Lake Oswego Real Estate Market Update – March 2011
The real estate market in Lake Oswego Oregon finished February with 40 closed sales, which is down from from the 47 & 44 closed sales recorded during January and last December respectively. Of the 40 closed sales in February, 19 were distressed properties (foreclosures/short sales) representing 48% of the closed sales for the month. There were 12 closed sales of homes valued at $500K or more during February and a total of 44 over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at 7.2 months and overall it is at 12.4 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture improves to 11.3 months worth across all price brackets.
The average sold price in February was $393K which is an increase of $11K, compared to $382K in January. Meanwhile, the median sold price in February decreased to $315K, down from $350K in January. The average price of the active listings ($679K) remained unchanged the last reading in January while the median price for the active listings declined $4K from the prior month.
