bounded on the West by Lakewood Blvd and 65th Ave, on the North by Jean Rd, on the East by Bryant Woods Nature Park, and on the South by Childs Rd, it is a neighborhood of quiet streets, large lots, and a mixture of housing. It contains Rivergrove Elementary School and Pilkington Park.

In the last 6 months 24 properties have been offered for sale: 2 are currently active listings, 3 are in pending status, and 19 are closed sales. The least expensive property is a pending sale that was built in 1964. Very dated and needing repairs, it is pending for $475,000. It has 3 bedrooms and 2 bathrooms within 1226 square feet. The most expensive house is new construction that is currently for sale. Listed for $2,300,000, it has 4129 square feet, 5 bedrooms and 4 bathrooms. The average list price is $733,095 and the average sold price is $742,117. Average market time is 21 days on the market.

If you like to get more information on Rosewood, click here.

I hope that this information is useful. As always, thank you for reading the blotter.

Dianne

Market Activity Sept 11-17, 2023

Fall is definitely in the air and the real estate market in Lake Oswego is transitioning into the typical ebbing of the season. We had 10 new listings last week, one of which sold quickly and appears in this report as a pending sale. We had 16 properties move to pending status and 13 closed sales.

See below for RMLS data.

New Listing Sept 11-17, 2023

AddressTypePriceBedroomsBathsSq Feet
45 Eagle Crest Dr #401Condo$278,00011768
3672 Spring LnCondo$450,000221117
12844 Boones Ferry RdCondo$489,00022.51191
51 Greenridge CtAttached$525,000221348
1975 Mapleleaf RdDetached$725,000422330
5097 Rosewood StDetached$775,00042.51920
13932 Sundeleaf DrDetached$1,449,00032.53068
47 Hillshire DrDetached$1,550,00042.53324
13084 Amber PlDetached$5,850,000335685

Pending Sales Sept 11-17, 2023

AddressTypePriceBedroomsBathsSq FeetDOM
100 Kerr Pkwy #42Condo$220,00021.582259
30 Cervantes CircleCondo$277,00021.5111222
92 Cervantes CircleCondo$279,00021.591293
3972 Carman DrCondo$395,00022.512255
4306 Botticelli StCondo$450,00022.5+.5204362
18521 Don Lee WayDetached$475,0003212262
47 Greenridge CtAttached$534,90021.599223
668 McVey Ave #57Condo$549,00031.599223
1795 Kilkenny Rddetached$568,00032144942
5053 W Sunset DrAttached$595,00022.5172029
5051 W Sunset DrAttached$620,00022.5173412
4 Adams CtDetached$675,00032.5228721
378 9th StDetached$1,250,00032.5201961
4688 Upper DrDetached$2,198,00043.5396214
7 Dover WayDetached$2,595,00055.57803106
445 Northshore RdDetached$3,195,00033.53066151

Sold/Closed Sept 11-17, 2023

AddressTypeList PriceSold PriceSq FeetCDOM
3876 Botticelli St #31Condo$355,000$360,000111027
2 Condolea DrCondo$469,000$464,00013128
12886 Boones Ferry RdCondo$475,000$475,75011828
49 Greenridge CtAttached$525,000$523,00015963
100 Greenridge CtAttached$525,000$535,00020046
5059 W Sunset DrAttached$649,000$587,500179453
85 Tanglewood DrDetached$599,000$630,00023231
15718 Murwood CtDetached$840,000$800,000198812
2401 Mayors LnDetached$900,000$845,000307630
2432 Park RdDetached$875,000$872,50023865
7 Cellini CtDetached$1,200,000$1,205,00035603
4230 Sunset DrDetached$1,699,000$1,600,000325024
18475 Crestline DrDetached$2,995,000$2,995,00049105

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

Portland Metro Neighborhood Stats + LO

Here is your monthly look at what’s happening in Portland metro and how it relates to Lake Oswego (broken out at the bottom):

Overview/Fluctuations ~ August 2023 Market Data:                                                                      

In August Inventory showed a bit of a dip but not much. We still have a pretty pronounced shortage of homes persisting. Prices are down from July in most places. Check out the Neighborhood Report below for specifics on various parts of Portland’s metro & surrounding areas.

Rates: “The Fed meets this week and no moves are expected. That is a good sign for rates moving forward”       Gary Boyer, Regional VP, Directors Mortgage

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

  • There were 2,923 New Listings in August which is down 8.9% from 3,209 in August 2022 and  up 0.8% from the 2,899 in the previous month/July.
  • At 2,155 August 2023’s Closed Sales (Solds) are down 16.5% from August 2022’s 2,581, and increased 12.7% from the previous month’s total of 1,912.
  • At 2,053 August 2023’s Pending Sales (Accepted Offers) are down 18.9% from August 2022’s 2,530, and also down 4.3% from the previous month/July’s total of 2145.
  • The Average Sale Price for August 2023 of, $608,300 is up a slight  $600. from last year/August 2022’s $607,700, and down $12,100 from the previous month/July’s $620,400. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in August 2023 of $536,000 dropped $12,400 from August 2022’s $548,400, & $13,900 from July’s $549,900.

NEIGHBORHOODS REPORT:

LAKE OSWEGO: (August ’23)

290 Active Listings (Jul 274)
151 New Listings  (Jul 176)
93 Pending Sales (Jul 109)
111 Closed Sales  (Jul 113)
Average Sale Price for August: $1,184,900 (Jul $990,700)
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.
44 Days on the Market   (Jul 31)

The data listed above is as reported by the Regional Multiple Listing Service (RMLS).

Market Activity ~ Sept 4-10, 2023

Last week Lake Oswego saw 20 properties enter the market, 13 move to Pending status, and 11 Closed/Sold. Right now there are 195 homes to choose from ranging from $220,000 to $11,500,000.

Here is the breakdown:

NEW Sept 4-10, 2023

AddressList PriceBedsBathsSFProp Type
12802 BOONES FERRY RD$395,000$22.11225CONDO
782 LAUREL ST$400,000$321400CONDO
47 GREENRIDGE CT$450,000$221350CONDO
668 MCVEY AVE #14$479,000$11636CONDO
2400 PARK RD$505,000$32.11182CONDO
5051 W SUNSET DR$534,900$21.11176ATTACHD
3972 CARMAN DR$620,000$22.11734ATTACHD
14051 CHELSEA DR$815,000$32.12730ATTACHD
1776 RIDGECREST DR$865,000$32.11966DETACHD
3520 LAKE GROVE AVE$875,000$52.11962DETACHD
1101 CRESTLINE CT$875,000$432704DETACHD
8 HOTSPUR ST$1,300,000433022DETACHD
455 9TH ST$1,495,000321589DETACHD
1142 CRESTLINE CT$1,549,000342550DETACHD
12 MORNINGVIEW LN$1,895,00032.12169DETACHD
1125 NORTHSHORE RD$2,598,00043.13624DETACHD
1481 GREENTREE CIR$2,600,00043.13911DETACHD
750 1ST ST #16$3,299,000$44.27226DETACHD
17264 LAKE HAVEN DR$4,950,000$55.16440DETACHD
5225 JEAN RD #106$5,995,000$44.15876DETACHD

PENDING Sept 4-10, 2023

AddressList PriceBedsBathsSFProp TypeDays
15290 QUARRY RD$499,900$31990DETACHD51
16200 PACIFIC HWY #29$500,000$221207CONDO9
42 SPINOSA$650,000$32.12056DETACHD85
107 KINGSGATE RD$674,900$321516DETACHD12
4980 SUNTREE LN$699,000$32.12135DETACHD67
4500 GALEWOOD ST$775,000$332373DETACHD65
529 LIVINGOOD LN$800,000$32.12124DETACHD4
13410 S FIELDING RD$949,000$321837DETACHD25
4840 SW DOGWOOD DR$949,000$332716DETACHD95
13920 SHIREVA DR$1,300,000$533212DETACHD12
14051 CHELSEA DR$1,300,000$433022DETACHD1
650 1ST ST, Grnd$1,500,00032.12767CONDO101
19494 SW Lorna LN$2,989,00044.24806DETACHD276

SOLD Sept 4-10, 2023

AddressOpeningClosedBedsBathsSFProp TypeDays
100 KERR PKWY #31$219,500$219,000$11617CONDO14
19201 INDIAN CREEK AVE$669,900$669,900$42.11721DETACHD7
17753 OVERLOOK CIR$824,900$824,900$433455DETACHD18
1590 HALLINAN ST$874,900$890,000$422070DETACHD4
15789 MURWOOD CT$974,900$1,055,000$42.12232DETACHD4
2411 GLEN EAGLES RD$1,250,000$1,200,000$52.12100DETACHD9
13531 FIELDING RD$1,395,000$1,400,000$43.14566DETACHD7
4665 FIRWOOD RD$1,495,000$1,587,300$32.12574DETACHD2
455 9TH ST$1,895,000$1,895,000$32.12169DETACHD0
915 OAK TER$2,435,000$2,191,777$443816DETACHD298
2936 LAKEVIEW BLVD$3,595,000$3,500,000$53.14208DETACHD4
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 (***We’ve used “Days” in each category for ease of understanding) .

Lake Oswego Open Studios

Open studios is an annual event that I thoroughly enjoy. This year it will be the weekend of October 14th and 15th. It is a free event.

Basically, you have the opportunity to visit artists in their studio. As a person who dabbles in painting, I am so enthralled by seeing working studios of dedicated artists. I also appreciate meeting them and hearing their stories and learning about their techniques.

One year I met an artist who had suffered a very severe stroke. She had examples of her art from before her stroke along with her current work, after her stroke. There was such a striking difference, and the current work was so much more brilliant that the prior work. It was a memorable experience.

The artists also offer work to purchase. I pride myself that my home has all original art: no prints, no copies. Some of it is my own paintings and sculptures, but also the work of other artists. I love living amidst art!

For more details about Lake Oswego Open Studios, click here. For details about Portland Open Studios, click here.

Once again, thank you for reading the blotter.

Dianne