Located just eight miles south of downtown Portland and 45 minutes north of Oregon's state capitol Salem, Lake Oswego is the ideal bedroom, vacation home, small town living or retirement community to serve Oregon's metros.

With a population of about 34,280, the community is supported by employers such as the Lake Oswego School District, Safeco Insurance, the City of Lake Oswego, Gage Industries, Inc. and Micro Systems Engineering, Inc. Income and housing prices for the area average higher than Portland.

The schools in Lake Oswego rank among the best in the country, according to the city. More than 80% of the high school students attend college. Colleges in or near Lake Oswego include Lewis & Clark College and its affiliate Northwestern School of Law, Marylhurst University, and Portland Community College (Sylvania campus).

"June was a better month for sellers," says Realtor Gary Edgette, "Ninety-two houses sold and the average sale price rose to $353,410 compared to $302,280 in May. The average time on the market also decreased from 87 days to only 79 days. The market is still nudging towards a seller's market with only three new listings in the month of June - inventory is shrinking. Houses are selling faster so far in the month of July (only 48 days as of July 10) but the average price is much lower. Still unless new listings start coming soon, the prices may rise for those who want the Lake Oswego experience."

Says Realtor Tom Inglesby, "The market is very hot in selective price ranges. With interest rates approaching a 35-year low but starting to head back up, lack of inventory in the close-in neighborhoods is also driving the prices up in some areas.

"The average of a home last year in Portland was $201,000 with the median price $169,900," explains Inglesby. "The first-time buyer and investors are active on the eastside to the westside from 100,000 to $180,000 range. It is very hard to find a home in Lake Oswego under $160,000. There are pocket areas in Lake Oswego because the lack of inventory that are seeing numerous offers in the upper ranges $400,000-$600,000. Washington County is still the hot bed of new construction because of high tech and Nike and the recent move of the head quarters of Columbia Sportswear to that area."

"Skiing, beach, boating, windsurfing," says Realtor Harley Grahn, "you can have it all."

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Published: July 12, 2002

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