The Lake Oswego real estate market finished December with 69 closed sales, which is up from the 55 & 46 closed sales recorded during the prior months of November and October respectively. Of the 69 closed sales in December, 13 were distressed properties (foreclosures/short sales) representing 19% of the closed sales for the month. As of the end of December, distressed properties accounted for 26% of the active listing inventory. There were 23 closed sales of homes valued at $500K or more during December and a total of 50 over the three month period of October – December.
The inventory level is lowest in the $251-500K price bracket at 4.3 months and overall it is at 5.3 months worth across all price brackets based solely on the December closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 6.4 months worth across all price brackets.
The average sold price in December was $516K which is a huge increase of $120K, compared to $396K in November. This was due to 9 $1MM+ sales in December vs. none in November. Meanwhile, the median sold price in December increased to $383K, up from $370K the prior month. The average price of the active listings was $754K as of the end of December while the median price for the active listings was $450K during the same period.