|
 You've read it here, in other blogs, the newspapers and on the news - that the million dollar and above housing market in Lake Oswego was stuck this past year. I've written in the past about those million $ houses and since we've just completed a year and a decade, I thought now would be a good time to see where we've been and where we're at with the high-end market in Lake Oswego. If you lived in California, that million dollar market dropped by almost 24% this past year alone. Lake Oswego has had this market activity in the over $1 million price range this past decade (includes single family, condos, townhouses and attached):
2000
- # of Houses Sold: 12
- High Sold: $6,950,000
- Low Sold: $1,015,000
- Price per sq. ft.: $325
- Ratio of Original List $ vs. Sold $: 92.66%
2001
- # of Houses Sold: 18
- High Sold: $3,985,000
- Low Sold: $1,000,000
- Price per sq. ft.: $325
- Ratio of Original List $ vs. Sold $: 85.42%
2002
- # of Houses Sold: 28
- High Sold: $3,215,000
- Low Sold: $1,020,000
- Price per sq. ft.: $310
- Ratio of Original List $ vs. Sold $: 96.43%
2003
- # of Houses Sold: 17
- High Sold: $2,125,000
- Low Sold: $1,030,000
- Price per sq. ft.: $275
- Ratio of Original List $ vs. Sold $: 98.15%
2004
- # of Houses Sold: 55
- High Sold: $4,500,000
- Low Sold: $999,900
- Price per sq. ft.: $278
- Ratio of Original List $ vs. Sold $: 96%
2005
- # of Houses Sold: 71
- High Sold: $3,275,000
- Low Sold: $1,000,000
- Price per sq. ft.: $335
- Ratio of Original List $ vs. Sold $: 97.78%
2006
- # of Houses Sold: 97
- High Sold: $2,687,500
- Low Sold: $1,275,000
- Price per sq. ft.: $325
- Ratio of Original List $ vs. Sold $: 94.44%
2007
- # of Houses Sold: 124
- High Sold: $5,250,000
- Low Sold: $999,900
- Price per sq. ft.: $330
- Ratio of Original List $ vs. Sold $: 96.5
2008
- # of Houses Sold: 59
- High Sold: $3,150,000
- Low Sold: $1,039,000
- Price per sq. ft.: $341
- Ratio of Original List $ vs. Sold $: 97.6%
2009
- # of Houses Sold: 43
- High Sold: $4,987,500
- Low Sold: $1,049,000
- Price per sq. ft.: $344
- Ratio of Original List $ vs. Sold $: 90.6%
January 2010
- # of Houses Active: 61
- # of Housing Pending 5
- # of Houses Sold: 3
- High Sold: $1,350,000
- Low Sold: $1,062,500
- Price per sq. ft.: $233
- Ratio of Original List $ vs. Sold $: 85.21%
- Months of Inventory: 20.3
The high-end market in Lake Oswego didn't suffer in falling prices over the last 10 years as perhaps you thought they would have. For 2009, average sale prices in the metro Portland area dropped by 12.2%, compared to 2008 when prices dropped by 11.2%. However, the Lake Oswego high-end market does need further price reductions to reduce their 20.3 months of inventory. Likewise, specifically Lake Oswego's average price increased to $539,500 at the end of 2009 from 2008, when the average sales price was $509,800.
January 2010 did see prices decrease much like they did in 2001 in Lake Oswego. In 2005 and 2008, Lake Oswego had the least amount of price reductions and 2007 had the most sales. Without additional price reductions, however, the high-end Lake Oswego market will continue to have a glut of housing for sale.
Recently, I've been showing a lot of houses in NE Portland - which is the hottest segment of our market with the lowest number of homes for sale. There's a house my client likes and it's at $279 a sq. ft. compared to the most recent stats for Lake Oswego which are at $233 a sq. ft. You always hear how expensive Lake Oswego is, but if you look at the likes of Northest Portland, that isn't necessarily the case.
 ALL ABOUT.....Portland.Oregon.Real Estate, is licensed under a Creative Commons Attribution-Noncommercial-No Derivative  Works 3.0 Unported License. © Copyright 2008-2010 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to www.bettyjung.com).  Portland
|
RSS Blog Feed