Lake Oswego: Update

Posted on August 8, 2008
Filed Under Lake Oswego, Statistics, Selling Real Estate, Buying Real Estate, Real Estate |

I came across a home that’s been on the market in Lake Oswego since March ‘07 that just went pending.  I wrote here that because of inordinate new construction LO had more inventory than most areas and that prices would have to drop in order to clear it out.  This listing started life at ~ $1.5 million; when it went pending list price was ~ $840,000.

But we have a long way to go.  This pretty much tells the story:

 lo-july-08-msi-1.jpg

15.9 Months’ Supply of Inventory.  It’s 22.8 months for homes over $750,000.

Median price, sold: Down YoY 18.8%.
Median price, under contract:  Down 16.6%
But: Median price, for sale:  Down only 2.9%

Unit Sales:  Down YoY 48.0%.

Incidentally, the MSI for the other two zip codes - 97202, 97206 - that I wrote about:  5.7 months.

All. Real. Estate. Is. Local.

Comments

5 Responses to “Lake Oswego: Update”

  1. Lake Oswego: Update · Real-Estate-Investing.ExplainedOnline.Net on August 8th, 2008 5:02 pm

    […] Original post by RE CONVERSATION […]

  2. Lake Oswego: Update · Real-Estate.ExplainedOnline.Net on August 8th, 2008 5:03 pm

    […] Original post by RE CONVERSATION […]

  3. Marcus on August 12th, 2008 4:26 pm

    What was the listing price when it went pending for $840K? Was it a major lowball or was the current listing price close to that?

  4. Portland’s Urban Core Holding On To Growth « on August 12th, 2008 9:14 pm

    […] or Gresham (-7.8%), which appears to tie in with what we’re seeing for Lake Oswego from other sources. Possibly related posts: (automatically generated)How Pricey are Inner SE […]

  5. Jeff Kempe on August 13th, 2008 2:22 am

    >What was the listing price when it went pending for $840K?

    $839,900. We won’t know the final sale price until it closes.

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