The 1st quarter Lake Oswego real estate results for 2008 are in the books. Heading into the prime buying and selling season, how did the market fare?
For home sellers, the news wasn’t particularly heartening. Over the first quarter of 2008, Lake Oswego sold 125 condo, attached, and single-family homes. That figure is down 40% from the same period in 2007.
Across all property types, the average price came in at $591,131, which is up 7% from last year. The median (middlemost) value in the range is $495,000 (vs. $449,000 in 2007).
Following is a breakdown of property types by average sale prices, market time, and size:
LAKE OSWEGO MARKET ACTIVITY – JANUARY 1 – MARCH 31, 2008
| PROPERTY TYPE |
QUANTITY SOLD
|
AVG SALE PRICE
|
AVG SQ. FT.
|
SALE PRICE VS. ORIG. LIST PRICE
|
AVG MARKET TIME*
|
| Condominiums |
31
|
$223,935
|
1,156
|
88%
|
113
|
| Attached Homes |
6
|
$481,187
|
2,149
|
96%
|
24
|
| Single Family Detached Homes |
88
|
$727,981
|
2,808
|
92%
|
82
|
| SUMMARY |
125
|
$591,131
|
2,367
|
92%
|
87
|
Conclusions?
Do the results suggest that prices in Lake Oswego are still rising? In 2007, single family detached homes made up 56% of the total housing mix; this year, it’s 70% of the mix, having a much greater influence on the overall housing average. Looking just at single family homes, the average sale price is down 4% from last year’s first quarter.
A note of caution: Final sale prices on single family homes are coming in at 92% of the original list price, suggesting that sellers may be better off starting their pricing at a level reflective of a slowing market.
* Market time or Days on Market (DOM) refers to the number of days between the time the listing becomes active in the multiple listing service and the date of when an offer has been accepted by the seller.
Data courtesy of RMLS.
I’m confused, Diane said property values were UP 8.5% from last year:
https://www.propertyblotter.com/2008/04/01/property-values/
You say prices are DOWN 4% from last year, how can this be?
Are the other properties besides SFH driving pulling up the appreciation 12.5%?
Great question. It depends on the reporting period.
Dianne is quoting the RMLS Market Action statistic which compares a 12-month average with the previous 12-months. This is probably a better methodology for looking at long-term, year-to-year appreciation.
My analysis above compares just the 1st three months of 2008 to those of 2007, which I feel provides a better short-term view of pricing trends. One could argue that the huge range of pricing in Lake Oswego (low $100K – $5M+) might necessitate a completely different methodology altogether.