The real estate market is really heating up. Buyers are out in hordes wanting to take advantage of the lowest interest rates in decades. They have gotten themselves pre-approved and are ready to go. The issue is, inventory is incredibly low. For every property that comes on the market, there are half a dozen buyers ready to buy. The result? Houses are selling fast, often with multiple offers. It is very much a sellers market. With multiple offers houses are frequently selling at or over the list price. So yes, this late winter and spring market truly is an amazing time to sell your house.
In Lake Oswego last week we had 6 properties come onto the market, 12 move into pending status with an accepted offer, and 16 closed sales.
See below for RMLS data and an explanation of this chart.
New on the Market Jan 18-24, 2021
Address
Type
Price
BR
Baths
Sq Ft
16250 Pacific Hwy #59
Condo
$319,000
2
2
1305
2574 Palisades Crest Dr
Detached
$975,000
4
2.5+.5
4563
17311 Canyon Dr
Detached
$1,099,500
6
3
5376
667 Lake Bay Ct
Detached
$1,899,900
4
3.5
3616
1340 Cherry Ln
Detached
$2,145,000
4
4.5+.5
5922
16470 Phantom Bluff Ct
Detached
$2,695,000
4
4.5
5188
Pending sales Jan 18-24, 2021
Address
Type
Price
BR
Baths
Sq Ft
CDOM
5225 Jean Rd #510
Condo
$305,000
2
2
1100
5
456 5th St
Condo
$450,000
2
1.5
1092
1
1238 Laurel St
Detached
$524,900
3
2
1485
2
1920 Southshore Blvd
Detached
$569,900
3
2
1313
8
6126 Frost Ln
Detached
$749,000
5
3
2497
9
4264 West Bay Rd
Detached
$799,000
3
2
1308
2
4850 Lower Dr
Detached
$825,000
4
3
2700
11
2145 Summit Dr
Detached
$1,000,000
4
2.5+.5
3111
48
975 Schukart Ln
Detached
$1,198,000
4
2.5
4449
350
16234 Waluga Dr
Detached
$1,349,000
5
3.5
3130
86
701 4th St
Detached
$1,450,000
3
2.5
2786
43
3735 Upper Dr
Detached
$2,000,000
4
4
4056
137
Closed/Sold Jan 18-24, 2021
Address
Type
List Price
Sold Price
Sq Ft
CDOM
42 Cervantes Circle
Condo
$189,000
$185,000
912
4
7200 Montauk Circle
Condo
$219,900
$228,000
968
3
47 Eagle Crest Dr #62
Condo
$249,000
$233,000
1026
77
668 McVey Ave #85
Condo
$274,900
$290,000
992
4
4047 Jefferson Pkwy
Condo
$330,000
$346,000
1228
1
27 Bloch Terr
Attached
$425,000
$442,000
1972
3
15012 Twin Fir Rd
Detached
$599,900
$610,000
3372
18861 Indian Springs Circle
Detached
$635,000
$645,000
1649
2
17012 Crestview Dr
Detached
$699,000
$699,000
2750
4
5228 Lower Dr
Detached
$850,000
$839,950
2723
101
802 Clara Ct
Detached
$850,000
$875,000
2886
3
3000 Brookside Rd
Detached
$999,950
$950,000
1600
50
6 Essex Ct
Detached
$998,000
$998,000
4338
42
5055 Lakeview Blvd
Detached
$1,298,000
$1,245,000
3607
28
1200 Lake Garden Ct
Detached
$1,400,000
$1,400,000
3347
16
3509 Lanewood St
Detached
$1,799,000
$1,790,900
3830
114
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.
Here is your look at the most recent data for the entire Portland area (Dec2020 + Year-End) and how Lake Oswego fits in to this picture just below.
Overview/Fluctuations ~ Market Data Dec 2020:
Inventory is now at a stunning 0.8 months of supply in the Portland area. So… still lower than its ever been and getting lower, apparently, with Buyers out en force competing over existing Properties for sale. Rates right now are hovering at or a little under 3.0%.
The twelve months of 2019 compared to 2020:
New Listings, (38,442) decreased 5.2%.Pending Sales (32,849) increased 7.9%, and Closed Sales (32,031) increased 7.8%.
By Comparison, Twelve months of 2018 as compared to 2019 from last year’s December report read: New Listings (40,579) decreased 1.7%, Pending Sales (30,430) increased 2.1% and Closed Sales (29,700) decreased 0.2%.
According to the RMLS Market Action Report for the Portland Metro Area, Dec. 2020:
There were 1,740 New Listings in Dec 2020increased 37% from Dec of 2019’s 1,270, and decreased a whopping 22.3% from the previous month/Nov’s 2,238.
At 2,789, Dec 2020’s Closed Sales are up 26% from Dec 2019’s 2,213, and also up 1.6% from the previous month/Nov 2020’s total of 2,745
At 2,003, Dec 2020’s Pending Sales are up 13% from Dec 2019’s 1,772, and dropped 21.7% from the previous month/Nov 2020’s total of 2,557.
The Average Sale Price in Dec 2020 of $514,000 is up $56,300 from last year/Dec2019’s $457,700, and down $7,200 from the previous month/Nov 2020’s $521,200. YTD increase is 7.6%.
The “Median” Sale Price (the price smack dab in the middle of all sales) in Dec 2020 of $455,000 rose from last year/Dec2019’s $405,000 by $50,000, and decreased 2,000 from the previous month/Nov 2020’s $457,000. YTD increase is 7.3%.
LAKE OSWEGO:
The combined areas of Lake Oswego and West Linn for the month of December 2020 reported:
114 Active Listings (Nov 177) (Dec 2019: 223)
73 New Listings (Nov 104) (Dec 2019: 50)
110 Pending Sales (Nov 106) (Dec 2019: 70)
137 Closed Sales (Nov 166) (Dec 2019: 107)
Average Sale Price for Dec: $845,700 (Nov $822,000) (Dec 2019: $732,400)
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.
Last week Lake Oswego saw 6 properties enter the market, 19 proceed to Pending status, and 20 Closed/Sold. Right now there are a whopping 64 beautiful properties available in Lake Oswego.
Dianne and I hope this finds you well and happy, and that you and yours have been able to enjoy some cozy holiday time.
Now we’re moving into 2021. Our report this week is covering the 3-week period during the holidays. Only 3 properties braved entering the market during that time, and/but 32 properties moved into Pending status, and a whopping 48 Sold/Closed.
Last week in Lake Oswego sales remainded strong. 24 houses received offers that were accepted and 18 properties sold with finalized sales. New inventory remained low at just 6 new listings.
See below for RMLS details
New on the Market Dec 7-13, 2020
Address
Type
Price
BR
Baths
Sq Ft
47 Eagle Crest Dr #50
Condo
$210,000
2
1
932
18964 Redwing Way
Detached
$549,950
3
1.5
1406
6126 Frost Ln
Detached
$765,000
5
3
2497
252 Greenwood Rd
Detached
$824,900
5
2
3834
5513 Rachel Ln
Detached
$1,049,000
4
2.5
3335
701 4th St
Detached
$1,499,000
3
2.5
2885
Pending Sales Dec 7-13, 2020
Address
Type
Price
BR
Baths
Sq Ft
CDOM
30 Oswego Summit
Condo
$198,500
1
1
700
78
750 1st St #26
Condo
$350,000
2
2
1350
20
16191 Lake Forest Blvd
Detached
$424,999
3
1
864
4
16342 Kimball St
Detached
$495,000
3
1.5
1250
6
1225 Lee St
Detached
$511,000
3
1.5
1056
1
14150 Goodall Rd
Detached
$525,000
3
2
1745
3
1101 Hemlock SSt
Detached
$574,900
3
2.5
2213
26
4380 Douglas Way
Detached
$599,950
3
2
1364
19
18861 Indian Springs Circle
Detached
$635,000
3
2
1649
2
15677 Fieldstone Dr
Detached
$688,000
3
2.5
2527
156
4984 Bilford Ln
Detached
$725,000
3
2.5
2629
35
2679 Glen Eagles Rd
Detached
$729,900
3
3
2378
6
1771 Campus Way
Detached
$738,000
3
3
3277
3
2765 Glen Haven Rd
Detached
$749,900
4
2.5
2277
5
6123 Frost Ln
Detached
$759,900
4
2.5
2331
21
803 Clara Ct
Detached
$850,000
4
3
2886
3
17970 Meadowlark Ln
Detached
$899,000
4
3
3640
1
18064 Jenifers Way
Detached
$899,900
5
3
2965
44
17596 Green Bluff Dr
Detached
$959,900
4
2.5
3039
26
5055 Lakeview Blvd
Detached
$1,298,000
4
3.5
3607
28
961 Terrace Dr
Detached
$2,495,000
5
4.5+.5
6016
96
1287 Cherry Ln
Detached
$2,595,000
5
4.5
5212
110
2950 Lakeview Blvd
Detached
$2,750,000
4
3.5
4299
190
16649 Maple Circle
Detached
$2,969,000
4
3
2714
113
Closed/Sold Dec 7-13, 2020
Address
Type
List Price
Sold Price
Sq Ft
CDOM
48 Eagle Crest 5E
Condo
$269,000
$249,000
1442
103
16250 Pacific Hwy #77
Condo
$289,900
$259,000
1,327
257
3433 McNary Pkwy #804
Condo
$269,900
$260,000
1136
103
65 Oswego Summit
Condo
$274,900
$260,000
1140
4
4107 Jefferson Pkwy
Condo
$329,000
$325,000
1507
32
5626 Fernbrook Way
Detached
$511,000
$489,000
1250
59
17020 Denny Ct
Detached
$650,000
$525,000
1704
150
17297 Bryant Rd
Detached
$575,000
$550,000
1428
11
13 Walking Woods Dr
Detached
$515,000
$556,000
2130
4
17879 Hillside Dr
Detached
$849,999
$630,000
3149
271
18225 SW 65th Ave
Detached
$799,000
$747,000
2210
37
3125 Alber Sring Ct
Detached
$1,198,000
$1,065
4308
195
16291 Bonaire Ave
Detached
$1,096,660
$1,096
3240
0
6441 Mission Ct
Detached
$1,165,000
$1,165
3201
24
3920 Upper Dr
Detached
$1,595,000
$1,425
3800
$115
15532 Village Dr
Detached
$1,599,000
$1,545
3446
47
4165 Childs Rd
Detached
$1,549,000
$1,549
3310
11
15607 Village Dr
Detached
$2,589,000
$2,200
5407
525
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.
Here is your look at the most recent data for the entire Portland area (Nov2020) and how Lake Oswego fits in to this picture just below.
Overview/Fluctuations ~ Market Data Nov 2020:
Inventory is now at 1.0 months of supply here, locally. The lowest it’s ever been. All forecasts are for continued increases in home sales and prices, though more modestly than 2020. Prediction #’s vary among economists. National Association of Realtors (NAR) is predicting a 7.3% increase in sales nationally in 2021. Interest rates are still hovering around 2.875% but are expected to rise, albeit not dramatically. One very interesting item I noted from the NAR information is that nationally, 1 in 6 home purchases is now “multi-generational”. So, how we live is changing in many ways: People are looking for more space to work from home, and generations are moving in together. There is generally more up-sizing than down-sizing going on.
According to the RMLS Market Action Report for the Portland Metro Area, Nov. 2020:
There were 2,238 New Listings in Nov 2020increased 5.7% from Nov of 2019’s 2,118, and decreased a whopping 36.3% from the previous month/Oct’s 3,515.
At 2,745, Nov 2020’s Closed Sales are up 12.4% from Nov 2019’s 2,191, and decreased 13.0% from the previous month/Oct 2020’s total of 3,155
At 2,557, Nov 2020’s Pending Sales are up 12.4% from Nov 2019’s 2,274, and dropped 20.1% from the previous month/Oct 2020’s total of 3,199.
The Average Sale Price in Nov 2020 of $521,200 is up $58,600 from last year/Nov 2019’s $462,600, and is up $4,700 from the previous month/Oct 2020’s $516,500. YTD increase is 7.1%.
The “Median” Sale Price (the price smack dab in the middle of all sales) in Nov 2020 of $457,000 rose from last year/Nov2019’s $415,000 by $42,000, and decreased $3,000 from the previous month/Oct 2020’s $460,000. YTD increase is 6.8%.
Neighborhoods: November’s Average Sale Price + 12-month Appreciation:
North Portland: $480,600 6.2% (Oct $450,300) YTD Median: $431,000
NE Portland: $508,700 5.0% (Oct $531,200) YTD Median: $455,000
SE Portland: $478,200 8.1% (Oct $477,300) YTD Median: $409,000
The combined areas of Lake Oswego and West Linn for the month of November 2020 reported:
177 Active Listings (Oct 213)
104 New Listings (Oct 197)
106 Pending Sales (Oct 193)
166 Closed Sales (Oct 173)
Average Sale Price for Nov: $822,000 (Oct $756,600)
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.
This last week in Lake Oswego continues the trend we’ve been seeing of fewer homes being Listed (5) and more going Pending (17) & Sold (35). There are currently 106 homes available in Lake Oswego.
Winter in general can be a challenging time. Daylight is short and the temperature outside is COLD. For those in need, it’s got to be the very difficult. In Lake Oswego there are several ways that you can help.
Shop with a Cop
Shop with a cop pairs police officers with children. They go shopping together for items that the child needs. This year, because of Covid, volunteers are doing the shopping and police officers will deliver the purchased items to children’s homes. You can make a donation at www.ccpobf.org/about/make-a-donation.html. This event ends on December 12th.
Personal Care Items
Personal hygene items such as toothpaste, toothbrushes, sun screen, disposable razors, diapers, deodorant, and shampoo can be dropped off at a donation barrel at City Hall, 380 A Avenue, South entrance vestibule. Donations can be dropped off at any time. New, unused items, please.
Hunger Fighters Oregon
A record number of people in Lake Oswego are in need of emergency food. Non-parishable food items can be donated at City Hall, 380 A Avenue. Donation barrels are located in the North vestibule fronting A Avenue or directly with Hunger Fighters, 2301 Hazel Rd, Lake Oswego. You can learn more by visiting www.hungerfightersoregon.org
School Supply Drive
The Rotary club of Lake Oswego is collecting school supplies in conjunction with the Lake Oswego School Foundation and district counselors. Back packs have already been generously donated and now is the time to fill them up! The Rotary is looking for monetary donations. Money will be used to purchase basic school supplies and also to fund the gift card program that Rotary administers year around. You can make a donation at https://bit.ly/2IMnPeA or you can mail a donation to Rotary Club of Lake Oswego-School Supply Drive, P.O. Box 94, Lake Oswego, OR 97034.
Toy Drive
The Lake Oswego Fire Department and Library are accepting new, unwrapped toys to give to children. Toys will be distributed by the Tualatin Valley Elks Lodge. The toy drive ends December 11th. Until then toys can be dropped off at the the Lake Oswego Fire Department’s main station, 300 B Avenue, Lake Oswego or at the Library, 706 Fouth Street.
Linda and I want to wish you and yours a very Happy Thanksgiving. Even in these challenging times we have so much to be thankful for. We live in a great country that provides us with opportunities. We live in a great community that appreciates diversity and values all lives. We enjoy our family and friends, and even though we can not be close to them this year, we hold them close in our hearts.
Thanksgiving message with pumpkins on a blue background
Linda and I are giving thanks for you, our readers. We appreciate that you take the time to read the blotter and that you are as eager to learn about real estate as Linda and I are eager to share.
There will not be a market activity report this week. Next week’s report will combine two weeks: last week and this.
Last week in Lake Oswego we saw 7 New properties hit the market, 21 move to Pending status, and 29 transactions Close. Here is the breakdown according to RMLS:
