The Lake Oswego real estate market finished March with 88 closed sales, which is up from the 48 & 60 closed sales recorded during the prior months of January and February respectively. Of the 88 closed sales in March, 5 were distressed properties (foreclosures/short sales) representing just 6% of the closed sales for the month. As of the end of March, distressed properties accounted for 10% of the active listing inventory. There were 37 closed sales of homes valued at $500K or more during March and a total of 76 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 1.3 months and overall it is at 2.4 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 3.3 months worth across all price brackets.
The average sold price in March was $510K which is an increase of $44K, compared to $466K in February. Meanwhile, the median sold price in March increased to $450K, up from $441K the prior month. The average price of the active listings was $1,008K as of the end of March while the median price for the active listings was $748K during the same period.