The Lake Oswego real estate market finished May with 91 closed sales, which is between the 89 & 112 closed sales recorded during the prior months of March and April respectively. Of the 91 closed sales in May, 3 were distressed properties (foreclosures/short sales) representing just 3% of the closed sales for the month. As of the end of May, distressed properties accounted for 8% of the active listing inventory. There were 40 closed sales of homes valued at $500K or more during May and a total of 126 over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at 1.1 months and overall it is at 2.6 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 decreases slightly to 2.4 months worth across all price brackets.
The average sold price in May was $537K which is an increase of $14K, compared to $523K in April. Meanwhile, the median sold price in May decreased to $459K, down from $471K the prior month. The average price of the active listings was $1,018K as of the end of May while the median price for the active listings was $762K during the same period.