The Lake Oswego real estate market finished March with 52 closed sales, which is up from the 36 & 43 closed sales recorded during the prior months of February and January respectively. Of the 52 closed sales in March, 20 were distressed properties (foreclosures/short sales) representing 39% of the closed sales for the month. As of the end of March, distressed properties accounted for 24% of the active listing inventory. There were 8 closed sales of homes valued at $500K or more during March and a total of 28 over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 3.5 months and overall it is at 6.9 months worth across all price brackets based solely on the March 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 March was $368K which is a decrease of $66K, compared to $434K in February. Meanwhile, the median sold price in March decreased to $290K, down from $357K the prior month. The average price of the active listings was $795K as of the end of March while the median price for the active listings was $533K during the same period.