The Lake Oswego real estate market finished February with 57 closed sales, which is between the 81 & 48 closed sales recorded during the prior months of December and January respectively. Of the 57 closed sales in February, 3 were distressed properties (foreclosures/short sales) representing just 5% of the closed sales for the month. As of the end of February, distressed properties accounted for 10% of the active listing inventory. There were 23 closed sales of homes valued at $500K or more during February and a total of 70 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at 1.8 months and overall it is at 3.8 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture declines to 3.5 months worth across all price brackets.
The average sold price in February was $474K which is a decrease of $2K, compared to $476K in January. Meanwhile, the median sold price in February increased to $443K, up from $355K the prior month. The average price of the active listings was $933K as of the end of February while the median price for the active listings was $622K during the same period.