The Lake Oswego real estate market finished May with 74 closed sales, which continues an upward trend from the 68 & 52 closed sales recorded during the prior months of April and March respectively. Of the 74 closed sales in May, 18 were distressed properties (foreclosures/short sales) representing 24% of the closed sales for the month. As of the end of May, distressed properties accounted for 23% of the active listing inventory. There were 25 closed sales of homes valued at $500K or more during May and a total of 50 over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at only 2.6 months and overall it is at 5.1 months worth across all price brackets based solely on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 5.8 months worth across all price brackets.
The average sold price in May was $534K which is a huge increase of $155K, compared to $379K in April. This increase was driven by the 7 $1MM+ closed sales that occured in May. Meanwhile, the median sold price in May increased to $388K, up from $377K the prior month. The average price of the active listings was $767K as of the end of May while the median price for the active listings was $539K during the same period.
New real estate listings in Lake Oswego (last 7 days):