Lake Oswego Real Estate Market Update – April 2011
The real estate market in Lake Oswego Oregon finished March with 58 closed sales, which is up from the 41 and 47 closed sales recorded during February and January respectively. Of the 58 closed sales in March, 15 were distressed properties (foreclosures/short sales) representing 26% of the closed sales for the month. As of the end of March, distressed properties accounted for 19% of the active listing inventory. There were 16 closed sales of homes valued at $500K or more during March and a total of 40 over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 4.7 months and overall it is at 7.9 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 9.4 months worth across all price brackets.
The average sold price in March was $416K which is an increase of $31K, compared to $385K in February. Meanwhile, the median sold price in March increased to $390K, up from $315K in February. The average price of the active listings ($682K) increased $3K over the last reading at the end of February while the median price for the active listings ($500K) declined $15K from the prior month.
