The Lake Oswego real estate market finished February with 36 closed sales, which is down from the 43 & 71 closed sales recorded during the prior months of January and December respectively. Of the 36 closed sales in February, 10 were distressed properties (foreclosures/short sales) representing 28% of the closed sales for the month. As of the end of February, distressed properties accounted for 23% of the active listing inventory. There were 10 closed sales of homes valued at $500K or more during February and a total of 43 over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at 6.4 months and overall it is at 9.5 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 6.9 months worth across all price brackets.
The average sold price in February was $434K which is an increase of $52K, compared to $382K in January. Meanwhile, the median sold price in February decreased to $357K, down from $365K the prior month. The average price of the active listings was $796K as of the end of February while the median price for the active listings was $520K during the same period.