Lake Oswego Oregon Real Estate Market Update-February 2011
The real estate market in Lake Oswego Oregon finished January with 45 closed sales, which is on par with the 44 & 48 closed sales recorded during last December and November respectively. Of the 45 closed sales in January, 17 were distressed properties (foreclosures/short sales) representing 38% of the closed sales for the month. There were 12 closed sales of homes valued at $500K or more during January and a total of 47 over the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at 6.1 months and overall it is at 11.0 months worth across all price brackets based solely on the January closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture improves only slightly to 10.8 months worth across all price brackets.
The average sold price in January was $393K which is a decrease of $117K, compared to $510K in December. Similarly, the median sold price in January decreased to $350K, down from $472K in December. These monthly decreases were the result of a relatively higher number of closed sales of $500K+ homes in December. The average price of the active listings ($679K) decreased $10K from the last reading in January while the median price for the active listings rose $20K over the prior month.
