Price per SF is a valuable tool for Realtors and Home Buyers in the know. In truth, when trying to figure a property’s market value, other factors come in to play, such as niche location, amenities, upgrades and whether the home is small, medium or large (in general, smaller homes garner more per SF than larger homes). Normally, if interested in a particular home, you would want your Realtor to take a look at “comparables”, which means taking all those things I just mentioned into consideration when looking for other homes close geographically to the property of interest and having sold as recently as possible with as many similar characteristics as possible. When compiling a grouping of such homes, the justification (or not) for an asking price can be better ascertained. In Lake Oswego we have such a variety of neighborhoods and price ranges that in any given time period the numbers, as I’m sure you’ve noted from our weekly reports, can change dramatically. That being a given, I’ll pull some numbers together just for fun.
Last week (3/27-4/2/17) there were a total of 15 properties Sold in Lake Oswego. The lowest price per SF was $118. The highest was $373. The Average “Sold” price per SF was $259.
Let’s break things down a bit and look at a snapshot of a month. (Sold 3/7-4/7/17)
Condos
There were 16 Condos Sold.
The lowest price per SF was $118.
The highest was $308.
The Average “Sold” price per SF was $210.
Single Family Homes
There were 44 Detached Homes Sold.
The lowest price per SF was $153.
The highest was $419.
The Average “Sold” price per SF was $261
To get a good look at what waterfront properties Sold for in Lake Oswego, I went back 6 months. (
Waterfront Properties (River and Lake)
There were 21 Waterfront properties Sold.
The lowest price per SF was $163.
The highest was $716.
The Average “Sold” price per SF was $451.
Again, this is just an exercise for fun. My personal take on real estate is that each property is somewhat unique, and deserves to be compared to other properties with the most common physical & geographic characteristics as humanly possible. But it is interesting to conduct this activity if for no other reason than to see how wildly the pendulum swings in Lake Oswego!
I hope this information was interesting and possibly helpful.
Very Best,
Linda