The Lake Oswego real estate market finished December with 75 closed sales, which is down from the 93 & 81 closed sales recorded during the prior months of October and November respectively. Of the 75 closed sales in December, 5 were distressed properties (foreclosures/short sales) representing 7% of the closed sales for the month. As of the end of December, distressed properties accounted for 3% of the active listing inventory. There were 42 closed sales of homes valued at $500K or more during December and a total of 144 over the three month period of October – December.
The inventory level is lowest in the $251-500K price bracket at 0.7 months and overall it is at 2.1 months worth across all price brackets based solely on the December closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 1.9 months worth across all price brackets.
The average sold price in December was $633K which is an increase of $8K, compared to $625K in November. Meanwhile, the median sold price in December increased to $577K, up from $546K the prior month. The average price of the active listings was $1,266K as of the end of December while the median price for the active listings was $822K during the same period.