With the 2012 year behind us there were 32 closed sales in the First Addition neighborhood in Lake Oswego at an average sales price of $455,227. That’s a 20% decrease from the average sales price of the 39 homes that sold in 2011. That doesn’t mean, of course, that prices are generally down in the neighborhood, as home prices in Lake Oswego and the Portland metropolitan area are up as a whole; it just means that the variety of homes sold were, on average, at lower price points than the year prior. All sales prices ranged from $152,900 to $1,350,000.
The average time it took to sell a home in First Addition was 188 days, about 27% faster than 2011. The median days on market was only 41 days.
Of the 32 homes that sold in 2012, 4 of those were foreclosure sales (12.5%); there were no closed sales that were short sales. For bank-owned properties, foreclosure sales activity tracked just under the general trend in the Portland metropolitan area, which saw bank-owned properties comprise 16.5% of all residential sales in 2012.
Eight condos and 3 townhomes sold in First Addition in 2012 at an average sales price of $332,025. Condos and townhomes fared a little better in terms of time on market, taking only an average of 69 days to go under contract with a buyer.
If you’d like to buy or sell a home in the First Addition neighborhood in Lake Oswego, give me call at (503) 479-2139. You can also contact me here. I look forward to hearing from you.