The Lake Oswego real estate market finished December with 61 closed sales, which is between the 60 & 87 closed sales recorded during the prior months of November and October respectively. Of the 61 closed sales in December, 11 were distressed properties (foreclosures/short sales) representing 18% of the closed sales for the month. As of the end of December, distressed properties accounted for 18% of the active listing inventory. There were 28 closed sales of homes valued at $500K or more during December and a total of 75 over the three month period of October – December.
The inventory level is lowest in the $251-500K price bracket at 2.8 months and overall it is at 4.3 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 decreases to 3.8 months worth across all price brackets.
The average sold price in December was $551K which is an increase of $85K, compared to $466K in November. Meanwhile, the median sold price in December increased to $468K, up from $413K the prior month. The average price of the active listings was $825K as of the end of December while the median price for the active listings was $577K during the same period.