The Lake Oswego real estate market finished November with 62 closed sales, which is down from the 90 & 69 closed sales recorded during the prior months of October and September respectively. Of the 62 closed sales in November, 5 were distressed properties (foreclosures/short sales) representing 8% of the closed sales for the month. As of the end of November, distressed properties accounted for 12% of the active listing inventory. There were 20 closed sales of homes valued at $500K or more during November and a total of 66 over the three month period of September – November.
The inventory level is lowest in the $251-500K price bracket at 2.6 months and overall it is at 4.5 months worth across all price brackets based solely on the November 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 November was $523K which is an increase of $120K, compared to $403K in October. Meanwhile, the median sold price in November increased to $404K, up from $376K the prior month. The average price of the active listings was $779K as of the end of November while the median price for the active listings was $570K during the same period.