Last week brought 16 new listings, 14 pending sales, and 12 closed sales. I think what I find most interesting is the CDOM (cumulative days on the market). It does seem that things are selling either really fast or really slowly. Correct pricing is what makes the difference! And notice the house on Polonius: it not only sold in 8 days, but for $15,000 over the asking price. Yes, this may have reflected built in costs for closing costs or some other concession, but it is still a rare event in this economy. And it does mean that the seller had an eager buyer who was not haggling the price down.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 14—20, 2010)
| Address | List Price | Total Br | Total BTHS | SQ FT | Prop Type | ||
| 222 RIDGEWAY RD | $125,000 | 1 | 1 | 756 | CONDO | ||
| 139 TOUCHSTONE CT | $279,900 | 2 | 2 + .5 | 1,846 | ATTACHD | ||
| 4321 WOODSIDE CIR | $289,000 | 3 | 2 | 1,532 | ATTACHD | ||
| 17683 ARBOR LN | $339,900 | 3 | 2 | 1,946 | DETACHD | ||
| 1117 HEMLOCK ST | $349,900 | 3 | 2 | 1,680 | DETACHD | ||
| 18651 DON LEE WAY | $384,900 | 4 | 2 | 1,630 | DETACHD | ||
| 15012 TWIN FIR RD | $399,000 | 5 | 2 | 3,532 | DETACHD | ||
| 15008 TWIN FIR RD | $399,000 | 5 | 2 | 3,372 | DETACHD | ||
| 524 2ND ST | 439000 | 2 | 2 + .5 | 1,547 | CONDO | ||
| 17681 LEAFY LN | 449000 | 4 | 3 | 2,242 | DETACHD | ||
| 10 HILLSHIRE DR | 549900 | 4 | 3 | 3,152 | DETACHD | ||
| 6 MORNINGVIEW LN | 659000 | 4 | 3 | 3,998 | DETACHD | ||
| 116 3RD ST | 675000 | 2 | 1 | 915 | DETACHD | ||
| 649 9TH ST | 819000 | 3 | 2 + .5 | 2,852 | DETACHD | ||
| 1250 SUNNINGDALE RD | 825000 | 5 | 3 + .5 | 4,073 | DETACHD | ||
| 245 CHANDLER PL | 949850 | 4 | 2 + .5 + .5 | 3,733 | DETACHD |
PENDING SALES (June 14-20, 2010)
| Address | List Price | Total BR | Total BTHS | SQ FT | Prop Type | CDOM | ||
| 5225 JEAN RD | $155,000 | 2 | 2 | 1,400 | CONDO | 28 | ||
| 4224 HAVEN ST | $269,900 | 4 | 2 | 2,752 | DETACHD | 39 | ||
| 3388 EDGEMONT RD | $279,900 | 3 | 2 + .5 | 1,968 | DETACHD | 283 | ||
| 17518 REDFERN AVE | $355,000 | 3 | 2 | 1,831 | DETACHD | 715 | ||
| 540 2ND ST | $410,000 | 2 | 2 + .5 | 1,520 | CONDO | 870 | ||
| 17845 SARAH HILL LN | $417,000 | 4 | 2 + .5 | 2,970 | DETACHD | 9 | ||
| 53 D AVE | $435,000 | 3 | 3 | 2,211 | DETACHD | 518 | ||
| 17387 CANYON DR | $479,000 | 3 | 2 + .5 | 1,955 | DETACHD | 11 | ||
| 4089 MELISSA DR | 524900 | 4 | 2 + .5 | 2,710 | DETACHD | 9 | ||
| 5678 CHARLES CIR | 525000 | 3 | 4 | 3,455 | DETACHD | 495 | ||
| 18282 ANDUIN TER | 625000 | 4 | 2 + .5 | 3,765 | DETACHD | 1 | ||
| 14370 PFEIFER DR | 669000 | 4 | 2 + .5 | 3,318 | DETACHD | 12 | ||
| 11 HILLSHIRE DR | 825000 | 4 | 2 + .5 | 3,415 | DETACHD | 33 | ||
| 18735 BRYANT RD | 909900 | 5 | 3 + .5 | 5,323 | DETACHD | 149 |
SOLD (June 14-20, 2010)
| Address | Original Price | Close Price | Prop Type | SQ FT | CDOM | ||
| 109 OSWEGO SMT | $144,900 | $141,900 | CONDO | 1212 | 47 | ||
| 12846 SW BOONES FERRY RD | $225,000 | $199,000 | CONDO | 1136 | 532 | ||
| 3485 DEVONSHIRE DR | $264,900 | $250,000 | ATTACHD | 1556 | 16 | ||
| 12 POLONIUS ST | $246,600 | $261,000 | DETACHD | 3275 | 8 | ||
| 136 TOUCHSTONE TER | $350,000 | $267,500 | DETACHD | 1996 | 243 | ||
| 15148 QUARRY RD | $279,000 | $279,000 | DETACHD | 1618 | 11 | ||
| 3056 WEMBLEY PARK RD | $339,000 | $285,000 | DETACHD | 2600 | 36 | ||
| 31 DA VINCI ST | $399,900 | $352,000 | DETACHD | 2232 | 249 | ||
| 1545 CLOVERLEAF RD | 579950 | $535,000 | DETACHD | 2723 | 59 | ||
| 13090 KNAUS RD | 995000 | $600,000 | DETACHD | 5578 | 357 | ||
| 5218 WESTFIELD CT | $699,500 | $607,000 | DETACHD | 3125 | 284 | ||
| 13081 KNAUS RD | 1795000 | $1,400,000 | DETACHD | 3269 | 58 |
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.
Open Houses for Sunday, June 20th, 2010
For your Father’s Day enjoyment, there will be 17 Open Houses here in Lake Oswego:
| Address | List Price | Year Built | # BR | # BTHS | Prop Type | Open | ||
| 44 EAGLE CREST DR | $99,900 | 1979 | 2 | 1 | CONDO | 1 to 4 | ||
| 12847 SW 61ST AVE | $304,950 | 1977 | 3 | 2 | DETACHD | 1 to 4 | ||
| 37 BLOCH TER | $314,500 | 1972 | 3 | 2 +.5 | ATTACHD | 1 to 3 | ||
| 17683 ARBOR LN | $339,900 | 1978 | 3 | 2 | DETACHD | 1 to 3 | ||
| 95 TANGLEWOOD DR | $429,900 | 1972 | 4 | 3 | DETACHD | 1 to 4 | ||
| 13455 AUBURN CT | $440,000 | 2005 | 3 | 2 + .5 | ATTACHD | 11:30 to 2 | ||
| 19319 SW DOGWOOD CT | $519,900 | 2010 | 5 | 2 + .5 | DETACHD | 12 to 5 | ||
| 19415 SW DOGWOOD CT | $539,900 | 2010 | 5 | 3 | DETACHD | 12 to 5 | ||
| 19451 SW DOGWOOD CT | 559900 | 2010 | 6 | 3 | DETACHD | 12 to 5 | ||
| 19245 SW MEGLY CT | 584900 | 2010 | 5 | 3 | DETACHD | 12 to 5 | ||
| 19101 INDIAN CREEK AVE | 599900 | 1972 | 2 | 2 + .5 | DETACHD | 12 to 3 | ||
| 18222 SIENA DR | 1088000 | 2010 | 6 | 4 + .5 | DETACHD | 2:30 to 4:30 | ||
| 18209 SIENA DR | 1178950 | 2009 | 5 | 3 + .5 | DETACHD | 2:30 to 4:30 | ||
| 18143 SIENA DR | 1197000 | 2009 | 5 | 4 + .5 | DETACHD | 2:30 to 4:30 | ||
| 1808 RIDGE POINTE DR | 1269000 | 2010 | 5 | 4 + .5 | DETACHD | 2:30 to 4:30 | ||
| 18246 BELLA TERRA DR | 1294000 | 2009 | 4 | 3 + .5 | DETACHD | 2:30 to 4:30 | ||
| 2569 GLEN EAGLES PL | 1349000 | 2010 | 5 | 4 +.5+.5 | DETACHD | 1 to 4 |
Analyzing Market Trends
I think the most common question I am asked is “How’s business?”, which I think really means “What’s the market doing?” In my circle of friends, homeownership is the norm. And in today’s economy, everyone is hoping that their home is holding it’s value. For my clients, they are wanting me to give them insight into the buying/selling climate. So staying on top of trends is pretty critical. Today I am going to break down the Lake Oswego market and give you some specifics.
First, some good news: Lake Oswego, according to the latest market action report from the RMLS, has done the second best job of holding value in the metro area comparing May of ’09 to May of ’10. Values are down in Lake Oswego, year over year, 7.8%. The only part of the metro area that did better was North Portland with a loss of 6.3%. The worst faring area was Yamhill County, which is down 13%. Wow, did I really just call that good news? We are down 7.8%! Perhaps the better way to see it is that this is less bad news than it could have been.
The average sales price in area 147, which is Lake Oswego and West Linn combined, is $443,500. The total days on the market is averaging 153 days.
I think it is important to do this analysis by price range. Watching our weekly market action reports, it is pretty obvious that the houses priced in the less expensive range, such as $600,000 or less, are selling much more actively than the houses in the higher prices. Here is a breakdown by price:
| Price | Currently for Sale | Sold in Last 6 Months | # Per Month | Length of Inventory | ||||
| $1,000,000 + | 105 | 15 | 3 | 42 months | ||||
| $900,000-$1,000,000 | 19 | 4 | 1 | 28 months | ||||
| $800,000-$900,000 | 50 | 6 | 1 | 50 months | ||||
| $700,000-$800,000 | 42 | 12 | 2 | 21 months | ||||
| $600,000-$700,000 | 53 | 21 | 4 | 15 months | ||||
| $500,000-$600,000 | 74 | 35 | 6 | 12 months | ||||
| $400,000-$500,000 | 79 | 43 | 7 | 11 months | ||||
| $300,000-$400,000 | 60 | 60 | 10 | 6 months | ||||
| $200,000-$300,000 | 29 | 36 | 6 | 4 months | ||||
| $100,000-$200,000 | 3 | 2 | 0 | 9 months | ||||
At a glance, the idea is that the lower the length of inventory, the stronger that part of the market is. And that makes it easy to see that the lower the price on the house, the stronger the market. There are also two surprising quirks. Notice that the market inventory is actually worse in the $800,000-$900,000 price range than it is in the houses priced at $1,000,0000+. Why? I am thinking that part of the market is competing with the houses that are at $1,000,000 plus and that when buyers get up that high in price, it is still easy to justify pushing the purchase up just a bit more to get what they really want. In other words, there still is not enough of a value difference at $800,000 vs $1,000,000. However, that idea is just my speculation. I also think at $800,000 you are seeing a lot of older homes. They do have a hard time competing against the newer homes, which there are lots of, that have the soaring ceilings and palatial kitchens and baths. Second, the houses priced under $200,000 just aren’t selling fast either. I am quite certain that this is because at that price the house is pretty much a tear down and in such rough shape that the value is in the land. That means the buyer is going to be a builder and the builders are still sitting on so much inventory that they aren’t buying up the land.
I also have to say that the market is very balanced between buyers and sellers in the homes valued $300,000-$400,000 and even up into $400,000-$500,000. This part of the market is moving well with homes coming onto the market and selling respectably within reasonable periods of time. If you are buying in this part of the market, and the house is in nice condition, be aware of values. If it’s priced right, it’s going to sell and your buying power is not as strong as it would be in the higher price ranges.
And for those of you in the upper pricing, you are still in a very strong buyer’s market. Sellers are still competing with way too many other houses. You should be able to negotiate hard on price and terms.
Affordable Houses: LO vs Sellwood
I periodically like to compare affordable houses in Lake Oswego to the same houses in Sellwood, a neighborhood I used to live in not too far away in SE Portland. I like to do this because I remain convinced that Lake Oswego is often overlooked by buyers who are seeking affordable housing. This is because of LO’s reputation as a wealthy community. Time and again I have been able to prove that there are more homes to choose from in LO than in Sellwood that are affordable. Today is no different. Affordable, by my definition, are homes price below $350,000.
As of today, there are currently 61 homes for sale in Lake Oswego priced below $350,000. The least expensive is a 3 bedrooms, 1.5 bath house with 1000 square feet and a single car garage that was built in 1957. It is actually in pretty nice condition,although close to I-5, and it is priced at $189,000. In Sellwood there are 19 houses priced under $350,000. The least expensive is a 2 bedroom, 1 bath house with a single car garage that was built in 1920. It has 838 square feet + 810 square feet in an unfinished basement. It’s priced at $234,500.
I think the most burning question today is what is going to happen to the market now that the tax credit is over. I do think that there was a huge boost in the market by people trying to get into escrow by the end of April. I also know that May was slow for me, as far as new business. However, June has got my phone ringing and I am very busy. So my personal observation is that our normal spring/summer upswing is happening. Time will tell.
Yours, Dianne
Lake Oswego Open Houses ~ Sunday, June 13, 2010
Enjoy this gorgeous Rose Festival Weekend, and add Home Shopping to your agenda with 33 properties open for your viewing pleasure on Sunday.
Here are the Open Houses according to RMLS:
| Address | L/Price | # Beds | # Baths | Total SF | Prop Type | Time | ||
| 1684 BOCA RATAN DR | $248,900 | 3 | 2 | 1611 | TWNHSE | 1-3PM | ||
| 19167 LONGFELLOW AVE | $269,000 | 3 | 2.1 | 1782 | DETACHD | 1-6PM | ||
| 16711 MELLON AVE | $309,900 | 3 | 2 | 1346 | DETACHD | 1-3PM | ||
| 18238 TERRY AVE | $350,000 | 3 | 2.1 | 1604 | DETACHD | 12-2PM | ||
| 5160 TUALATA LN | $354,900 | 3 | 2 | 1470 | DETACHD | 1:30-4PM | ||
| 5160 TUALATA LN | $354,900 | 3 | 2 | 1470 | DETACHD | 1:30-4PM | ||
| 5324 LOWER DR | $370,000 | 3 | 2.1 | 2034 | DETACHD | 12-2PM | ||
| 19026 INDIAN SPRINGS RD | $385,000 | 5 | 3 | 2471 | DETACHD | 10AM-2PM | ||
| 5827 BONITA RD | $399,900 | 3 | 2 | 1771 | DETACHD | 2-4PM | ||
| 5364 ROSEWOOD ST | $401,500 | 4 | 2.1 | 1980 | DETACHD | 1-3PM | ||
| 17460 SCHALIT WAY | $418,900 | 4 | 3 | 2197 | DETACHD | 1-4PM | ||
| 2697 LOOKOUT CT | $429,000 | 3 | 2 | 2219 | DETACHD | 10-11:30AM | ||
| 662 CLARA CT | $429,900 | 3 | 3 | 2740 | DETACHD | 4-6PM | ||
| 1462 GREENTREE CIR | $435,000 | 4 | 2.1 | 2507 | DETACHD | 1-4PM | ||
| 1970 GREENTREE RD | $450,000 | 4 | 3 | 2428 | DETACHD | 1-4PM | ||
| 2705 ORCHARD HILL LN | $469,900 | 4 | 2.1 | 2841 | DETACHD | 1-4PM | ||
| 17640 TREETOP WAY | $498,900 | 4 | 3 | 2718 | DETACHD | 2:30-4PM | ||
| 5008 HAMPTON CT | $529,000 | 3 | 2.1 | 2346 | DETACHD | 12-2PM | ||
| 19415 SW DOGWOOD CT | $539,900 | 5 | 3 | 3517 | DETACHD | 12-5PM | ||
| 19451 SW DOGWOOD CT | $559,900 | 6 | 3 | 3547 | DETACHD | 12-5PM | ||
| 33 MORNINGVIEW CIR | $574,900 | 3 | 2.1 | 2737 | DETACHD | 2-4PM | ||
| 4070 VIRGINIA WAY | $725,000 | 3 | 2.1 | 3510 | DETACHD | 1-3PM | ||
| 5 CELLINI CT | $735,000 | 5 | 3.1 | 4895 | DETACHD | 1-3PM | ||
| 1930 INDIAN TRL | $829,500 | 3 | 3 | 3260 | DETACHD | 1-3PM | ||
| 3030 WESTVIEW CT | $844,500 | 4 | 2.1 | 3415 | DETACHD | 11-1PM | ||
| 18209 SIENA DR | $1,178,950 | 5 | 3.1 | 3839 | DETACHD | 12-2PM | ||
| 18143 SIENA DR | $1,197,000 | 5 | 4.1 | 4152 | DETACHD | 21-2PM | ||
| 1808 RIDGE POINTE DR | $1,269,000 | 5 | 4.1 | 4155 | DETACHD | 21-2PM | ||
| 2569 GLEN EAGLES PL | $1,349,000 | 5 | 4.2 | 4591 | DETACHD | 1-4PM | ||
| 4700 SW DOGWOOD DR | $1,499,900 | 5 | 3.1 | 5401 | DETACHD | 2:30-4PM | ||
| 1790 Skyland DR | $1,599,000 | 5 | 4.1 | 6033 | DETACHD | 1-3PM | ||
| 14242 BRIDGE CT | $1,999,950 | 5 | 4.2 | 6139 | DETACHD | 2-4PM | ||
| 2572 GLEN EAGLES PL | $2,285,000 | 5 | 4.2 | 6490 | DETACHD | 1-3PM |
Market Activity for May 31 to June 6, 2010
Last week found 16 new listings, 13 pending sales, and 7 closed sales. I would have to say that it was a bit of a celebration week for many of the sellers who closed transactions. This group of homes included quite a few that had been on the market for an extremely long time. It is good that they were sold, finally. And the closed selling prices were certainly reflective of the new reality with values. I feel that is further reflected in the pricing with the new listings, many of which look to be really good values.
Here is last week’s report: (see below the tables for additional notes):
NEWLY LISTED (May 32-June 6, 2010)
| Address | List Price | Year Built | Total SF | Prop Type | BR & BTH | |||
| 37 CRESTFIELD CT | $94,900 | 1980 | 923 | CONDO | 2 & 1 | |||
| 200 BURNHAM RD | $219,000 | 1966 | 1,173 | CONDO | 2 & 2 | |||
| 74 GREENRIDGE CT | $289,900 | 1973 | 2,868 | ATTACHD | 3 & 2.5 | |||
| 37 BLOCH TER | $314,500 | 1972 | 1,972 | ATTACHD | 3 & 2.5 | |||
| 19431 TUALAMERE AVE | $334,000 | 1964 | 1,308 | DETACHD | 3 & 1.5 | |||
| 16725 CARNEGIE AVE | $335,000 | 1968 | 2,134 | DETACHD | 3 & 2 | |||
| 1018 HEMLOCK ST | $349,900 | 1965 | 1,950 | DETACHD | 4 & 2 | |||
| 1621 LARCH ST | $399,900 | 1971 | 3,040 | DETACHD | 3 & 2.5 | |||
| 17387 CANYON DR | 479000 | 1966 | 1,955 | DETACHD | 3 & 2.5 | |||
| 1740 YARMOUTH CIR | 550000 | 1985 | 1,960 | DETACHD | 2 & 2.5 | |||
| 4 INDEPENDENCE AVE | 564900 | 1969 | 3,482 | DETACHD | 4 & 3.5 | |||
| 13596 STREAMSIDE DR | 649999 | 1989 | 3,430 | DETACHD | 3 & 2.5 | |||
| 712 LAKE FOREST DR | 665000 | 1949 | 1,640 | DETACHD | 2 & 2 | |||
| 15725 TARA PL | 665000 | 2006 | 3,372 | DETACHD | 4 & 2.5 | |||
| 14370 PFEIFER DR | 669000 | 1993 | 3,318 | DETACHD | 3 & 2.5 | |||
| 144 LEONARD ST | 799000 | 2004 | 3,451 | DETACHD | 3 & 1.5+.5 |
PENDING SALES (May 31-June 6, 2010)
| Address | List Price | Year Built | Total SF | Prop Type | BR & BTH | |||
| 34 CONDOLEA DR | $219,000 | 1978 | 1,420 | CONDO | 2 & 2 | |||
| 12 POLONIUS ST | $246,600 | 1971 | 3,275 | DETACHD | 4 & 2.5 | |||
| 4236 HARVEY WAY | $359,000 | 1979 | 1,870 | DETACHD | 3 & 2.5 | |||
| 15580 PARTRIDGE DR | $360,000 | 1989 | 2,245 | DETACHD | 3 & 2.5 | |||
| 2031 LILLI LN | $499,000 | 1968 | 3,262 | DETACHD | 3 & 3.5 | |||
| 17471 CARDINAL DR | $545,000 | 1973 | 3,056 | DETACHD | 4 & 2.5 | |||
| 13460 SNOWBERRY CT | $564,000 | 1989 | 3,327 | DETACHD | 3 & 2.5 | |||
| 731 F AVE | $699,900 | 1998 | 2,668 | DETACHD | 4 & 2.5 | |||
| 331 CHANDLER PL | 810000 | 1962 | 2,428 | DETACHD | 4 & 2.5 | |||
| 1580 BONNIEBRAE DR | 849000 | 1972 | 3,800 | DETACHD | 4 & 3 | |||
| 3820 SOUTHSHORE BLVD | 925000 | 2008 | 4,855 | DETACHD | 5 & 4 | |||
| 3140 DOUGLAS CIR | 950000 | 2004 | 4,310 | DETACHD | 4& 3.5 | |||
| 1340 CHERRY LN | 1348888 | 2007 | 5,922 | DETACHD | 4 &4.5+.5 |
SOLD (May 31-June 6, 2010)
| Address | Closed Price | Original Price | Year Built | Total SF | Prop Type | CDOM | ||
| 775 BOCA RATAN DR | $155,000 | $204,750 | 1975 | 2,401 | DETACHD | 249 | ||
| 200 BURNHAM RD | $168,000 | $298,850 | 1962 | 1,328 | CONDO | 942 | ||
| 1597 BONNIEBRAE DR | $180,000 | $230,000 | 1969 | 998 | ATTACHD | 261 | ||
| 1640 WORTHINGTON ST | $338,900 | $515,000 | 1961 | 2,394 | DETACHD | 473 | ||
| 3075 ROYCE WAY | $392,000 | $699,850 | 1975 | 3,667 | DETACHD | 577 | ||
| 2109 WEMBLEY PARK RD | $640,000 | $649,900 | 1955 | 3,129 | DETACHD | 2 | ||
| 17540 RIDGEVIEW LN | $1,025,000 | $1,350,000 | 2006 | 4,345 | DETACHD | 316 | ||
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.
Open Houses in LO for Sunday June 6th, 2010
There will be 27 open houses in Lake Oswego this Sunday (according to the RMLS). We are actually getting a break in the rain this weekend, so it should be a nice afternoon for touring the town and seeing some beautiful homes.
| Address | List Price | Year Built | BR | BTH | Prop Type | Open | ||
| 1400 BONNIEBRAE DR | $183,500 | 1969 | 2 | 1 | ATTACHD | 1 to 4 | ||
| 4490 LAKEVIEW BLVD | $325,000 | 1955 | 3 | 2 | DETACHD | 12 to 2 | ||
| 14433 HOLLY SPRINGS RD | $364,950 | 1998 | 4 | 2 + .5 | DETACHD | 1 to 3 | ||
| 4971 SUNTREE LN | $378,000 | 1988 | 3 | 2 + .5 | DETACHD | 1 to 4 | ||
| 2697 LOOKOUT CT | $429,000 | 1972 | 3 | 2 | DETACHD | 10 to 11:30 | ||
| 950 LAKE FRONT RD | $439,000 | 1975 | 3 | 2 + .5 | DETACHD | 12 to 2 | ||
| 13340 AUBURN CT | $450,000 | 2005 | 3 | 2 + .5 | ATTACHD | 2 to 4 | ||
| 5475 WILLOW CT | $474,900 | 2008 | 3 | 2 + .5 | ATTACHD | 1 to 3 | ||
| 17802 HILLSIDE WAY | 475000 | 1974 | 4 | 2 + .5 | DETACHD | 1 to 4 | ||
| 975 SOUTHSHORE BLVD | 479900 | 1990 | 3 | 2 + .5 | DETACHD | 1 to 3 | ||
| 9 WESTMINSTER DR | 519000 | 1976 | 5 | 2 + .5 | DETACHD | 1 to 3 | ||
| 5678 CHARLES CIR | 525000 | 1985 | 3 | 4 | DETACHD | 1 to 4 | ||
| 19415 SW DOGWOOD CT | 539900 | 2010 | 5 | 3 | DETACHD | 1 to 5 | ||
| 363 6TH ST | 549900 | 2009 | 2 | 3 + .5 | ATTACHD | 1 to 4 | ||
| 4 INDEPENDENCE AVE | 564900 | 1969 | 4 | 3 + .5 | DETACHD | 1 to 3 | ||
| 17769 OVERLOOK CIR | 579900 | 1966 | 5 | 3 + .5 | DETACHD | 1 to 3 | ||
| 4184 SUNSET DR | 589000 | 1965 | 6 | 3 | DETACHD | 1 to 3 | ||
| 13265 FOX RUN | 680000 | 1984 | 3 | 2 + .5 + .5 | DETACHD | 1 to 3 | ||
| 12439 SW 22ND AVE | 899900 | 2004 | 4 | 3 + .5 | DETACHD | 2 to 4 | ||
| 18222 SIENA DR | 1088000 | 2010 | 6 | 4 + .5 | DETACHD | 12 to 2 | ||
| 18020 SKYLAND CIR | 1098000 | 1972 | 4 | 3 + .5 | DETACHD | 1 to 4 | ||
| 18209 SIENA DR | 1178950 | 2009 | 5 | 3 + .5 | DETACHD | 12 to 2 | ||
| 18143 SIENA DR | 1197000 | 2009 | 5 | 4 + .5 | DETACHD | 12 to 2 | ||
| 1808 RIDGE POINTE DR | 1269000 | 2010 | 5 | 4 + .5 | DETACHD | 12 to 2 | ||
| 18246 BELLA TERRA DR | 1294000 | 2009 | 4 | 3 + .5 | DETACHD | 12 to 2 | ||
| 3118 DOUGLAS CIR | 1440000 | 2007 | 3 | 2 + .5 | DETACHD | 12:30 to 3 | ||
| 4700 SW DOGWOOD DR | 1499900 | 2005 | 5 | 3 + .5 | DETACHD | 2:20 to 4 |
News & Notes
The City of Lake Oswego is mourning the unexpected passing of it’s beloved Police Chief, Dan Duncan. There will be a memorial service June 4th, 1:00PM at the Rolling Hills Community Church. Flags in the city will be at half-mast from now until that date. His family has set up a Memorial Site with photos and information. Well-wishers may leave messages there for them.
The Willamette Shore Trolley is up & running! This has been one of my favorite things to do with visitors to Lake Oswego for many, many years. I have photos of beloved family members and I enjoying the ride to & from Portland that I will always cherish. Make your own memories as the train winds along the waterfront & through the trees & neighborhoods that line this historic passage between the two cities. This route is also the one being considered for a possible streetcar! For a schedule of times & fares call 503 697 7436, or visit the Website.
The latest Market Activity Report for Portland Metro produced by RMLS shows the following data:
- Comparing April 2010 with April 2009: Closed Sales increased 49.1%, and Pending Sales rose 60.8% with New Listings going up by 23.8%
- When comparing April 2010 with March 2010, the average sale price rose just 0.6%
- Comparing January – April 2010 with the same period in 2009, Closed Sales increased 41.4%, with Pending Sales rising by 46.3% and New Listings by 15.4%
- April’s Total Market Time for Portland Metro was: 127 days
- Lake Oswego and West Linn’s Total Market Time was: 147 days
- Lake Oswego and West Linn’s Average Sales Price (RMLS lumps the two areas together) was $502,800.
- Lake Oswego and West Linn posted 101 Closed Sales in April with 1066 Active Listings
- Lake Oswego and West Linn saw a 113.8% increase in Pending Sales April 2010 compared to April 2009
Market Activity for May 17-23, 2010
The housing market in Lake Oswego included 19 new listings, 15 pending sales, and 14 closed sales. You will probably notice some categories moved/missing/changed. Linda and I use a macro in excell to develop these charts. RMLS has made technical changes that are affecting our macro, which we need to re-work. Thanks for your patience while we get the kinks ironed out. I think the basic data is here.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (May 17—23, 2010)
| Address | List Price | # BR | SF Up+Mn | Prop Type | |||
| 322 CERVANTES CIR | $85,000 | 2 | 832 | CONDO | |||
| 512 S STATE ST | $129,900 | 1 | 829 | CONDO | |||
| 668 MCVEY AVE | $149,000 | 2 | 976 | CONDO | |||
| 16515 INVERURIE RD | $299,000 | 3 | 1,772 | DETACHD | |||
| 16808 INVERURIE RD | $299,900 | 3 | 1,182 | DETACHD | |||
| 14372 CAMDEN LN | $448,500 | 3 | 2,348 | DETACHD | |||
| 1462 GREENTREE CIR | $449,900 | 4 | 2,507 | DETACHD | |||
| 8 MORNINGVIEW CIR | $529,900 | 3 | 2,217 | DETACHD | |||
| 230 4TH ST | 619900 | 3 | 2,165 | DETACHD | |||
| 13265 FOX RUN | 680000 | 3 | 2,614 | DETACHD | |||
| 17632 WOODHURST PL | 699900 | 5 | – | DETACHD | |||
| 17970 ROYCE WAY | 799000 | 4 | 2,713 | DETACHD | |||
| 19000 BRYANT RD | 965000 | 5 | 5,874 | DETACHD | |||
| 1425 CHANDLER RD | 978000 | 4 | 2,204 | DETACHD | |||
| 1235 CHANDLER RD | 985000 | 5 | 2,044 | DETACHD | |||
| 17301 BERGIS FARM DR | 1060000 | 4 | – | DETACHD | |||
| 2569 GLEN EAGLES PL | 1349000 | 5 | 4,591 | DETACHD | |||
| 13900 GOODALL RD | 1600000 | 5 | 4,282 | DETACHD | |||
| 1973 CHERYL CT | 1695000 | 5 | 4,396 | DETACHD |
PENDING SALES (May 17-23, 2010)
| Address | List Price | # BR | Sq Ft | SF Up+Mn | Prop Type | CDOM | ||
| 100 KERR PKWY | $77,500 | 2 | 823 | 823 | CONDO | 66 | ||
| 100 KERR PKWY | $92,500 | 2 | 823 | 823 | CONDO | 27 | ||
| 3433 SW MCNARY PKWY | $123,900 | 2 | 1008 | 1,008 | CONDO | 98 | ||
| 32 CERVANTES CIR | $129,500 | 2 | 1092 | 912 | CONDO | 160 | ||
| 136 TOUCHSTONE TER | $279,000 | 3 | 1996 | 1,198 | DETACHD | 243 | ||
| 729 3RD ST | $295,000 | 4 | 1671 | 1,671 | DETACHD | 10 | ||
| 4313 ALBERT CIR | $367,900 | 3 | 1790 | 1,790 | DETACHD | 14 | ||
| 1255 BAYBERRY RD | $375,000 | 3 | 1901 | 1,901 | DETACHD | 253 | ||
| 1400 LEE ST | 421500 | 4 | 2804 | 1,514 | DETACHD | 146 | ||
| 24 PARTRIDGE LN | 449000 | 4 | 3224 | 3,224 | DETACHD | 40 | ||
| 675 10TH ST | 490000 | 4 | 2280 | 1,272 | DETACHD | 374 | ||
| 14158 KIMBERLY CIR | 530000 | 5 | 3548 | 3,648 | DETACHD | 18 | ||
| 1158 BAYBERRY RD | 649000 | 4 | 2386 | 2,386 | DETACHD | 10 | ||
| 1703 VILLAGE PARK LN | 749000 | 3 | 3450 | 3,450 | DETACHD | 156 | ||
| 1414 COUNTRY COMMONS | 945000 | 4 | 5679 | 3,082 | DETACHD | 68 |
SOLD (May 17-23, 2010)
| Address | Closed Price | Original Price | #BR | Sq Ft | Prop Type | CDOM | ||
| 65 OSWEGO SMT | $118,000 | $129,900 | 2 | 1,140 | CONDO | 8 | ||
| 5051 FOOTHILLS DR | $169,900 | $210,000 | 2 | 991 | CONDO | 248 | ||
| 750 1ST ST | $178,000 | $195,000 | 2 | 1,350 | CONDO | 73 | ||
| 5056 FOOTHILLS DR | $257,000 | $299,900 | 2 | 1,252 | CONDO | 194 | ||
| 19032 KRISTI WAY | $262,000 | $259,900 | 2 | 1,390 | DETACHD | 7 | ||
| 4420 GOLDEN LN | $295,000 | $279,900 | 3 | 2,165 | CONDO | 391 | ||
| 119 3RD ST | $350,000 | $429,900 | 3 | 1,204 | CONDO | 187 | ||
| 5299 LAKEVIEW BLVD | $365,000 | $399,900 | 4 | 2,165 | DETACHD | 594 | ||
| 2440 OVERLOOK DR | $480,000 | $525,000 | 4 | 3,874 | DETACHD | 36 | ||
| 815 COUNTRY COMMONS LN | $494,500 | $595,000 | 4 | 2,376 | DETACHD | 83 | ||
| 3115 ROSEMARY LN | $513,000 | $599,900 | 3 | 3,324 | DETACHD | 244 | ||
| 17388 CEDAR RD | $575,000 | $875,000 | 2 | 2,134 | DETACHD | 402 | ||
| 18125 WESTMINSTER DR | $658,000 | 699888 | 5 | 3,969 | DETACHD | 344 | ||
| 356 9TH ST | $1,070,000 | $1,275,000 | 4 | 3,647 | DETACHD | 98 |
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.
Open House in Lake Oswego for May 23rd
The RMLS is promoting 29 open houses for this Sunday. Enjoy!
| Address | List Price | Year Built | BR & BTH | Prop Type | Open | |||
| 1684 BOCA RATAN DR | $248,900 | 1969 | 3 & 2 | ATTACHD | 1 to 3 | |||
| 16535 ROOSEVELT AVE | $249,000 | 1953 | 3 & 2 | DETACHD | 1 to 3 | |||
| 2245 GLEN HAVEN RD | $348,500 | 1955 | 3 & 1.5 | DETACHD | 1 to 3 | |||
| 19242 TERRY AVE | $369,500 | 1965 | 4 & 2 | DETACHD | 2 to 4 | |||
| 231 LAUREL ST | $425,000 | 1956 | 3 & 3 | DETACHD | 1 to 3 | |||
| 71 TANGLEWOOD DR | $449,000 | 1972 | 3 & 3 | DETACHD | 1 to 3 | |||
| 1931 WOODLAND TER | $474,000 | 1968 | 4 & 3 | DETACHD | 1 to 4 | |||
| 5475 WILLOW CT | $474,900 | 2008 | 3 & 2.5 | ATTACHD | 1 to 3 | |||
| 17640 TREETOP WAY | 524000 | 1969 | 4 & 3 | DETACHD | 2 to 4 | |||
| 535 B AVE | 539000 | 1990 | 2 & 2.5 | ATTACHD | 12 to 2 | |||
| 5678 CHARLES CIR | 540000 | 1985 | 3 & 4 | DETACHD | 1 to 4 | |||
| 363 6TH ST | 549900 | 2009 | 3 & 3.5 | ATTACHD | 1 to 4 | |||
| 1060 UPPER DEVON LN | 559000 | 1974 | 3 & 2.5 | DETACHD | 1 to 3 | |||
| 17930 MEADOWLARK LN | 575000 | 1974 | 4 & 4 | DETACHD | 1 to 3 | |||
| 4 NANSEN SUMMIT | 599000 | 1982 | 4 & 2.5 | DETACHD | 3 to 5 | |||
| 18010 GIMLEY CT | 649000 | 1979 | 4 & 2.5 | DETACHD | 12 to 3 | |||
| 18606 WESTVIEW DR | 649900 | 1985 | 3 & 2.5 | DETACHD | 12 to 3 | |||
| 1015 SOUTHSHORE BLVD | 755000 | 1953 | 4 & 3 | DETACHD | 12 to 2 | |||
| 1687 VILLAGE PARK LN | 879000 | 1989 | 4 & 3 | DETACHD | 1 to 3 | |||
| 606 6TH ST | 789000 – 898876 | 1920 | 4 & 3 | DETACHD | 2 to 4 | |||
| 17896 KELOK RD | 929000 | 2010 | 5 & 5 | DETACHD | 2 to 4 | |||
| 18222 SIENA DR | 1088000 | 2010 | 6 & 4.5 | DETACHD | 1 to 3 | |||
| 18209 SIENA DR | 1178950 | 2009 | 5 & 3.5 | DETACHD | 1 to 3 | |||
| 18143 SIENA DR | 1197000 | 2009 | 5 & 4.5 | DETACHD | 1 to 3 | |||
| 1808 RIDGE POINTE DR | 1269000 | 2010 | 5 & 4.5 | DETACHD | 1 to 3 | |||
| 18246 BELLA TERRA DR | 1294000 | 2009 | 4 & 3.5 | DETACHD | 1 to 3 | |||
| 112 NORTHSHORE CIR | 1695000 | 1938 | 4 & 4.5+.5 | DETACHD | 1 to 3 | |||
| 15825 OSWEGO SHORE CT | 1985850 | 2006 | 4 & 3.5 | DETACHD | 1 to 3 | |||
| 2572 GLEN EAGLES PL | 2395000 | 2009 | 5 & 4.5+.5 | DETACHD | 1 to 3 |
Take good care of your credit
I suppose it is somewhat of a no-brainer that as a consumer you need to take good care of your credit, but if you are considering buying real estate, it is more important than ever. The days that qualified you to buy a home by merely having a pulse are long gone. Credit is more important than ever.
What is a FICO Score?
The FICO score was developed by The Fair Isaac Corporation in 1958. It is a statistical analysis of the likelihood of default. It has long been considered the most fair means of analyzing credit because it is purely about statistics with no consideration given for any personal matters such as sex, race, religion, etc. Mortgage lenders reliance on FICO Scores has gained in prominence and only looks to increase.
A FICO Score can be anywhere from 300-850. It is made up of the following considerations:
35% is payment history: do you pay your bills on time?
30% is ratio of available credit used: do you max out your credit cards?
15% is length of credit history.
10% is types of credit (having a variety of credit is good)
10% is recent credit inquiries
So it is more than simply paying your bills on time. If you want an 850 credit score, you certainly need to pay your bills on time, but you also need a variety of credit, not too much of it, that has low balances, that you have managed for years, and that you have not recently applied for. I have heard it said that the magic number of credit cards is 4, most with little or no balances. You do need to be using the credit. If you have 4 credit cards that you never use, it is not going to help you.
By law you are entitled to a free annual credit report. You can obtain one from each of the 3 credit bureaus by visiting AnnualCreditReport.com Because there are 3 credit bureaus, each with their own means of analysis, you will want to obtain copies of all 3 reports. If you see something strange on the report, you will also find links to managing your credit and fixing your credit.
Why FICO matters when you buy a house.
First, having a high credit score will allow you to obtain a lower interest rate on your mortgage. On a 30-year fixed mortgage of $300,000, a person with a FICO score of 760-850 will be able to obtain an interest rate of about 4.567% and that will make the payment $1532 per month. With a credit score of 620-639, that same 30-year mortgage would have an interest rate of 6.156% and a monthly payment of $1829 per month. That is a difference of $300! Yes, you will be rewarded for being financially strong.
Second, your credit is going to be checked more then once when you buy a house. According to a recent article by Kenneth Harney of the Washington Post, on June 1st,Fannie Mae will be requiring a second credit report be pulled just prior to close of escrow. This is to find out if anything has changed with the buyer’s credit since the loan was approved. If it has changed, then, poof, you could be kicked right out of closing and not be able to buy the house you want. This means that once you find a home and get your offer accepted, do not do anything to change your credit. Even making an inquiry for new credit could create disaster. Suppose you go to a furniture store and apply for a line of credit because you are dreaming of furnishing your new home? You don’t even have to make a purchase. Just having the extra credit available could affect your credit. While in escrow, make all payments on time, but make no credit applications, no purchases on credit, and no changes, no matter how small, to your credit situation. This is much more strict than I have ever seen. It is real. I had a closing postponed for 3 weeks while the buyer made a $500 payment on his credit card and we waited for the payment to be reflected in his FICO score with the 3 credit bureaus. I am also aware of 1 late payment on a credit card while in escrow that completely kicked the loan out of underwriting and the transaction sale failed.
Please let me know if you have any questions on this issue or if you need any help. I work with a couple of excellent lenders who are happy to take the time to help you build and repair your credit so that you can qualify for the house of your dreams.
Dianne