Lake Oswego Real Estate Market Update – December 2011
The Lake Oswego real estate market finished November with 53 closed sales, which is between the 46 and 61 closed sales recorded during October and September respectively. Of the 53 closed sales in November, 11 were distressed properties (foreclosures/short sales) representing 21% of the closed sales for the month. As of the end of November, distressed properties accounted for 22% of the active listing inventory. There were 14 closed sales of homes valued at $500K or more during November and a total of 50 over the three month period of September – November.
The inventory level is lowest in the $251-500K price bracket at 5.2 months and overall it is at 7.5 months worth across all price brackets based solely on the November closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture at essentially the same at 7.4 months worth across all price brackets.
The average sold price in November was $396K which is a decrease of $73K, compared to $469K in October. Meanwhile, the median sold price in November decreased to $370K, down from $410K the prior month. The average price of the active listings was $746K as of the end of November while the median price for the active listings was $450K during the same period.
