Although late to the recession party, even Lake Oswego home prices have been declining for the past couple years. Finally, the November 2011 RMLS Market Report has some good news for Lake Oswego home owners: pending sales increased a hefty 33.3% over October 2011, and showed an increase of 8.5% year to date over 2010.
Lake Oswego also saw the smallest decline in home value in the November report of all metro Portland areas. Prices decreased a mere 3.3% in Lake Oswego, with NW Portland and the West Hills in second and third places.
Is this a sign that Lake Oswego’s housing market is turning around? No one knows for sure, but it does show that Lake Oswego continues to be one of the most desirable areas in metro Portland. With the median price of a home at $365,500, Lake Oswego homes are $70,500 over the median price in the West Hills, greater Portland’s next highest priced area. For prospective buyers, the November housing report reinforces the resiliency of Lake Oswego real estate, and indicates that now could be a great opportunity to purchase a home there before prices go back up.
In November 2011, no Lake Oswego homes in the RMLS over $1,000,000 actually closed. A caveat is that on 10/31/11 and 12/1/11 two homes in that price range did close. There currently are 51 active listings over $1,000,000 in Lake Oswego.
In the price range between $300,000 to $500,000, 21 Lake Oswego homes sold in November. Seventeen Lake Oswego homes in November sold between $51,900 to $300,000. Of those, 12 were condos.
For the rest of greater Portland, pending home sales also saw an encouraging increase in numbers for November.
If you’d like to discuss this report more, or learn more info about the Lake Oswego or Portland housing markets, please give me a call at 503-516-8066.
Please comment on this post–would love to hear your opinion.
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