Lake Oswego Real Estate Market Update – May 2011
The real estate market in Lake Oswego Oregon finished April with 59 closed sales, compared to the 58 and 41 closed sales recorded during March and February respectively. Of the 59 closed sales in April, 14 were distressed properties (foreclosures/short sales) representing 24% of the closed sales for the month. As of the end of April, distressed properties accounted for 17% of the active listing inventory. There were 21 closed sales of homes valued at $500K or more during April and a total of 49 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 6.4 months and overall it is at 8.3 months worth across all price brackets based solely on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 9.3 months worth across all price brackets.
The average sold price in April was $459K which is an increase of $43K, compared to $416K in March. Meanwhile, the median sold price in April increased to $404K, up from $390K in March. The average price of the active listings was $682K as of the end of April while the median price for the active listings was $500K during the same period.
