The Lake Oswego real estate market finished July with 78 closed sales, which is between the 100 & 75 closed sales recorded during the prior months of June and May respectively. Of the 78 closed sales in July, 17 were distressed properties (foreclosures/short sales) representing 22% of the closed sales for the month. As of the end of July, distressed properties accounted for 20% of the active listing inventory. There were 27 closed sales of homes valued at $500K or more during July and a total of 89 over the three month period of May – July.
The inventory level is lowest in the $251-500K price bracket at 3.3 months and overall it is at 5.0 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 4.6 months worth across all price brackets.
The average sold price in July was $466K which is a decrease of $1K, compared to $467K in June. Meanwhile, the median sold price in July increased to $429K, up from $380K the prior month. The average price of the active listings was $779K as of the end of July while the median price for the active listings was $562K during the same period.