Lake Oswego Real Estate Market Update – August 2011
The Lake Oswego real estate market finished July with 61 closed sales, compared to 71 and 63 closed sales recorded during June and May respectively. Of the 61 closed sales in July, 14 were distressed properties (foreclosures/short sales) representing 23% of the closed sales for the month. As of the end of July, distressed properties accounted for 15% of the active listing inventory. There were 28 closed sales of homes valued at $500K or more during April and a total of 68 over the three month period of May – July.
The inventory level is lowest in the $501-750K price bracket at 6.9 months and overall it is at 8.7 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 8.2 months worth across all price brackets.
The average sold price in July was $540K which is an increase of $79K, compared to $461K in June. Meanwhile, the median sold price in July increased to $495K, up from $375K in June. The average price of the active listings was $706K as of the end of July while the median price for the active listings was $480K during the same period.
