The Lake Oswego real estate market finished May with 99 closed sales, which is up from the 67 & 75 closed sales recorded during the prior months of April and March respectively. Of the 99 closed sales in May, 8 were distressed properties (foreclosures/short sales) representing 8% of the closed sales for the month. As of the end of May, distressed properties accounted for 12% of the active listing inventory. There were 48 closed sales of homes valued at $500K or more during May and a total of 100 over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 1.6 months and overall it is at 2.8 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 3.5 months worth across all price brackets.
The average sold price in May was $536K which is an increase of $52K, compared to $484K in April. Meanwhile, the median sold price in May increased to $494K, up from $442K the prior month. The average price of the active listings was $885K as of the end of May while the median price for the active listings was $607K during the same period.