Marching into Madness in the Lake Oswego Real Estate Market

It’s hard not to get caught up in the madness of March. From college basketball playoffs to the local real estate scene, things have gotten a little crazy.

Consider this:

  • I recently listed a house for $900,000 that had nine showings in four days and sold in that timeframe at full price. This, mind you, was a house that is perfectly livable but was bought with additional updating in mind.
  • The number of houses for sale in Lake Oswego between $400,000 and $500,000 is a total of nine. Seven of them have considerations that might be deal breakers for buyers like being located along the freeway, in poor condition, and outdated.
  • A fellow agent recently listed a house for $575,000 that attracted an offer of $600,000. This is the same house that the sellers had on the market at the same price for 365 days two years ago.
  • Anything new between $1 million and $1.6 million is selling within a month of completion. That is a 20% appreciation from just last year. This is hurting older resale homes since there seems to be enough of an inventory of new homes at this price range to edge the older homes out of the bidding. As a result, they are taking anywhere from six to nine months to sell.
  • I just listed a condo near the First Addition for $365,000 even though the highest sale ever in that area was $310,000 and sold it before it even went on the market. The pristine condition of the unit coupled with the low inventory justified the price.
  • Home sale prices went up 11% last year and will probably see another 11% increase this year.
  • Houses between $500,000 to $1 million in Lake Oswego are selling within 15 days as long as they are in good condition.
  • Inventory is at an all-time low in both the Portland metro area and Lake Oswego. We are looking at seven months of inventory. In a healthy market the inventory is 1 ½ years out and it has been as high as 4 years.
  • The median home sales price in Lake Oswego this past year was $755,335. Currently the highest priced home in town is $15,000,000 on Northshore Road, and the lowest is a one bedroom, one bath condo for $99,899.

What does this madness mean for homebuyers in Lake Oswego? Be patient and be prepared to pay more than asking price. Ensure that you’ll be ready to act fast by getting total loan approval beforehand. You may need to seek out a lender willing to do this but it will be worth it. And, now more than ever, it’s to your advantage to work with a licensed real estate agent who is plugged into the home listing network and can often learn of listings before they go online. I’ve been selling homes in Lake Oswego for over 25 years and have made connections that keep me in the loop for what’s happening in town before it goes public.

As for sellers, this may be a seller’s market, but you still need to put your house’s best image forward to maximize your profit. Remove clutter, take care of repairs, address any odors, spruce up the yard, update where possible—your efforts will add five percent to your sales price.

Looking to capitalize on or break into this crazy Lake Oswego real estate market? Give me a call at 503.939.9801 and check out my website. I’d love to put my 25 plus years experience to work for you.

 

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About lovelakeoswego

I feel pretty lucky—I live where I work and I love where I live. As a Realtor in Lake Oswego, I get to share that enthusiasm with clients every day. Through this blog, with the help of my freelance writer wife, Genita, I’d like to share that enthusiasm with you. The quality of life you’ll find in Lake Oswego belies its size—there is so much to experience here from a fireworks show over the lake on the 4th of July to the Festival of the Arts--one of the premier arts events in the region. So please check in each week for another reason why I love Lake Oswego and who knows—maybe you’ll fall in love too! If you’re interested in experiencing Lake Oswego personally, please feel free to contact me either on my cell at (503) 939-9801, via email at costellok@hasson.com or check my website by clicking the link in the "Contact me" section in the right hand column. I would love to show you around.
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